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This volume connects the evolving modern financial systems of China, Japan, and Korea to the development and growth of their economies through the first decade of the twenty-first century. It also identifies the commonalities among all three systems while accounting for their social, political, and institutional differences. Chapters consider the reforms of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share similar economic structures. Yet while domestic forces have driven each country's financial trajectory, international short-term financial flows have presented opportunities and challenges for them all. The nature and role of the financial system in generating real economic growth, though nuanced and complex, is integral to these countries.

This book applies far-reaching knowledge to the past and future of the world economy, introducing a new framework for understanding our global situation. Deploying a mix of scientific evaluation and personal observation, the book begins with a brief discussion of misinformation and its perpetuation in economics and politics. It criticizes the simplification of complex economic and social issues and investigates the link between developments in the global economy and cultural change, scientific discoveries, and political fluctuations. Underscoring the necessity of conceptual and theoretical innovation in understanding our global economic situation, the book offers a study of globalization and the possibility of coming out ahead in an era of worldwide interdependence. Deeply critical of neoliberalism, which sought to transfer economic control exclusively to the private sector, the book explores the virtues of social-economic development and the new rules of the economic game. It concludes with a look at our near and distant future, questioning whether we have a say in its making.