This paper assesses the relative merits and demerits of different East Asian models by placing them in a historical perspective. It re-interprets Gerschenkron's model of late industrialization, and extends it to compare East Asian economies in view of substituting and complementing models. It...

This paper attempts to explain why institutional changes, whose direction look obvious at the beginning, arouse controversies and, more often than not, face ‘setbacks’. It starts from critically assessing North’s (1981; 1990) analysis of relating transaction cost and economic performance and...

This paper analyzes the sources of first-mover advantages by examining the case of Samsung Electronics, a firm which has maintained and strengthened the technological leadership in the DRAM industry since 1992. The focus is on endogeneity of first-mover advantages under changing technological...

This paper analyzes the sources of first-mover advantages by examining the case of Samsung Electronics, a firm which has maintained and strengthened the technological leadership in the DRAM industry since 1992. The focus is on endogeneity of first-mover advantages under changing technological...

The memory industry experienced two times of technological leadership change, from the US to Japan in 1982 and from Japan to Korea in 1993, and since then there has been no leadership change for more than two decades. This paper examines reasons why this happened and discusses implications for...

This paper explains how hedge-fund activists are exerting power over corporate resource allocation far in excess of the actual voting power of their shareholdings. The power of these “minority-shareholding corporate raiders” derives from misguided regulatory “reforms” carried out in the...

Christopher Gilbert and David Vines (eds.), The World Bank: Structure and Policies Martin Shubik, The Theory of Money and Financial Institutions, Vol. I Ben Fine, Social Capital Theory versus Social Theory: Political Economy and Social Science at the Turn of the Millennium Heinz D. Kurz,...