POL101Y1 Lecture Notes - Chaebol, Tsmc, Credit Risk
Document Summary
Prototypical developmental state: the japanese model (def"n by. The existence of a small, inexpensive, but elite bureaucracy staffed by the best managerial talent available in the system. A political system in which the bureaucracy is given sufficient scope to take initiative and operate effectively-- political legitimacy. The perfection of market-conforming methods of state intervention in the economy. Pilot organization like ministry of int"l trade and industry (miti) Setting development as the state"s 1st priority. State and market: the state"s market-conforming methods of intervention direct resources to industries of strategic value. State and industry: a cooperative relationship, but based on a transformative goal. Institutions of the state: small, inexpensive, but elite state bureaucracy given sufficient scope to perfect the market- confirming methods of state intervention. Strategic economic policy: industrial rationalization policy and industrial structure policy. Political legitimacy: comes from devotion to a widely believed-in revolutionary project (modernization)
