Greeting by Representative

Before the Asian Financial Crisis (AFC) of 1997-98, the relationship between the state and the market was a major subject of vigorous studies. The authors such as Chalmers Johnson, Alice Amsden, and Robert Wade emphasized the role of the state for economic development while World Bank’s East Asian Miracle focused on market-friendly public policy. Masahiko Aoki and his associates for their part analyzed market-enhancing institutions. Yet because of the AFC, the East Asian economy was criticized as crony capitalism, and research on interactions between political and economic factors dwindled into the background. Consequently, studies on political issues and research on economic phenomena were increasingly separated. However, after the crisis, the East Asian economy achieved a V-shaped recovery, and the social change that had started before the crisis— urbanization, social differentiation, and rising educational standards—became more profound. As a result, politically coordinating various social demands has become more important than ever for the maintenance of the stable investment climate required for continuous economic growth. The establishment of political institutions that can coordinate diversifying socioeconomic interests is a pressing issue not only for the East Asian countries but also for other emerging states. In this study, we intend to conduct the political-economy research on the relationship between socioeconomic changes and political change in the emerging states.