Government & Politics

Social Capital and the Global Economy Francis Fukuyama A REDRAWN MAP OF THE WORLD of the spheric economy divide the major players into three groups: the united States and its partners in the North American Free Trade Agreement, the European sum (EU), and East Asia, led by Japan but witb tbe four-spot dragons (Soutb Korea, Taiwan, Hong Kong, and Singapore) and tbe Peoples Republic of Cbina catcbing up rapidly. This three-pronged geography is said to discipline to major divisions in the approach to pohtical economy: at maven pole he Japan and the newly modify Asian economies, wbicb bave relied beavily on state-centered industrial pohcies to guide tbeir development, wbile at tbe otber extreme lies tbe United States, witb its commitment to free-market liberalism. Europe, with its extensive social welfare policies, lies somewhere in between. This familiar map, while not wrong, is today not the just about useful way of understanding global economic geograpby. Tbe roughly striking difference among capitalist countries is tbeir industrial structure.

Germany, Japan, and tbe United States were ardent to adopt tbe corporate form of organization as tbey industrialized in tbe late nineteentb and early twentietb centuries, and today tbeir economies are bosts to giant, professionally managed corporations like Siemens, Toyota, Ford, and Motorola. By contrast, tbe private sectors of France, Italy, and capiC O N V E N T I O N A L MAPS is a Senior Social Scientist at the RAND Corporation. This article is adapted from his new book. Trust: Tbe Social Virtues and tbe trigger ofProsperity, published by The Free Press. FRANCIS FUKUVAMA [89] Francis Fukuyama talist Chinese societies like Hong Kong, Taiwan, and the marketized move of the Peoples Republic of China (PRC) are dominated by smaller, family-owned and -managed businesses. These societies have had much greater difficulties institutionalizing large-scale private corporations; their relatively small companies, while... If you want to get a full essay, hunting lodge it on our website: Orderessay

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