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This paper considers Confucian influence in the economic systems of North and South Korea within the context of the context of the new traditional economy, introduced by the authors initially in 1996. Such an economy seeks to be modern technologically and in other ways, but also is embedded to some extent within a traditional socio-cultural tradition, usually tried to a traditional religion. In the case of the two Koreas, they both come from a strong Confucian tradition even though their current systems are very different, with the North Korean the purest remaining command socialist system in the world, while the much better performing South Korean one is mostly market capitalist, although with a history of considerable amounts of indicative planning. Both officially reject Confucianism as an official ideology, but both show substantial Confucian influence, particularly emphasis on the importance of education and the role of the family, although in South Korea this is more through family leadership in the chaebol corporations whereas in North Korea it is through the dynastic leadership. However, they differ on other aspects, with North Korea emphasizing certain aspects not aiding economic growth such as an anti-mercantile attitude and isolationism with its juche policy of self-reliance. doi:10.1057/ces.2016.1; published online 28 January 2016 Keywords: new traditional economy, Confucianism, Koreas JEL Classification: B0, P4, P52, INTRODUCTION Since the reunification of Germany in 1990 and the associated end of communist rule in the former Soviet bloc, the most prominent case for comparing predominantly market capitalist and [...]

We extend Karl Polanyi's traditional economy concept to modern economies with advanced technology that are embedded in a traditional socio-cultural framework. This is the New Traditional economy, seen in parts of the Islamic world and with the Hindu nationalist movement in India. However, rural India is also the largest repository of the Old Traditional economy with its Hindu caste and jajmani system of reciprocal labour relations. The changes in India's complexly mixed economy, with its increasing market and strong planned elements, constitute a transition from the Old to the New Traditional economy. We shall consider this transition both ideologically and systemically. Keywords: old traditional economy, new traditional economy, transition, India JEL Classifications: P4, 05, INTRODUCTION Rosser and Rosser (1996, 1998, 1999) introduce the concept of the New Traditional Economy to the discussion and analysis of economic systems. This idea derives from the trichotomisation between [...]

French Welfare State Reform: Idealism versus New Zealand and Dutch Pragmatism James Angresano Anthem Press: London, 2007, $80.00, 279pp. Approaches to the welfare state have evolved from the 'social protection [...]

This paper will consider the relationship between complexity economics and behavioral economics. A crucial key to this is to understand that Herbert Simon was both the founder of explicitly modern behavioral economics as well as one of the early developers of complexity theory. Bounded rationality was essentially derived from Simon's view of the impossibility offull rationality on the part of economic agents. Modern complexity theory through such approaches as agent-based modeling offers an approach to understanding behavioral economics by allowing for specific behavioral responses to be assigned to agents who interact within this context, even without full rationality. Other parts of modern complexity theory are considered in terms of their relationships with behavioral economics. Fundamentally, complexity provides an ultimate foundation for bounded rationality and hence the need to use behavioral economics in a broader array of contexts than most economists have thought appropriate. [ABSTRACT FROM AUTHOR]

ABSTRACT. The authors of this article review the late E. Lynn Turgeon's contributions to economics, including his studies of the Soviet economy, use of qualitative and demographic analyses, his Keynesian critique of U.S. economic performance, and his critique of international financial markets. Turgeon's comparative approach led to unique insights about the challenges that confronted planned economies, including the differential impact of military spending on the demand-constrained economy of the United States and the supply-constrained economy of the Soviet Union. His study of the Soviet and planned economies also informed his analysis of the U.S. economy and international adjustment mechanisms. Turgeon argued for expansionary fiscal and neutral monetary policies, prudential restrictions on portfolio capital flows, and increased foreign direct investment and foreign assistance to shift the burdens of adjustment from deficit to surplus countries. Throughout his career, Turgeon measured economic policies by their effects on real people, including impacts on employment, the environment, living standards, and distributions of income and wealth. [ABSTRACT FROM AUTHOR]