INSTITUTIONS AND ECONOMIC POLICY: Theory and a Korean Case Study.

Recent writing on the rapid growth of the East Asian newly industrializing countries—Korea, Taiwan, Hong Kong, and Singapore-has been dominated by an institutionalist perspective that focuses on the "strength" of the state vis-à-vis societal actors. A study of Korea's stabilization efforts in the 1980s underlines the importance of organizational factors in explaining policy outcomes, but also suggests important limits on institutionalist arguments. These include the absence of unique institutional solutions for political problems and the indeterminacy of institutional configuration with respect to the economic efficiency of policy. A focus on characteristics of the state alone can overlook the organizational resources of societal actors and the interest of politicians in building bases of support even in "strong" states. [ABSTRACT FROM AUTHOR]