Financialization and industrial policies in Japan and Korea: Evolving institutional complementarities and loss of state capabilities
The purpose of this article is to analyze the revival of industrial policies from the late 2000 s
in Japan and Korea and their limitations. Our approach has two major characteristics. First,
we adopt the perspective of historical institutionalism to focus on the relation between IPs
and financial systems and study their evolution over the last 40 years. Second, by mobilizing
the concepts of institutional complementarities and hierarchy, we discuss the limits of this
revival in a context of liberalized financial systems, to which government entities in charge of …
in Japan and Korea and their limitations. Our approach has two major characteristics. First,
we adopt the perspective of historical institutionalism to focus on the relation between IPs
and financial systems and study their evolution over the last 40 years. Second, by mobilizing
the concepts of institutional complementarities and hierarchy, we discuss the limits of this
revival in a context of liberalized financial systems, to which government entities in charge of …
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