ON THE GROWTH OF EAST ASIAN ENTREPRENEURSHIP : CONTEMPORARY ISSUES AND CONTROVERSIES

Abstract

Developments in the study of entrepreneurship have stressed the part played by societal forces in shaping the ve1y nature of an economy. These forces can influence the allocation of entrepreneurial activities into either productive, or unproductive uses, by varying the relative rewards that it offers to each of these activities. An attempt is made to interpret recent experiences of three economies, namely, China, Taiwan and Korea within this framework. Insights are then gleaned into how unique social, political, or institutional arrangements of each of these societies have conspired to bring about their present economic condition. The entrepreneurial role features prominently in the discussions both as an agent of change, and as its recipient. The application of the lessons learnt from the growth of these three economies will also be discussed. It is argued that the crafting of policies, sensitive to both the unique societal arrangements of each economy, must be made in the light of an understanding of how these affect the relative rewards being offered to entrepreneurs. A failure to respond approp1iately at this juncture is thought to affect adversely the competitive nature of the East Asian economies as they enter the twenty-first century.