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7 - Whither Asia?

Prospects and Policy Challenges

Published online by Cambridge University Press:  11 October 2022

Simon Commander
Affiliation:
IE Business School, Madrid
Saul Estrin
Affiliation:
London School of Economics and Political Science
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Summary

We conclude with an analysis of the constraints that the connections world imposes on Asia’s growth prospects, and the policy options for relaxing them. One is the ability of powerful businesses and families to entrench themselves by virtue of their connections to government and/or politicians. Both parties gain so there is no incentive to change. Because marginal changes are unlikely to be credible, we propose a series of interrelated radical measures to disrupt and refashion the connections world including prohibitions on cross-holdings and inheritance taxation, as well as boosting competition policy and improving political transparency. We also outline some of the main pressure points in Asia going forward. These include the ability to innovate and construct effective entrepreneurial ecosystems and the pressure to create sufficient jobs. There is also the ballooning inequality of income and wealth. High inequality is associated with economic under-performance and susceptibility to political turmoil. Progressive taxes can mollify inequality, but permanent solutions rest in targeting their source: the connections world.

Type
Chapter
Information
The Connections World
The Future of Asian Capitalism
, pp. 246 - 284
Publisher: Cambridge University Press
Print publication year: 2022

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  • Whither Asia?
  • Simon Commander, Saul Estrin, London School of Economics and Political Science
  • Book: The Connections World
  • Online publication: 11 October 2022
  • Chapter DOI: https://doi.org/10.1017/9781009169783.007
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  • Whither Asia?
  • Simon Commander, Saul Estrin, London School of Economics and Political Science
  • Book: The Connections World
  • Online publication: 11 October 2022
  • Chapter DOI: https://doi.org/10.1017/9781009169783.007
Available formats
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Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Whither Asia?
  • Simon Commander, Saul Estrin, London School of Economics and Political Science
  • Book: The Connections World
  • Online publication: 11 October 2022
  • Chapter DOI: https://doi.org/10.1017/9781009169783.007
Available formats
×