Cultural Differences between the West and East Asia and their Impacts on Global Economy

Uses an evolutionary perspective and interpretative methods to explore economic and social transformations in the United States and China, highlighting the roles of culture, institutions and entrepreneurship in policy change

Most works on Asian or global studies adopt mainstream Neoclassical methods to explain economic and social development. However, quantitative and optimisation techniques are unable to provide a deep understanding of policy change between the West and East Asia. To fill the gap, this book uses evolutionary perspective to interpret economic and social transformations of two global powers, namely, the United States and China. Specifically, this book outlines the roles of culture, institutions and entrepreneurship in the analysis. Instead of logical empiricism in the English tradition, our approach is interpretative and storytelling in continental European tradition. In other words, we adopt hermeneutics and phenomenology in the analysis and apply humanity to economics. There are two aims of this book. First, it outlines the evolution of Austrian evolutionary economics and second, the role of learning in the decision-making process. It focuses on how decision makers learn and how good and bad learners are differentiated.