Ordo-Liberalism and New Institutionalism in Comparative Perspective
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The Korean economy is seeking a new economic paradigm to overcome a confluence of social and economic problems. The German ordo-liberalism drew much attention as an alternative approach for Korea by many administrations in the past. However, ordo-liberalism was not successfully incorporated into Korea’s economic system and still remains mostly in obscurity. Walter Eucken’s ordo-liberalism supplied a pedestal to the German economy for economic rehabilitation after the Second World War and continues to work as the foundation of healthy and strong German economy. This study is experimental in that it compares ordo-liberalism with the Anglo-American theory of new institutionalism to highlight the differences, and similarities, if any, of the two distinct economic views of ideas and philosophy. We find out, with some important clarity, that ordo-liberalism can be distinguished from new institutionalism in some respects. First, ordo-liberalism is deeply rooted in the German value system of neo- Kantianism; second, ordo-liberalism is associated with a relatively higher degree of entelechy (the realization of thought values instead of potentiality) than the counterpart; third, ordo-liberalism is associated, to a lesser degree, with neoclassical theories of economics; fourth, it is more deeply rooted in constitutionalism than the new institutional economics. It is hopeful that ordo-liberalism can be further scrutinized to become a practical and value augmented approach to solving immense problems of the Korean economy in the coming future.
Abstract
The Korean economy is seeking a new economic paradigm to overcome a confluence of social and economic problems. The German ordo-liberalism drew much attention as an alternative approach for Korea by many administrations in the past. However, ordo-liberalism was not successfully incorporated into Korea’s economic system and still remains mostly in obscurity. Walter Eucken’s ordo-liberalism supplied a pedestal to the German economy for economic rehabilitation after the Second World War and continues to work as the foundation of healthy and strong German economy. This study is experimental in that it compares ordo-liberalism with the Anglo-American theory of new institutionalism to highlight the differences, and similarities, if any, of the two distinct economic views of ideas and philosophy. We find out, with some important clarity, that ordo-liberalism can be distinguished from new institutionalism in some respects. First, ordo-liberalism is deeply rooted in the German value system of neo- Kantianism; second, ordo-liberalism is associated with a relatively higher degree of entelechy (the realization of thought values instead of potentiality) than the counterpart; third, ordo-liberalism is associated, to a lesser degree, with neoclassical theories of economics; fourth, it is more deeply rooted in constitutionalism than the new institutional economics. It is hopeful that ordo-liberalism can be further scrutinized to become a practical and value augmented approach to solving immense problems of the Korean economy in the coming future.
참고문헌 (18)
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