Classical liberals haven’t adequately engaged with the intellectual challenge posed by East Asia and have instead resorted to the use of economic freedom statistics to portray these nations as market successes. They cannot account for East Asia’s unique state-market arrangements and the deliberate ways in which their governments reject market liberalism. We need in-depth case studies of East Asia. Austrian social economy offers a fruitful approach, as it points out the need to consider what people think and believe, opening the door to examinations of culture, values, and ethics in particular historical contexts.

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AsiaInternational Economics and Development