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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.
“Based on the comparative culture study and historical experiences, Kwan and Yu throw fresh light on the root cause of global conflicts between the East and the West by dissecting wide-ranging and timely issues, including the COVID-19 and the fentanyl crisis, wolf warrior diplomacy, entrepreneurial tendency, Hong Kong’s transformation, and so on. An intriguing read!” —Ho-Don Yan, Feng Chia University (Tai-wan), and Chiang Mai University, Thailand
“Diana Kwan and Tony Yu have provided an excellent study on the cultural differences between East Asia and the West, utilizing a theoretical framework influenced by the Austrian school of economics and evolutionary economics, with an emphasis on learning and uncertainty. That such an approach has been applied to the non Western context of Asia, to elucidate a topic of such great importance today, is an achievement in its own right. I highly recommend this book.” —Dr. Bryan Cheang, Director of Hayek Program at the London School of Economics, King’s College London, UK
Diana S. Kwan is currently community placements administrator at the Faculty of Medical Sciences, University College London.
Fu-Lai Tony Yu was former adjunct professor at the Department of Land Management, Feng Chia University, and emeritus professor at Hong Kong Shue Yan University.
List Of Illustrations; Abbreviations; Foreword; Preface And Acknowledgment; Part 1: Theoretical Framework; Part 2: Entrepreneurship And Everyday Life Creativity; Part 3: Impacts Of Culture On Chinese Economies; Part 4: The Epilogue; Glossary In English And Chinese; Index