This paper argues that Kim Jong-un, the leader of North Korea, faces a dilemma between maintaining his dictatorship and enabling economic growth amid pervasive marketization. Although he puts more emphasis on economic development than his father did, he is unlikely to launch Chinese-style reform...

There is some scepticism about Korea as role model of development as the Korean model involved a considerable degree of state activism, unacceptable in today's global environment. This paper propose a "capability-based view" of the country's catch-up development, arguing that the real lesson...

This paper develops an agent-based model(ABM) to replicate financial instability, such as bubbles and crashes in asset markets, by introducing a simple idea of ‘heterogeneous expectation’ by which agents have different expectations about a ‘tipping point’ where they expect the price to...

A sustainable pathway for Africa in the twenty-first century is laid out in the setting of the development of innovation capabilities and the capture of latecomer advantages. Africa has missed out on these possibilities in the twentieth century while seeing the East Asian countries advance....