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In: Economics

Please explain the Anglo-Saxon model of capitalism. Why do you think it is different from Asian...

  1. Please explain the Anglo-Saxon model of capitalism. Why do you think it is different from Asian countries. How the following concepts differ in Asian type of capitalism: the rule of law, governance and labor markets.

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Expert Solution

Anglo-Saxon model is also reffered as Anglo -Saxon capitalism. Initially It is originated in United kingdom, later expanded in the country of United States,Canada,Newzealand,australia.Basically,it is a capitalist model emerged in 1970.It was highly influenced by Chicago school of economics.it origine date back to 18century. It was based on the thoughts formulated by economic master Adam Smith. Anglosaxion apatalism emphasis that more liberalised economies produce greater overall prosperity while defender of continental model counter that they produce lesser inequality and lesser poverty at the lowest margins.

Asian countriescapatalism marks asignificant departure from the hitherto capitalist norm.Asian firms are often criticised for their lack of innovation and a preference in copying existing technology and services.usually in Asian capitalism risk and high rewards and magnificent failure prevail in West.The varieties of capitalism in some newly industrializing economies in Asia are yet to be fully defined,but without doubt they differ from the norm.

Usually,in asian capatalism the rule of law and the growth of capatalism is closely interrelated.This distinctive form if capitalism has produced a system of law and legalism that needs to be clearly distinguished from the orthodox model of liberal legalism that underpins the conventionalweberian model.

In Asian markets,governance and law rule work hand in hand for the benefit of their economy.labor market is an important sector related to the growth of Asian economy.

I believe Anglo Saxon model poses great similarities with Asian capatalism.bothare related to each other,both aims at liberalised economy but following different rule of capitalism for their economic growth.

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