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This article offers an interpretation of East Asia's on-going financial and economic crisis, and of its developmental achievements in the previous decades known as the ‘East Asian miracle’. The interpretation centres on the notion of a regime of accumulation that covers the region as a whole. It submits that the competitive advantages and disadvantages of the regime rest on the interaction between the region's economic institutions and world capitalist development. This interaction has been, in turn, mediated by a range of history-specific developments in East Asian economies and societies.

China's sustained rapid economic growth over the post-1978 reform era, which is also the era of globalisation, is of worldwide importance. This growth experience has been based mainly on China's internal dynamics. In the first half of the era, economic growth was propelled by improvement in both allocative efficiency and productive efficiency. From the early 1990s until the present time, however, economic growth has been increasingly based on dynamic increasing returns associated with a growth path that is characterised by capital deepening. In both periods, the growth paths and their associated long-term-oriented institutions contradict principles of the free market economy -i.e., doctrines of globalisation.In the form of an analytical overview, this article seeks to explain and interpret the historical background, logic of evolution, and developmental and social implications of China's

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