After its extraordinary post-1945 economic miracle, Japan fell into a pattern of ultra-slow growth because it lacked the flexibility to adapt its institutions for a new phase of economic development, characterized by heightened global competition. By contrast, South Korea has maintained its growth momentum since the Asian financial crisis of the late 1990’s.
如果拒绝改革，没有哪种“最优”经济体制可以保证经济长期发展。创造了后1945年的经济奇迹后，日本因其体制不够灵活、无法适应以全球竞争加剧为特点的经济发展新阶段而进入到超慢增长阶段。相比之下，20世纪90年代亚洲金融危机后，韩国经济增长势头就一直非常强劲。西方经济学家经常批评韩国经济体制，但关键问题在于这种体制非常灵活，也就是说具有很强的经济弹性。