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Hayek attempted to explain and justify free market economy (FME) with his knowledge, institutional and evolutionary argument. In his effort to criticize socialism and to revive classical liberalism, Hayek tried to develop his market theory in a different context from neoclassical economics. Through his participation in the Socialist Calculation Debate he came to realize that neoclassical economics with its narrow focus on equilibrium and with its unrealistic assumption of perfect knowledge and competition can be used to justify socialism. With knowledge argument Hayek tried to show that a market economy with its price mechanism is superior to socialism in that the former can better cope with the problem of efficient use of dispersed and implicit knowledge. With his twin idea of spontaneous order and cultural evolution Hayek tried to underpin his justification of FME by arguing that institutional, legal and moral frameworks for the proper working of market economy can be offered by evolution via group selection. Thus FME is a quasi-natural product of evolution if it were not prevented from taking its normal course by government and by false ideas (esp. constructivist rationalism). For Hayek the market economy can exist and function efficiently only as FME, which is demonstrated by his critique of social justice. Hayek s theory of FME reveals affinity of his liberalism to conservatism in that it requires that individuals obey traditional morals without questioning in order to survive. In this sense his evolutionism rather reveals organicist bias than methodological individualism. Furthermore, Hayek did not succeed in differentiating theory of evolution from meta-theory. With his grand theory of order and evolution Hayek tried to establish formal embeddedness in which society follows wherever the economy moves as the only feasible from of economy and society, which, however, cannot be substantiated by his theory.

Friedrich Hayek, Karl Polanyi, free market economy, market liberalism, economic ideology, embeddedness, cultural evolution, spontaneous order. - Hayek attempted to explain and justify 'free market economy (FME)' with his knowledge, institutional and evolutionary argument. In his effort to criticize socialism and to revive classical liberalism, Hayek tried to develop his market theory in a different context from neoclassical economics. Through his participation in the Socialist Calculation Debate he came to realize that neoclassical economics with its narrow focus on equilibrium and with its unrealistic assumption of perfect knowledge and competition can be used to justify socialism. With knowledge argument Hayek tried to show that a market economy with its price mechanism is superior to socialism in that the former can better cope with the problem of efficient use of dispersed and implicit knowledge. With his twin idea of spontaneous order and cultural evolution Hayek tried to underpin his justification of FME by arguing ...

The view that China would not "abandon" North Korea, despite repeated provocations by North Korea, has been strengthened in the context of the US pivot to Asia, which is generally regarded by Chinese strategists as Washington's ploy to contain China. As the rivalry and competition between Washington and Beijing deepen. North Korea's strategic value to China increases. However, history shows that Beijing regarded Pyongyang as "expendable" even during the Korean War. Based on Sino-North Korean historical relations, in this article we argue that China's policy toward North Korea is not fixed but fluid, and that Washington and Seoul could inspire changes within China's policy toward North Korea. (Asian Perspect/GIGA)

Homeownership is an important symbol of a middle-class standard of living and residential assimilation in the United States. This study explores the rate of advancement into homeownership of immigrants, relative to native borns, in Southern California, a principal region of immigrant settlement. Application of a double cohort method enables longitudinal trends for immigrants, due to both aging and assimilation, to be distinguished from the cohort levels observable by cross-sectional techniques. Recent immigrants as well as young native borns are newcomers to the housing market and have lower attainment levels than earlier arrivals or older cohorts. Cohort trajectories are tracked from 1980 to 1990, adjusting for the influence of income, education, English proficiency, and marital status. Asian immigrants achieved extraordinarily high levels of homeownership soon after arrival, whereas Hispanic immigrants demonstrated sustained advancement into homeownership from initially very low levels.

Using concepts of self-image congruence and involvement, we investigated whether existing customers can be considered brand fans and, if so, how to determine the behavior of brand fans in various situations. Participants were 180 students in a business administration marketing program
in South Korea with strong brand loyalty. Cluster analysis was conducted using a 2 (high vs. low self-image congruence) × 2 (high vs. low involvement) analysis of variance and paired t tests were used to identify brand fans through fanship and switching intentions (Study 1). Then
we investigated how participants' minds changed after being exposed to a negative article (Study 2) and a competitor's aggressive marketing (Study 3). We found that fans do exist for commercial brands and that, as assumed, image congruence and involvement are critical constructs. These results
suggest that consideration of image congruence and involvement is necessary for businesses to secure and foster brand fans.