Various arguments have been put forward to account for socioeconomic development in East Asia's newly industrializing countries. A blend of state-centred arguments with a proposed ‘World Market for Social Order’ concept is suggested in this article. The varying degree of legitimacy of particular social orders is introduced as a key factor for explaining success and failure in late development. The proposed analytical framework allows to simultaneously address issues related to international political economy and comparative political economy. It accounts for divergent historical development trajectories as represented by the successful East Asian NICs on the one hand and the less successful Latin American ones on the other. Furthermore, the peculiar case of Malaysia, whose sociopolitical and cultural background rather clearly deviates from the East Asian ideal typical conditions for successful late development, can be much better understood. We also reflect the significance of the Asian financial crisis in 1997/98 for our analytical framework.
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