By Parkland Chair Professor of Strategy Seung Ho Park, Shaomin Li & Kuang S. Yeh

East Asian societies face an interesting paradox: while people and firms often rely on personal connections or private relations to conduct businesses or deal with government, many loathe such clandestine affairs that brew corruption and long for an opportunity to establish fair and efficient public rules. However, when the opportunity does come, such as the democratization in Taiwan and South Korea or the reforms in China, people tend to go overboard by creating too many rules that are sometimes onerous and stifling, so that the new rules suffocate people, businesses, and government instead of improving efficiency as expected. Read more on Forbes.com