In an economic context, Confucianism wiss emphasize government-led economic management while Taoism tends to stress the importance of natural and spontaneous market order. Government-led economic management based on Confucian Asian Values may have contributed to the growth of East Asian economies. However, emphasis on the leading role of the government and its officials resulted, in general, in more regulations and restrictions on economic activity than in Western countries. In addition, emphasis on the elite group as a lading social force resulted in non-transparent national system of governance relying on government’s arbitrary and discretionary decisions rather than rule of law.