Global Center for Economic Miracle · gcemiracle.org · Est. 2026
From Venice to the World
Economic miracles are not accidents of history.
They are the predictable consequence of Economic Differentiation —
a universal institutional principle that separates co-prosperity from polarized stagnation,
confirmed across 73 countries, eight decades, and five institutional groups.
Our Mission
The Global Center for Economic Miracle (GCEM) advances the General Theory of Economic Development (GTED) as the new paradigm of economic science — demonstrating through rigorous research that Economic Differentiation, not Economic Egalitarianism, is the universal path to shared prosperity.
Founded by Prof. Sung-Hee Jwa, originator of GTED, GCEM invites economists, policy makers, and researchers worldwide to test, extend, and apply the Corporate Economy framework to their own national contexts.
We believe economic miracles — from Venice in the 12th century to East Asia in the 20th — are not mysteries. They are the reproducible result of institutions that reward performance differentially. Our mission is to make that science available to every nation.
"Adam Smith never went to Venice. Had he done so, economics might have been born as a corporate economy science in 1776. It is not too late to complete what Smith should have written."— Sung-Hee Jwa, Director, GCEM
The Theory
GTED provides the first unified framework explaining why some economies achieve co-prosperity while others stagnate — grounded in a single institutional parameter θ (the ED/EE balance) and validated globally.
Treating differences differently — rewarding performance through markets, corporations, and government policy. ED generates co-prosperity: rising corporate assets drive growth and reduce inequality simultaneously.
Corporate assets (CA) — the consolidated balance sheets of all corporations — replace the incoherent K of neoclassical theory. CA resolves the Cambridge Capital Controversy through the Fisher identity CA ≡ y/r.
θ indexes the institutional ED/EE balance. High θ → co-prosperity. Low θ → polarized stagnation. The Policy-θ Transmission Mechanism shows all policies work through θ via short-run (DSGE) and long-run (GTED) channels.
Markets (performance selection) + Corporations (synergy incubation) + Government (reinforcing ED while remedying market failures) must operate in concert. Any EE drift in one pillar weakens all three.
Co-prosperity: CA↑ → y↑ → A↑ (positive feedback). Polarized stagnation: CA↓ → y↓ → A↓ (negative feedback). Korea Phase 1 vs. Phase 4, Japan 1955–73 vs. Lost Decades — both confirmed empirically.
DSGE captures short-run macro price adjustment (Layer 1) but misses institutional dynamics (Layer 2). θ is the true deep parameter Lucas demanded. CA revives structural macroeconometric simultaneous equation models.
Research Library
Every document produced by GCEM is available for download without restriction. We believe open access is essential to the global dissemination of GTED.
GCEM Working Paper Series
All working papers are freely downloadable. We invite researchers worldwide to engage, critique, extend, and apply.
Founder & Director
Sung-Hee Jwa is the originator and sole developer of the General Theory of Economic Development — a research programme three decades in the making that The Corporate Economy consolidates into its definitive statement.
Trained at UCLA under Michael Darby (Ph.D. 1983) and as Economist at the Federal Reserve Bank of Minneapolis (1983–85) alongside Sargent and Prescott, Jwa then spent thirty years at the centre of Korean economic policy — through miracle, crisis, and stagnation — building the institutional alternative to the framework he had been trained to use.
Call for Research
We invite economists, policy researchers, and graduate students worldwide to apply the GTED framework to their national contexts. Economic miracles are reproducible — help us prove it.
Apply the GTED empirical framework (GCEM WP methodology) to any country. We provide data guidance, peer review, and publication support through the Working Paper Series.
Extend the θ determinants framework, the Policy-θ Transmission Mechanism, or the CA measurement methodology. All theoretical work is welcome for GCEM Working Papers.
Translate GTED into actionable ED Policy Agenda for your country group — advanced democracies, middle-income, or developing economies. Policy briefs welcome.