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This paper explores the plausibility of the neoliberal convergence theory, by exploring recent developments in the German and Korean economies. These two countries are the focus of this paper largely because their original economic systems had many features which contrasted with and were distinctive from the Anglo‐American economic system; however, it appears that they have now moved toward the Anglo‐American system. It will be argued that the neoliberal convergence theory is too simplistic and, therefore, misleading for both theoretical and empirical reasons. Rather, the reality is that different countries and institutions undergo different degrees of change toward the neoliberal model of political economic organization largely due to distinctive characteristics of prior established institutions‐more precisely, due to different configurations of socio‐political forces. It will be suggested that there may be two alternative development strategies open to the two countries in question for the future. One is that they may have to transform their underlying cultural factors and their ‘superstructures’‐ i.e., political institutions and practices‐if an Anglo‐American economic system is really recognized as the best for them. The other is that they may have to modify the Anglo‐American system to make it more suitable for their societies if the latter is not really the best, but just one of many best̂ economic systems.