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Despite several similarities in the rise and development of economic regionalism, widely different institutional arrangements have been formed in Europe and East Asia. Rational-functionalist approaches do not provide an appropriate explanation of why this is so. This paper seeks to answer this question by borrowing insights from historical institutionalist accounts. The research shows that economic interdependence and policy needs alone cannot explain the timing of regional economic initiatives and the path-dependent nature of institutional development. Historical and structural conditions including external pressures and their nature can have long-term effects on institutional forms. Human factors, however, including ideas and leadership can play a crucial role as well, especially in times of historical and structural changes.
