The 2008 global financial crisis de-legitimated the so-called “Washington Consensus” as a representation of American capitalism, and opened the space for alternative capitalist modes. The paper explores how Japan and Korea produced discourses of new capitalism. Right after the global crisis, the Japanese government attempted to shift from neoliberal to developmental capitalism, but it lost to the rise of the welfare capitalism in the 2009 election. In contrast, the Korean government maintained the neoliberal, “chaebol-oriented” capitalist line even after the crisis, but it was increasingly challenged by a more welfare-oriented, reformist discourse.