This book examines the economic success of the industrializing economies of East Asia. Judged in terms of economic growth, or by a combination of economic and welfare criteria, this group of East Asian countries has established a clear lead over other developing areas of the world. The authors seek to identify the economic policies that have been critical to success. They analyze the varied political backgrounds and cultural heritages which enabled such a disparate group of coountries to choose successful routes to rapid growth. The East Asian countries possess widely divergent endowments of resources, but they face the same international environment as other countries. What has led to their economic achievements? One answer is 'unshackling exports' that most of the Asian countries had shackled in the first place. Other policy strands included political stability, the rule of law and economic policies that distorted prices less than other developing countries. Equally important have been investment in facilities of the social and physical infrastructure. The book's contributors argue that governments thus provided the environment for growth. Private enterprise contributed investment despite risk of uncertainty, and through exposure to international competition became efficient and profitable.
• A thorough account of the economic growth success of the East Asian countries • An analysis of the East Asian economies taking into consideration political and cultural backgrounds • Written by leading economists in the field
List of figures; List of tables; Contributors to this volume; Preface; Abbreviations; Symbols; 1. Economic development in East Asia: doing what comes naturally? James Riedel; 2. Industrialization and growth: alternative views of East Asia Hollis Chenery; 3. The role of trade policies in the industrialization of rapidly growing Asian developing countries Seiji Naya; 4. The role of foreign capital in East Asian industrialization, growth and development Thomas G. Parry; 5. The role of government in overcoming market failure: Taiwan, Republic of Korea and Japan Robert Wade; 6. Growth, industrialization and economic structure: Latin America and East Asia compared Arnold C. Harberger; 7. Ideology and industrialization in India and East Asia Deepak Lal; 8. Japan: model for East Asian industrialization? Ryokichi Hirono; 9. The politics of industrialization in the Republic of Korea and Taiwan Stephan Haggard; 10. Economic growth in the ASEAN Region: the political underpinnings J. A. C. Mackie; 11. Culture and industrialization William J. O'Malley; Bibliography; Index.