from Part I
Published online by Cambridge University Press: 21 July 2022
In 1950, the per capita incomes of East Asian nations (Japan, South Korea, Taiwan, and China), and the East Asian city-states (Singapore and Hong Kong) were approximately 10 percent or less of US per capita income. By the end of the twentieth century, however, they were “Asian miracles,” “East Asian tigers,” or “newly industrialized countries’ to cite a few monikers, with per capita incomes ranging between 50 percent and 80 percent of US GDP. They are development success stories but eschewed neoliberalism, the Washington Consensus, and the other World Bank policies chronicled in the last chapter. They have been spectacularly successful, and this does not account for China, which has lifted over a billion people out of poverty. This chapter accounts for the developmental state and the very different road to economic prosperity undertaken by countries that declined to follow the Global North development script.
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