Some lessons from the east asian miracle world bank. For almost two decades, the east asian economies have been the central focus. Economic growth and public policy world bank policy research report by world bank isbn. This pdf is a selection from an outofprint volume from. The world banks 1993 east asian miracle report proposed two models of east asian development, one based on the japanese economy, the other on. Longman 1983 and goran hyden, no shortcuts to progress. Pack and page 1993 present evidence from korea and taiwan that at the. The world bank report covered eight highperforming east asian economies. The study was published in september 1993 as the east asian miracle.
The impact of these policies is often referred to as the east asian miracle. Economic growth and public policy by world bank staff and a great selection of related books, art and collectibles available now at. Japan, the world bank, and the art of paradigm maintenance. The determinants of overseas technology acquisition and their. Initially, the intention of this books work was to take a fresh look at east asia s regional experience during the 1990s and to expand and revise the findings of the world bank s east asian miracle, published in 1993. Lucas 1993 and ventura 1997 argue that this east asian miracle is one of the most interesting facts of the postwar international growth experience.
Rethinking the east asian miracle english abstract. Rethinking the east asian miracle english the world bank. This book explores the causes for the extraordinary growth experienced by a few asian countries in the pre1997 crisis era. World banks east asian miracle study world bank 1993 focussed on industrial and macroeconomic policies, this seminal study noted that rapid agricultural growth underwrote the overall east asian economic growth experience. The asian miracle and modern growth theory richard r. What policies and other factors contributed to that growth. Annual economic growth in these economies during this period exceeded that of most other economies in the world. On the one hand, the report widens the scope of the debate on the role of the state in economic development, a debate muffled by the neoliberal washington consensus. According to a 1993 world bank report, east asian economic growth in the late twentieth century was due, in part, to a. Lessons from the east asian experience, washington, dc, 1994.
The research team acknowledgments definitions and data notes. Those that led the industrial revolution are now among the richest economies in the world and the east asian miracle provide a more recent example of the success of the manufacturingexportled model. Why isnt the whole world experimenting with the east asian. Economic growth and public policy and its critics include. Over the next several months the mounting seriousness of the crisis demonstrated the need not only for a new study but also for one that would bring together a. Special section on the world banks the east asian miracle. Economic theory and the role of government in east asian industrialization, princeton. Overall, studying the east asian miracle is not only to see what made east asia to experience rapid economic growth, but to study the possible patterns of development for any developing countries. The east asian success in economic catchup has been long acknowledged, and was. Factor accumulation and technical change in hong kong and singapore, nber economics annual, 1992 pp.
The determinants of overseas technology acquisition and. Max corden, changshik kim, howard pack, richard sabot, joseph e. Legacies and opportunities in development san francisco. Paul krugman, the myth of asias miracle, foreign affairs novdec 1994. A miracle in transition one east asian country after another has taken off from a stagnant state to achieve an annual economic growth rate of 10 percent or more. Labor market discrimination in developing countries. The world banks 1993 report on the east asian miracle prompted a. It furthers the universitys objective of excellence in research, scholarship, and education by publishing worldwide. This pdf is a selection from an outofprint volume from the national. As reports on policy issues, we intend that they should help us.
The theoretical ideas behind the critique are set out in my governing the market. The east asian miracle, policy research report of the world bank, 1993, pp. Some lessons from the east asian miracle english abstract. Annual economic growth in these economies during this period exceeded that.
Economic growth and public policy, summary new york. The east asian miracle report is the product of a world bank research team. Fdi inflows increased twelvefold and east asian exports increased fivefold between 1985 and the east asian crisis in 1997. It ap pears as the first in a series ofpolicy research reports, which are intended to bring. The rapid economic growth of eight east asian economies, often called the east asian miracle, raises two questions. Abstract initially, the intention of this books work, was to take a fresh look at east asias regional experience during the 1990s, and to expand, and revise as necessary the findings of the world banks east asian miracle, published in 1993.
These eight hpaes are the subject of the world banks recently completed study, the east asian miracle. This pdf is a selection from an outofprint volume from the. The political economy of inclusive agricultural growth. There are a variety of technical reasons why the applicability of this methodology to at least several of the east asian countries should be suspect. A world bank policy research report as want to read. And can other developing countries replicate those policies to stimulate. World bank country economists throughout east asia and pacific region provided country write ups and data, and assisted with the analysis. Financial markets, public policy, and the east asian miracle. The report examines the public policies of 8 highperforming asian economies hpaes from 1965 to 1990. Lee and lim 2001, lee, lim and song 2005, park and lee 2006 what are the conditions for overseas technology. Stiglitz and marilou uy world bank research observer volume 11, issue 2 published. Others, such as kim and lau 1993 and world bank 1993, find more evidence of a positive residual, but even then it is not unusually high.
Financial markets, public policy, and the east asian miracle authorseditors. Rethinking the east asian miracle english world bank documents. Developing east asia as used in this report includes china, indonesia, malaysia, philippines, thailand, cambodia, lao. Initially, the intention of this book s work, was to take a fresh look at east asia s regional experience during the 1990s, and to expand, and revise as necessary the findings of the world bank s east asian miracle, published in 1993. Technological progress as key driver asian development bank. The bureaucracy and governance in 16 developing countries. Economic growth and public policy, volume 1 banco mundial. The extraordinary growth enjoyed over the last several decades by m. It describes, in great detail, the policies adopted in each country that are believed to have spurred such development. Dahlman et al 1985, hobday 1995, kim 1997 neoschumpeterian concepts of technological regimes and sectoral innovatio n system. Why isnt the whole world experimenting with the east. The east asian miracle report world bank, 1993 reflects the banks internal conflict. The report examines the public policies of 8 highperforming asian. Amsden 1989, lee 1992, world bank 1993 microeconomic or technologyfocused analysis.
Confronting the statistical realities of the east asian growth experience. Howard packs contribution to the volume provides a comprehensive analysis. Over 10 million scientific documents at your fingertips. The team was led by john page and comprised nancy birdsall, ed campos, w. According to a 1993 world bank report, east asian economic. The making of a miracle the essence of the miracle. The world banks 1993 east asian miracle report proposed two models of east asian development, one based on the japanese economy, the other on the more recent miracle economies of southeast asia. The east asian miracle 1993, has attempted to incorporate some of the revisionist objections particularly on the role of directed credit into the standard account. Examining the influence of confucianism on the socioeconomic.
Oxford university press is a department of the university of oxford. The east asian miracle is the summary ofthat program of research. I will argue in this paper that the standard story, as sketched above, is. Economic growth and public policy, on which this essay draws extensively. These works all put successful industrial policy at the heart of the postwar economics successes of japan, south korea and taiwan, respectively. The postwar asian economic miracle has come as a great shock to the economics profession. Tu weiming 1989 the confucian dimension in the east asian development model, in chunghua institution for economic research, conference on confucianism and economic development in east asia, may 2931 1989, taipei, taiwan, pp. These eight hpaes are the subject of the world bank s recently completed study, the east asian miracle. Imaging the asian century, in the rise and decline of the asian century. Rethinking the east asian miracle open knowledge repository. The asian miracle and modern growth theory richard r nelson and howard pack the article argues that the rapid growth in a number of asian economies that occurred between 1960 and 1996 was accompanied by a major change in the structure of their economies including shifts in the size of firms and the sectors of specialisation. Everyday low prices and free delivery on eligible orders. Economic growth and public policy, volume 1 banco mundial wash. What does this report tell us about the east asian miracle.
483 340 118 527 57 1381 151 674 725 102 580 1441 197 1322 68 1326 153 1403 853 1020 1512 66 1247 19 1045 143 226 1433 342 619 784 730