Lessons of the asian miracle
Asian Economics
The East Asia Miracle:
Lessons for the Developing Countries
Words: 1546
Content
1. Introduction 3
2. Critical Factors of the East Asian Miracle and it’s lessons 3 2.1 Promotion of the Agricultural Sector 2.2 Promotion of Education 2.3 Structural and Technological Upgrading 2.4 The Role of the Policy System
3. Case study: Lessons for the Philippines 7
Sources 8
1. Introduction
East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990 its 23 economies grew faster than those of all other regions. Most of this achievement is attributable to seemingly miraculous growth in just eight high performing Asian economies (HPAEs) – Japan, the “four tigers”: Hong Kong, the Republic of Korea, Singapore, Taiwan and the three newly industrializing economies (NIEs) of Southeast Asia, Indonesia, Malaysia and Thailand. The East Asian economies provide a range of policy frameworks – extending from Hong Kong’s nearly complete laissez faire to the highly selective policy regimes of Japan and Korea. The coexistence of activist public policies and rapid growth has raised complex and controversial questions concerning the relationship between government, the private sector, and the market.1
The rapid economic growth of eight East Asian economies, often called the “East Asian miracle, ” raises two questions: What policies and other factors contributed to that growth? And can other developing countries replicate those policies to stimulate equally rapid growth? This study seeks to explore whether lessons learned from the experiences of East Asia can be applied to chart a similar path of success for other developing countries.
2. Critical Factors of the East Asian Miracle and it’s lessons
The East Asia region has been drawing global attention as fruits of its growth and development over the past thirty years continuously awe many. The most successful developing
The East Asia Miracle:
Lessons for the Developing Countries
Words: 1546
Content
1. Introduction 3
2. Critical Factors of the East Asian Miracle and it’s lessons 3 2.1 Promotion of the Agricultural Sector 2.2 Promotion of Education 2.3 Structural and Technological Upgrading 2.4 The Role of the Policy System
3. Case study: Lessons for the Philippines 7
Sources 8
1. Introduction
East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990 its 23 economies grew faster than those of all other regions. Most of this achievement is attributable to seemingly miraculous growth in just eight high performing Asian economies (HPAEs) – Japan, the “four tigers”: Hong Kong, the Republic of Korea, Singapore, Taiwan and the three newly industrializing economies (NIEs) of Southeast Asia, Indonesia, Malaysia and Thailand. The East Asian economies provide a range of policy frameworks – extending from Hong Kong’s nearly complete laissez faire to the highly selective policy regimes of Japan and Korea. The coexistence of activist public policies and rapid growth has raised complex and controversial questions concerning the relationship between government, the private sector, and the market.1
The rapid economic growth of eight East Asian economies, often called the “East Asian miracle, ” raises two questions: What policies and other factors contributed to that growth? And can other developing countries replicate those policies to stimulate equally rapid growth? This study seeks to explore whether lessons learned from the experiences of East Asia can be applied to chart a similar path of success for other developing countries.
2. Critical Factors of the East Asian Miracle and it’s lessons
The East Asia region has been drawing global attention as fruits of its growth and development over the past thirty years continuously awe many. The most successful developing