Rethinking The East Asian Miracle

This volume provides highly illuminating, analytic perspectives on key facets of the East Asian economies. It discusses weaknesses in the financial sector, corporate governance, exchange rate and trade policies, regulatory capability, and proposes remedies. Rethinking the East Asian Miracle is an indispensable book for all those with an interest in East Asia's prospects in the early decades of the new century.

Masina reassesses the last thirty years of economic development in East Asia in light of recent dramatic events, challenging scholars and policy makers to critically review development strategies.

In the new edition of this important contribution to understanding both the Asian economic miracle and the 1997-8 crisis, Richard Stubbs assesses the main explanations to date and updates the analysis to take account of globalization and the remarkable economic rise of China.

East Asian policies that fostered economic growth, reduced poverty, and raised living standards are the main theme of this cogent overview. Seven newly industrialized economies (NIEs) are described and compared. They are Hong Kong, Indonesia, Korea, Malaysia, Singapore, Taiwan, and Thailand. These country studies examine the macroeconomic policies common to NIEs. They review the highly flexible government interventions that succeeded in developing key industries and the more aggressive interventions that led to failure. The role foreign direct investment plays in producing dramatic growth is also discussed. Also available in Spanish (ISBN 0-8213-2743-7) Stock No. 12743.

East Asia's development experience, at least until its crisis in 1997, has been a source of hope for other countries in the South. And in modern economic theory, it has been at the centre of the debate about how the role of the state relates to processes of intentional economic progress.

An East Asian Renaissance is a major study on the recent economic growth in East Asia. Every four years the World Bank has published similar analysis beginning with the seminal The East Asian Miracle in 1993. Three major developments since the early 1990s call for a reexamination of East Asian growth: the meteoric rise of China that has emerged as the biggest and most recent development story; the economic crisis of the nineties; and the rapid growth of cities such as Singapore, Hong Kong, Shanghai or Tokyo. In this timely book the authors address how development strategies should be adapted in response to these changes and how the region can complement international with domestic integration.