By Helen Hughes
This e-book examines the industrial good fortune of the newly industrializing and near-industrializing economies of East Asia. the prestigious staff of authors covers quite a number issues in a comparative point of view, and identifies classes of shock to monetary, political, and social questions during the constructing international. members: James Riedel, Hollis Chenery, Seiji Naya, Thomas G. Parry, Robert Wade, Arnold C. Harberger, Deepak Lal, Ryokichi Hirono, Stephen Haggard, J.A.C. Mackie, William J. O'Malley.
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Extra info for Achieving Industrialization in East Asia
In addition to providing 'peace, easy taxes and a tolerable administration of justice', governments in the East Asian countries are found pushing and pulling (in varying degrees) all the levers of industrial policy at their disposal, but to what effect? That is undoubtedly the most important question raised by their success. Removing obstacles clearly works, but whether erecting those same obstacles in the first instance contributed positively, directly or indirectly, is an open question. Governments did play a crucial role in determining economic performance.
Removing obstacles clearly works, but whether erecting those same obstacles in the first instance contributed positively, directly or indirectly, is an open question. Governments did play a crucial role in determining economic performance. Aside from everything else, fulfilling the minimal duties of government, including the provision of infrastructure and the maintenance of macroeconomic stability, is undoubtedly a necessary condition for success. This is no mean feat in itself, but when compounded by the complex task of having to anticipate and offset the market distortions that result from dirigiste strategies of industrialization, the burden on government is all that much greater.
Following Kuznets (1966), I define structural transformation as a set of changes in the composition of demand, trade, production and factor use that is needed to sustain economic growth (Chenery 1979: chapter 1). This paper focuses on the ways in which an efficient transformation can lead to accelerated growth from different initial conditions. The central feature is the approach taken to industrialization. In a general equilibrium system, the nature and timing of industrialization are affected by changes in domestic demand, shifts in comparative advantage, sectoral productivity growth, and the accumulation of capital.
Achieving Industrialization in East Asia by Helen Hughes