By Helen Hughes
This publication examines the commercial luck of the newly industrializing and near-industrializing economies of East Asia. the prestigious team of authors covers a number subject matters in a comparative point of view, and identifies classes of outrage to monetary, political, and social questions in the course of the constructing global. participants: 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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Additional info for Achieving Industrialization in East Asia
Of course some advantages are intangible and survive even the ravages of war. Entrepreneurship and commercial expertise were no doubt greater in Hong Kong and Singapore as a consequence of their entrepot past. It is, however, difficult to know how much weight this deserves. 3 million Koreans were killed, and physical damage was of the order of one and a half to two years' GNP\ 28 Achieving Industrialization in East Asia Riedel 1974). The main point, however, is that whatever headstart toward industrialization the East Asian countries had in 1950, it should by 1985 have been more than matched in most developing countries.
However, can it be argued that their prospects for growth, in that case, would have been any less bright? n That aid is not a necessary condition for growth is underscored by the experience of some of the other East Asian countries. Hong Kong did not receive much aid, but did get undisclosed amounts of mainland and overseas Chinese capital in the 1950s; Singapore borrowed heavily in the early 1960s from the World Bank and the Asian Development Bank, but on relatively hard terms. 12 Indeed, that some rather unsuccessful countries have over the past twenty-five years obtained far more (real dollar) aid per capita in proportion to GNP than did Taiwan and the Republic of Korea in the 1950s, and without the concomitant defence burden, suggests that aid is also not a sufficient condition for growth.
Moreover, the financially least developed East Asian countries, Republic of Korea, Indonesia and the Philippines, have in response to inflationary pressures stemming from the second oil crisis initiated ambitious programs of financial liberalization, though it remains to be seen how successfully they will be carried out (Cole and Patrick 1984). The model for financial liberalization seems to be Taiwan, which avoided being overwhelmed by excessively expansionary fiscal policy (as in Sri Lanka) or by severe exchange rate overvaluation (as in Chile).
Achieving Industrialization in East Asia by Helen Hughes