What is the east asian miracle

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Wilson, The Asia Foundation. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between and Even more impressive is their simultaneous significant reduction in poverty and income inequality.

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Gereffi Gari. State policies and industrial upgrading in East Asia. The East Asian nations have been labeled "miracle economies" because of their unparalleled record of rapid economic growth and social equity over the past several decades.

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This paper discusses Rethinking the East Asian Miracle, a collection of 13 essays on a wide spectrum of issues, ranging from the causes of the East Asian crisis and possibilities of recovery to the strengths and weaknesses in the technical, financial and governance structures of the East Asian economies. Naseem, S. Please share your general feedback.

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The report examines the public policies of 8 high-performing Asian economies HPAEs from to It seeks to uncover the role those policies played in the dramatic economic growth, improved human welfare, and more equitable income distribution It seeks to uncover the role those policies played in the dramatic economic growth, improved human welfare, and more equitable income distribution in Hong Kong, Indonesia, Japan, Malaysia, the Republic of Korea, Singapore, Taiwan Chinaand Thailand.

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East Asian economies achieved high growth rates by getting the basics right and promoting investment. Almost two decades ago, the World Bank published its landmark study The East Asian Miracleanalysing why East Asian economies grew faster than emerging markets in Latin America, Africa and elsewhere. These economies, the study concluded, achieved high growth rates by getting the basics right, promoting investment, nurturing human capital and opening up to export manufacturing.

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Joseph E. And can other developing countries replicate those policies to stimulate equally rapid growth? This article, based on case studies, econometric data, and economic theory, offers a list of the ingredients that contributed to that success. But it is the combination of these ingredients, many of which involve government interventions acting together, that accounts for East Asia's success.

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These economies, the study concluded, achieved high growth rates by getting the basics right, promoting investment, nurturing human capital, and opening up to export manufacturing. But that was not all. The World Bank also acknowledged, grudgingly, that governments intervened — systematically and through multiple channels — to foster development, including in specific industries in specific locations via subsidies, tax incentives, and financial repression.

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Forgot password? Don't have an account? This chapter discusses the relevant parts of the contributions included in this volume. The potential role of government in resolving coordination failures; how government policy can complement decentralized coordination; the use of contingent rents versus the use of direct policies; a framework for analyzing the roles of the private sector and government in coordinating economic activity; the political-economy structures of East Asian economies; and the motivations of government and the bureaucracy are discussed.

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