Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan, and South Korea

Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan, and South Korea

Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan, and South Korea

Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan, and South Korea

Synopsis

This work studies the economic development of the four East Asian economies since 1950. The author summarizes many of the arguments that supported and explained the economic miracles of Hong Kong, Singapore, Taiwan and South Korea.

Excerpt

At the very least, this book summarizes and reconsiders many of the arguments and research findings that have been used to support and explain the “economic miracles” of the four East Asian economies of the Hong Kong Special Administrative Region of the People's Republic of China (Hong Kong), Singapore, Chinese Taipei (Taiwan), and South Korea. At most, it offers a new dimension in development analysis, challenges the existing development literature, and proposes a new paradigm of economism that incorporates and reinterprets many of the post-war development issues. the book is largely conceptual in nature and philosophically knits together these development issues within the economic domain.

The publication of this book should be considered as just the beginning of a new era of debate and discussion on the economism paradigm of development. the ten chapters primarily lay out the fundamental elements of the paradigm, serve as a pivot and stimulant in further developing the paradigm, and introduce discussion on the development of East Asian and other developing economies. Discussions from supporters and sympathizers will help to consolidate the paradigm, and the work of critics will be equally welcome, as criticisms and the highlighting of drawbacks and shortcomings will add strength to the paradigm.

Many of the issues covered in this book have been given new interpretations so that existing issues and new arguments can be welded together to form a paradigm for further investigation, discussion, debate, and study. the new interpretations are mainly conceptual in nature and, although they show a high degree of logistical consistency, further work will be required to deepen, confirm, and establish the economic truth of the paradigm. the book begins by arguing that, although existing economic tools have been used successfully to explain growth in the four East Asian economies, a development paradigm can be developed to intricately combine the various components of the existing theories. the emphasis is not on individual issues or theories, but on the combination that melds together to form the economism paradigm.

The arguments challenge popular views. While equality is a socially desirable goal, the paradigm advocates that poverty reduction and income inequality should be considered on an absolute basis. Whereas the export-

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