Public Policies in East Asian Development: Facing New Challenges

By F. Gerard Adams; William E. James | Go to book overview

I
Public Policies for Economic
Development

The principal reason for raising the question, How did East Asia achieve its miracle? is, of course, that many countries would like to duplicate that experience. They want to create their own "Miracle." As the literature documents, there remains much disagreement about the ingredients essential to achieving rapid economic progress, although policy is widely seen as one of the important pieces. In various respects, the countries of East Asia have followed a common policy pattern, though in many particulars their individual policies have been quite different. This part of the volume is concerned with an overview of the policy issues.

The first chapter, by F. Gerard Adams and William E. James, "Policy Perspectives in a Post-Asian Crisis World: Toward a Taxonomy," categorizes policies, particularly between broad-based macrostabilization and macrodevelopment approaches, on one hand, and more narrowly interventionist, sector-specific policies, on the other.

The second chapter, by F. Gerard Adams, "Policy Challenges to Revive the East Asian Miracle," is concerned with recent developments, the swing from "miracle" to "meltdown" in East Asia. It asks what can be done to regain the rapid rate of development that has characterized East Asia for the past two decades.

The third chapter, by William E. James, "Trade Trends and Policy Issues in East Asian Developing Economics," is concerned with trade policy in East Asia and its interaction with development.

The fourth chapter, by F. Gerard Adams and Heidi Vernon, "Sector-Specific Industrial Policies and Southeast Asian Economic Development," deals with thinking and experience with industrial policy. Some economists have argued that industry-specific policy initiatives have played an essential role, while others have argued that free market forces can accomplish the task with little industry-specific

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