Public Policies in East Asian Development: Facing New Challenges

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

CONCLUDING REMARKS

The contribution of policymakers to Taiwan's economic success is not from their farsightedness or smart intervention. Rather, it comes from the government's cautious steps in remedying market distortions and its restraint in imposing changes that may lead to more distortions. In the beginning, when the market was heavily restricted, piecemeal, but continuous, reform was taken to avoid sharp interruption in the market. Good examples can be found in the reform of industrial policy and financial liberalization. Yet market reinforcement efforts grew with time in scope and in pace. That is, no government is smart enough to replace the market, but the government can always nurture the market.


NOTES
1.
Numerous studies have been devoted to exploring the success story, ranging from the agriculture sector ( Lee, 1971), trade ( Liang and Liang-Hou, 1988), money and financial market ( Chiu, 1992), and foreign investment ( Schive, 1990), to more specific ones such as labor market ( Liu, 1992), small and medium-sized enterprises ( Hu and Schive, 1997a, 1997b), and foreign exchange policy ( Yotopoulos, 1996, 1997). All these empirical studies touched upon policy issues in relevant areas. Several recent books focus on policy issues solely: Li ( 1995); Kuo ( 1997); Wade ( 1990).
2.
IMF ( 1997). Other countries or economies reclassified as industrial: Singapore, South Korea, Hong Kong, and Israel ( "The Heritage Foundation/Wall Street Journal Index of Economic Freedom, 1997:" Heritage Foundation, Washington, DC).
3.
The U.S. AID Mission had a strong, persistent, and generally beneficent influence on the formation of Taiwan's economic policies. Though some of the mission's advice was not immediately agreed to, most of it was regarded as beneficial in the long run. International bodies such as the International Monetary Fund (IMF) also had important influence on Taiwan with regard to a specific sector by means of member obligation.

REFERENCES

Chiu Paul C. H. ( 1992). "Money and Financial Markets: The Domestic Perspective." In Gustav Ranis, ed., Taiwan: From Developing to Mature Economy. Boulder, CO: Westview Press, 121-193.

Fields Gary S. ( 1992). "Living Standards, Labor Markets and Human Resources in Taiwan." In Gustav Ranis, ed., Taiwan: From Developing to Mature Economy. Boulder, CO: Westview Press, 295-433.

Hsu Song-ken, and Y. L. Chen. ( 1989). "The Status of Encouraging Investment and Fixed Capital Formulation." Taiwan Economic Review 17, 77-120.

Hu Ming-Wen, and Chi Schive. ( 1997a). "The Changing Competitiveness of Taiwan's Manufacturing SMES." Taipei, mimeo.

-----. ( 1997b). "A Study on the Productivity and Efficiency of SMEs in Taiwan Manufacturers." Taiwan Economic Review 25, 1-26 (in Chinese).

IMF. ( 1997). World Development Report. Washington, DC: IMF

Jacoby Neil H. ( 1973). U.S. Aid to Taiwan: A Study of Foreign Aid, Self-Help, and Development. New York: Praeger.

-107-

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