Public Policies in East Asian Development: Facing New Challenges

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

At this time, it is difficult to estimate when a turnaround might come. That depends greatly on conditions in the country itself. Some like Thailand are beginning to show some evidence of stability, while others are still seeing increasing problems. Much depends on whether policies can restore confidence. Finally, much depends also on the state of the world economy. Continued world wide efforts will have to be made to help the East Asian countries escape from the crisis. It is too early to tell how far the crisis will spread and what the nature of the international efforts to deal with it will be.


THE FUTURE OF EAST ASIAN DEVELOPMENT

What are the implications of the preceding discussion for the future of East Asian development? A sustained development process was under way during the past three decades. Despite current difficulties, there is reason to be optimistic that it is likely to resume and spread to the lower-income East Asian countries as the more advanced ones move their industries into high-tech manufacturing and services.

Increasing integration between the economies of the East Asian countries, themselves in the framework of AFTA, and between them and the other countries of the industrial world is likely to continue. The APEC initiatives are likely to expand this interaction, as the high level of foreign direct investment originating in the West and in Japan resumes.. Thus, in spite of the crisis interruption and policy failures, we believe a sanguine perspective about East Asian growth is appropriate in the long run. Much depends on the policy posture of developing and industrial countries alike.


NOTE
1.
For a comparable discussion, see Hughes ( 1995).

REFERENCES

Adams F. Gerard, and I.-M. Davis. ( 1994). "The Role of Policy in Economic Development: Comparisons of the East and Southeast Asian and Latin American Experience." Asian Pacific Economic Literature 8( 1) (May), pp. 9-26.

Adams F. Gerard, and Shinichi Ichimura, eds. ( 1998). East Asian Development: Will the East Asian Growth Miracle Survive? Westport, CT. Praeger.

Hughes H. ( 1995). "Why Have the East Asian Countries Led Economic Development?" Economic Record (May), pp. 88-105.

Krugman Paul. ( 1998). "Saving Asia: It's Time to Get Radical." Fortune (September).

Lau Lawrence J. ( 1998). "The Sources of East Asian Economic Growth." In R. Gerard Adams and Shinichi Ichimura, eds., East Asian Development: Will the East Asian Growth Miracle Survive? Westport, CT. Praeger, pp. 41-68.

Radelet S., and J. Sachs. ( 1998). "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects." Brookings Papers on Economic Activity 1, pp. 1-90.

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