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. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth.
Government Intervention and The East Asian Miracle
The East Asian miracle : economic growth and public policy : Main report (English) | The World Bank
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View: Why India may not become the next Asian economic miracle
This series appears on an occasional basis. In recent years, the increasingly prosperous East Asian economies of Japan, Hong Kong, Singapore, Korea, and Taiwan have been hailed as models of achievement for other emerging economies. These interventionist aspects of trade policy in East Asia have had great appeal to a number of more recently emerging economies. Can this approach be replicated by other countries, particularly in the current international environment?
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.