The East Asian Development Experience: The Miracle, the Crisis and the Future

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Zed Books, 2006 - Business & Economics - 310 pages
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Today East Asia is the richest part of the world outside the old industrial centres of Western Europe and North America. Despite political authoritarianism, human rights violations, corruption, repression of labour unions, gender discrimination and mistreatment of ethnic minorities, the citizens of the East Asian economies have experienced improvements in income and general well-being unparalleled in human history.

In this book, Ha-Joon Chang provides a fresh analysis of this spectacular growth. He considers East Asian economies' unorthodox methods, and their rejection of 'best practice' and so-called Washington Consensus policies. East Asia, he claims, can teach us much about the whole process of economic development. Full of new facts and policy suggestions, this is a lively and unconventional introduction to a global phenomenon.
 

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Contents

Chapter
3
Chapter
6
Chapter
9
Chapter
10
Does the East Asian Model Exist?
17
InfantIndustry Programmes and Export Promotion
29
The Question of Replicability
47
The End of the East Asian Model?
53
Previous Industrial Experiences
168
Conclusion
175
Moral Hazard and the Development of Capitalism
181
Summary and Conclusion
201
GOVERNANCE
207
Overinvestment and Crony Capitalism
214
Conclusion
223
The East Asian Crisis and the Japanese Stagnation
245

Chapter 2
63
How Does State Intervention Work in Korea?
75
Why Does State Intervention Work in Korea?
85
Conclusion
100
EXPLAINING FLEXIBLE RIGIDITIES IN EAST ASIA
109
Some Thoughts on Flexibility
117
Explaining Flexible Rigidities in East Asia
125
Concluding Remarks
132
Chapter 4
143
Natural Resource Endowments
153
Concluding Remarks
254
Chapter 8
261
1993 to 1997
268
Concluding Remarks
275
EVALUATING THE POSTCRISIS CORPORATE RESTRUCTURING
279
Restructuring the Chaebols
288
Assessing the Governance Reform Programme
300
Some Final Thoughts
308
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About the author (2006)

Dr Ha-Joon Chang is Assistant Director of Development Studies in the Faculty of Economics and Politics, University of Cambridge. Born in the Republic of Korea, and educated at the Seoul National University and subsequently at Cambridge, he is the author of The Political Economy of Industrial Policy (1994), Kicking Away the Ladder: Development Strategy in Historical Perspective (2002); Globalization, Economic Development, and the Role of the State (2003), and Restructuring Korea Inc. (2003) and editor of seven other volumes.

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