Abstract
The World Bank’s East Asian Miracle study1 has been anticipated with considerable interest by the development community. It was intended (not least by the Japanese government that financed it) to be an objective re-examination of the role of government interventions in economic, particularly industrial, development. It reflected a widespread unease that the Bank was too strongly committed to a neoliberal view of the development process.2 This approach evolved over the 1980s, drawing mainly upon evidence from East Asia, and fuelled by a shift in mainstream economics and political perceptions in the leading developed countries. It formed the basis of the Bank’s subsequent lending and policy advice, and was at the core of the structural adjustment programs that have shaped policy in many developing countries. This review confines itself to the study’s analysis of industrial policy, concentrating on the approach and the analysis of the established NIEs (the ‘Four Tigers’).
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Amsden, Alice H., Asia’s Next Giant: South Korea and Late Industrialization (New York: Oxford University Press, 1989).
Arrow, K., ‘Economic Welfare and the Allocation of Resources for Innovation’, in R. Nelson (ed.), The Rate and Direction of Innovative Activity (Princeton: Princeton University Press, 1962), pp. 609–26.
Economist, ‘Message in a Miracle’ and ‘Economic Miracle or Myth?’ (2–8 October 1993), pp. 18–19 and pp. 73–4.
Far Eastern Economic Review, ‘Question of Faith: Japan challenges World Bank orthodoxy’, (12 March 1992), p. 49.
Jacobsson, S., ‘The Length of the Learning Period: Evidence from the Korean engineering industry’, World Development, vol. 21, no. 3 (March 1993), pp. 407–20.
Lall, S., ‘Understanding Technology Development’, Development and Change, vol. 24, no. 4 (October 1993), pp. 719–53.
Lall, S., ‘Technological Capabilities and Industrialization’, World Development, vol. 20, no. 2 (February 1992), pp. 165–86.
Lall, S., Building industrial Competitiveness in Developing Countries (Paris: OECD Development Centre, 1990).
Lucas, R. E., ‘On the Mechanics of Economic Development’, Journal of Monetary Economics, vol. 22, no. 1 (March 1988), pp. 3–42.
Mill, J. S., Principles of Political Economy (first published 1848; London: Longmans, Green and Company, 1940).
Nelson, R. R., ‘Research on Productivity Growth and Productivity Differences: Dead ends or new departures?’, Journal of Economic Literature, vol. 19, no. 3 (June 1981), pp. 1029–64.
Operations Evaluation Department, World Bank Support for Industrialization in Korea, India and Indonesia (Washington, DC: World Bank, 1992).
Pack, H. and L. E. Westphal, ‘Industrial Strategy and Technological Change: Theory versus reality’, Journal of Development Economics, vol. 22, no. 1 (September 1986), pp. 87–128.
Rosenberg, N., Perspectives on Technology (Cambridge: Cambridge University Press, 1986).
Streeten, P. P., ‘Markets and States: Against minimalism’, World Development, vol. 21, no. 8 (August 1993), pp. 1281–98.
Taylor, L., ‘Review of the World Bank, World Development Report 1991: The Challenge of Development’, Economic Development and Cultural Change, vol. 41, no. 2 (December 1993), pp. 430–41.
Wade, R., Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization (Princeton: Princeton University Press, 1990).
Westphal, L. E., ‘Industrial Policy in an Export-Propelled Economy: Lessons from South Korea’s experience’, Journal of Economic Perspectives, vol. 4, no. 3 (March 1990), pp. 41–59.
World Bank, The East Asian Miracle: Economic Growth and Public Policy (New York: Oxford University Press, 1993).
Young, A., ‘Learning by Doing and the Dynamic Effects of International Trade’, Quarterly Journal of Economics, vol. 56, no. 2 (May 1991), pp. 369–405.
Author information
Authors and Affiliations
Copyright information
© 1996 Sanjaya Lall
About this chapter
Cite this chapter
Lall, S. (1996). ‘The East Asian Miracle’ Study: Does the Bell Toll for Industrial Strategy?. In: Learning from the Asian Tigers. Palgrave Macmillan, London. https://doi.org/10.1057/9780230389892_4
Download citation
DOI: https://doi.org/10.1057/9780230389892_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-67411-6
Online ISBN: 978-0-230-38989-2
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)