Abstract
The East Asian success in economic catch-up has been long acknowledged, and was described as the East Asian Miracle in the well-known World Bank study in 1993. The World Bank report covered eight high-performing East Asian economies: Japan; the ‘Four Tigers’: Hong Kong, Singapore, Taiwan and South Korea; and the three newly industrializing economies (NIEs) of Southeast Asia, Thailand, Indonesia and Malaysia. During the four decades between 1950 and 1990, these economies, on average, had delivered even higher real GDP growth than the Soviet Union in its peak years. Consequently, Japan, already an industrial economy before the War, had rapidly rose to the rank of the world’s second largest economy. The Four Tigers, following Japan’s state-led export-oriented development model, have succeeded in modernization and raised their per capita income to the levels of the OECD countries towards the end of the twentieth century. The NIEs that took the same development approach have also significantly narrowed their income gaps with the Western industrial economies.
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
Copyright information
© 2005 Li Tan
About this chapter
Cite this chapter
Tan, L. (2005). The East Asian Miracle. In: The Paradox of Catching Up. Palgrave Macmillan, London. https://doi.org/10.1057/9780230598072_4
Download citation
DOI: https://doi.org/10.1057/9780230598072_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-52579-9
Online ISBN: 978-0-230-59807-2
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)