EAST ASIA (EA) EXPERIENCE – MIRACLE GROWTH ERA
East Asia (EA) - remarkable record of high & sustained economic growth. From 1965-1990: 23 countries of EA grew faster than all other regions (see fig 1)
Achievement of growth in 8 economies - High-performing Asian Economies (HPAEs):
Japan
Four Tigers: Hong Kong, Korea (Rep.), Singapore, Taiwan
Newly Industrialized Economies: Indonesia, Malaysia, Thailand.
They successfully lowered levels of inequality. Growth improved that led to East Asian Miracle.
Recently China has achieved high growth rates using policies that resemble HPAEs. But China’s ownership structure, methods of corporate, civil governance & reliance on markets are different from HPAEs.
11-3
EAST ASIA (EA) EXPERIENCE – MIRACLE GROWTH ERA
East Asia (EA) - remarkable record of high & sustained economic growth. From 1965-1990: 23 countries of EA grew faster than all other regions (see fig 1)
Achievement of growth in 8 economies - High-performing Asian Economies (HPAEs):
Japan
Four Tigers: Hong Kong, Korea (Rep.), Singapore, Taiwan
Newly Industrialized Economies: Indonesia, Malaysia, Thailand.
They successfully lowered levels of inequality. Growth improved that led to East Asian Miracle.
Recently China has achieved high growth rates using policies that resemble HPAEs. But China’s ownership structure, methods of corporate, civil governance & reliance on markets are different from HPAEs.
11-3
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