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

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

by Ha-Joon Chang
Pub. Date:
Zed Books

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

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.

Product Details

ISBN-13: 9781842771419
Publisher: Zed Books
Publication date: 07/24/2007
Edition description: New Edition
Pages: 256
Product dimensions: 5.44(w) x 8.50(h) x 0.90(d)

Table of Contents

Part I: Overview of the Debate on East Asian Development Experience
Chapter 1
The East Asian Model of Economic Policy
1. Introduction: The Belated Interest in the Diversity of Capitalism
2. Does the East Asian Model Exist?
3. Investment Policy
4. Trade Policy: Infant-Industry Programmes and Export Promotion
5. Industrial Policy
6. The Question of Replicability
7. The End of the East Asian Model?
8. Summary and Conclusion
Part II: Interpretation of the East Asian Miracle
Chapter 2
The Political Economy of Industrial Policy in Korea
1. Introduction
2. A Free Market?
3. Market-Preserving State Intervention?
4. How Does State Intervention Work in Korea?
5. Why Does State Intervention Work in Korea?
6. Conclusion
Chapter 3
Explaining ‘Flexible Rigidities’ in East Asia
1. Introduction: Flexible Rigidities
2. Some Thoughts on Flexibility
3. Explaining Flexible Rigidities in East Asia
4. Concluding Remarks
Chapter 4
How Important were the ‘Initial Conditions’ for Economic Development?: East Asia vs. Sub-Saharan Africa
1. Introduction: Origins of the Debate on Initial Conditions
2. Human Resource Endowments
3. Natural Resource Endowments
4. Physical and Social Infrastructures
5. Previous Industrial Experiences
6. Foreign Aid
7. Conclusion
Part III: 1997 Asian Financial Crisis and Its Implications
Chapter 5
The Hazard of Moral Hazard – Untangling the Asian Crisis
1. Introduction
2. Moral Hazard and the Development of Capitalism
3. Moral Hazard in the Asian Crisis
4. Summary and Conclusion
Chapter 6
Interpreting the Korean Crisis – Financial Liberalisation, Industrial Policy and Corporate Governance
1. Introduction
2. Financial Liberalisation: Capital Account Liberalisation and the Debt Crisis
3. Industrial Policy: Over-investment and ‘Crony Capitalism’
4. Corporate Governance: Moral Hazard and High Debt
5. Conclusion
Part IV: Looking Into the Future of East Asia
Chapter 7
Industrial Policy and East Asia – The Miracle, The Crisis and The Future
1. Introduction
2. The East Asian Miracle Report on Industrial Policy: Contributions and Limitations
3. The East Asian Crisis (and the Japanese Stagnation) and Industrial Policy
4. Some Thoughts on the Future of Industrial Policy in East Asia
5. Concluding Remarks
Chapter 8
The Triumph of the Rentiers?
1. Introduction
2. The Korean Financial System During the High-Growth Period
3. The Historical Precedents
4. The Misunderstood Crisis: 1993 to 1997
5. Institutional Changes After the 1997 Crisis – What Future for Korea?
6. Concluding Remarks
Chapter 9
Evaluating the Post-Crisis Corporate Restructuring in Korea
1. Introduction
2. A Critical Look at the Standard Analysis of the Role of the Corporate Sector in the 1997 Crisis
3. Restructuring the Chaebols
4. Assessing the Governance Reform Programme
5. The Need for a ‘Second-Stage Catching-up System’ for the Korean Economy
6. Some Final Thoughts

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