An Enquiry into the Asian Growth Model
- ISBN 13:
- ISBN 10:
- Format: Hardcover
- Copyright: 04/13/2015
- Publisher: Palgrave Pivot
Note: Not guaranteed to come with supplemental materials (access cards, study guides, lab manuals, CDs, etc.)
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Sound macroeconomic fundamentals, disciplined government leadership and intervention are regarded as some of the ingredients of success of the Asian economies. Das argues the dynamic Asian economies maintained high rates of saving and investment, controlled fiscal spending and pursued a government-led export-oriented industrial policy. They consciously maintained high quality education, both primary and secondary, as well as flexible labour markets. Going counter to the grain of neoclassical economic policies, the governments intervened heavily in credit allocation through public and private financial institutions. State was involved in both capital formation and allocation. With supporting policies, this 'winning mix' seemed to work. However, it should be noted that this model was far from perfect. Japan suffered from its vulnerabilities learned in the early 1990s and the other Asian economies in 1997. While the model was successful in mobilizing domestic and international capital, it performed unsatisfactorily in capital allocation. It did not flow to the most productive economic activities.