Rethinking the east Asia miracle

The crisis that gripped East Asia during 1997-99 underscored the urgency for cross-sectorial reform just as the strong revival of virtually all the economies in the region convinced the doubters that the East Asian miracle had by no means run its course. In this volume, eminent scholars reflect on industrial policies implemented by individual countries in East Asia. It provides in-depth analysis on how the Chinese experience compares with those of the other economies in the region -a perspective that was missing from The East Asian Miracle, published in 1993. The wealth of evidence from the 1990s sheds new light on the comparative contributions of export-led policies and of import liberalization to growth. This volume also helps to clarify the choices concerning exchange rate policies. A rethinking of East Asian development in recent decades requires confronting vital issues such as those involving the political economy of change, aspects of governance, and key institutions. The contributors to this volume present varied and extensive insights to each of these, there by offering a reading of East Asia's economic kaleidoscope that is deep, analytically rigorous, and carefully nuanced.