Access

You are not currently logged in.

Access JSTOR through your library or other institution:

login

Log in through your institution.

If You Use a Screen Reader

This content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Journal Article

What Can Economics Learn from East Asian Success?

Robert Wade
The Annals of the American Academy of Political and Social Science
Vol. 505, The Pacific Region: Challenges to Policy and Theory (Sep., 1989), pp. 68-79
Stable URL: http://www.jstor.org/stable/1047278
Page Count: 12
  • Read Online (Free)
  • Download ($40.00)
  • Subscribe ($19.50)
  • Add to My Lists
  • Cite this Item
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
What Can Economics Learn from East Asian Success?
Preview not available

Abstract

Most economics literature on East Asian industrialization falls victim to the assumption that only those features of economic policy consistent with neoclassical principles could have contributed to good economic performance. Explanations of good performance accordingly ignore nonneoclassical features. This article suggests that new insights can be gained by carefully examining what these governments actually did. We find that much of what they did is consistent with the principles of old-style pre-1970 development economics. In particular, they gave central attention to ways of augmenting and directing the composition of investment, and much less attention to ways of increasing efficiency of resource use. They used protection as an instrument to enhance innovation and international competitiveness. In important industries they regulated both quantities and prices so as to achieve government-selected goals, preventing those parts of the economy from being guided by international prices. Economics has much to learn by embracing such nonneoclassical facts and seeking to build a theory to accommodate them.

Page Thumbnails

  • Thumbnail: Page 
68
    68
  • Thumbnail: Page 
69
    69
  • Thumbnail: Page 
70
    70
  • Thumbnail: Page 
71
    71
  • Thumbnail: Page 
72
    72
  • Thumbnail: Page 
73
    73
  • Thumbnail: Page 
74
    74
  • Thumbnail: Page 
75
    75
  • Thumbnail: Page 
76
    76
  • Thumbnail: Page 
77
    77
  • Thumbnail: Page 
78
    78
  • Thumbnail: Page 
79
    79