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The Myth of Asia's Miracle

Paul Krugman
Foreign Affairs
Vol. 73, No. 6 (Nov. - Dec., 1994), pp. 62-78
DOI: 10.2307/20046929
Stable URL: http://www.jstor.org/stable/20046929
Page Count: 17
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The Myth of Asia's Miracle
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Abstract

Pundits point to the awesome growth of East Asia's economies and fret that the West cannot compete. But there is nothing miraculous about the successes of Asia's "tigers." Their rise was fueled by mobilizing resources--increasing inputs of machinery, infrastructure, and education--just like that of the now-derided Soviet economy. Indeed, Singapore's boom is the virtual economic twin of Stalin's U.S.S.R. The growth rates of the newly industrialized countries of East Asia will also slow down. The lesson here for Western policymakers is that sustained growth requires efficiency gains, which come from making painful choices.

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