The Role of Government in East Asian Economic Development
Comparative Institutional Analysis
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Product details:
- Publisher OUP Oxford
- Date of Publication 6 August 1998
- ISBN 9780198294917
- Binding Paperback
- No. of pages432 pages
- Size 234x156x25 mm
- Weight 656 g
- Language English
- Illustrations 28 line drawings 0
Categories
Short description:
This collection of papers developed out of a World Bank project on the contentious issue of whether government played any positive role in the success of the so-called high-performing Asian economies. It goes beyond the influential World Bank volume The East Asian Miracle to chart a middle ground that recognizes the diversity among the different East Asian economies and the evolutionary nature of government intervention.
MoreLong description:
The role of government in East Asian economic development has been a contentious issue. Two competing views have shaped enquiries into the source of the rapid growth of the high-performing Asian economies and attempts to derive a general lesson for other developing economies: the market-friendly view, according to which government intervenes little in the market, and the developmental state view, in which it governs the market. What these views share in common is a conception of market and government as alternative mechanisms for resource allocation. They are distinct only in their judgement of the extent to which market failures have been, and ought to be, remedied by direct government intervention.
This collection of essays suggests a breakthrough, third view: the market-enhancing view. Instead of viewing government and the market as mutually exclusive substitutes, it examines the capacity of government policy to facilitate or complement private sector co-ordination. The book starts from the premiss that private sector institutions have important comparative advantages over government, in particular in their ability to process information available on site. At the same time, it recognizes that the capabilities of the private sector are more limited in developing economies. The market-enhancing view thus stresses the mechanisms whereby government policy is directed at improving the ability of the private sector to solve co-ordination problems and overcome other market imperfections.
In presenting the market-enhancing view, the book recognizes the wide diversity of the roles of government across various East Asian economiesincluding Japan, Korea, Hong Kong, Malaysia, and China and its path-dependent and developmental stage nature.
This volume will certainly gain empathy from those social scientists who are keenly aware of the importance of institutions and histories as key determinants of economic development. The volume is full of new exciting concepts. The Asian perspectives developed in this volume have succeeded in 'disclosing certain limits of the neoclassical approach which evolved primarily in Anglo-American academia' the stated goal of the volume. T.Ozawa - The Journal of East Asian Studies - Vol 58/2
Table of Contents:
Introduction
Beyond The East Asian Miracle: Introducing the Market Enhancing View
PART I. Market Failures and Government Activism
The Role of Government in Economic Development: Some Observations from the Experience of China, Hong Kong, and Taiwan
The Government-Firm Relationship in Postwar Japanese Economic Recovery: Coordinating the Coordination Failure in Industrial Rationalization
The Role of Government in Acquiring Technological Capability: The Case of the Petrochemical Industry in East Asia
Economic Development as Coordination Problems
PART II. The Market-enhancing View
Financial Restraint: Toward a New Paradigm
Government Intervention, Rent Distribution, and Economic Development in Korea
Unintended Fit: Organizational Evolution and Government Design of Institutions in Japan
Institutions, State Activism, and Economic Development: A Comparison of State-Owned vs. Township-Village Enterprises in China
PART III. The Political Economy of Development and Government-Private Interactions
Sectoral Resource Transfer, Conflict, and Macrostability in Economic Development: A Comparative Analysis
The Political Economy of Growth in East Asia: A Perspective on the State, Market, and Ideology
Rents and Development in Multiethnic Malaysia Jomo K.S. and Terence Gomez
Toward a Comparative Institutional Analysis of the Government Business Relationship
