This growth pattern tends to eventually slow down, either when the pool of transferable unskilled labor is exhausted or if the expansion of labor-absorbing modern activities peaks before the pool is empty. Working for a World Free of Poverty. Rethinking the East Asian miracle English Abstract Initially, the intention of this book's work was to take a fresh look at East Asia's regional experience during the s and to expand and revise the findings of the World Bank's "East Asian Miracle", published in Legal and regulatory structures created a positive business environment. HPAEs targeted key industries for rapid development. It no longer suffices to transfer and adapt technology blueprints and organizational capabilities from abroad.
Archived from the original on 4 September Unique to these economies were the sustained rapid growth and high levels of equal income distribution. Singapore and Taiwan were relatively unscathed. Hong Kong came under intense speculative attacks against its stock market and currency necessitating unprecedented market interventions by the state Hong Kong Monetary Authority.
From Wikipedia, the free encyclopedia. A role model for economic growth of developing countries". Be the first to ask a question about The East Asian Miracle. Archived from the original on 6 August
In the past 35 years, China, Hong Kong, Korea, Singapore, and Taiwan China have transformed themselves from technologically backwards and poor economies to relatively modern, affluent economies. It seeks to uncover the role those policies played in the dramatic economic growth, improved human welfare, and more equitable income distribution It seeks to uncover the role those policies played in the dramatic economic growth, improved human welfare, and more equitable income distribution in Hong Kong, Indonesia, Japan, Malaysia, the Republic of Korea, Singapore, Taiwan China , and Thailand. However, government efforts to provide them will not get a country very far if they are not accompanied by institutions that reward innovations in products and processes and that allow complex chains of low-cost market transactions. Their growth performance has exceeded that of virtually all comparable economies. Cooperation between governments and private enterprises was fostered.