Japan's economic "miracle"

South Korea: Economic Miracle by Policy Miracle?

Historical, cultural and institutional factors certainly did have a positive impact on the economic growth in South Korea and the other East Asian newly industrialising economies. However, these factors would not have been of any importance without governmental influence. Particularly in South Korea, a strong state with highly respected and qualified bureaucrats could play a central role in sti...

East Asian Economic Performance: Miracle or Just a Pleasant Surprise?

P UBLICATION of the East Asian Miracle (EAM, World Bank, 1993) appears, to borrow a phrase, to have generated more heat than light. The EAM analysed reasons for the economic success of the eight high performing Asian economies (HPAEs) — Hong Kong, Indonesia, Japan, Malaysia, Republic of Korea, Singapore, Taiwan and Thailand. The hope, at least of ‘neutral’ observers, was that we would be able t...

The Australian Economic ‘Miracle’: A View from the North

This paper analyses a variety of aspects of the ‘miraculous’ performance of the Australian economy in the 1990s from an international perspective. We start by considering the conduct of macroeconomic policies, arguing that a mixture of good institutional design and wise decision-making has ensured an appropriate macroeconomic stance, particularly through the turbulent period of the Asian Crisis...

Performance Legitimacy , State Autonomy and China ’ s Economic Miracle

Private ownership : The real source of China ’ s economic miracle

The credibility of American-style capitalism was among the earliest victims of the global financial crisis. With Lehman Brothers barely in its grave, pundits the world over rushed to perform the last rites for US economic ideals, including limited government, minimal regulation, and the free-market allocation of credit. In contemplating alternatives to the fallen American model, some looked to ...