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East Asian Development Experience The Miracle, the Crisis and the Future

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ISBN-10: 1842771418

ISBN-13: 9781842771419

Edition: 2005

Authors: Ha-Joon Chang

List price: $41.95
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Book details

List price: $41.95
Copyright year: 2005
Publisher: Zed Books, Limited
Publication date: 2/15/2007
Binding: Paperback
Pages: 320
Size: 5.25" wide x 8.50" long x 0.75" tall
Weight: 0.880
Language: English

Acknowledgements
Introduction
Overview of the Debate on East Asian Development Experience
The East Asian Model of Economic Policy
Introduction: The Belated Interest in the Diversity of Capitalism
Does the East Asian Model Exist?
Investment Policy
Trade Policy: Infant-Industry Programmes and Export Promotion
Industrial Policy
The Question of Replicability
The End of the East Asian Model?
Summary and Conclusion
Interpretation of the East Asian Miracle
The Political Economy of Industrial Policy in Korea
Introduction
A Free Marker?
Market-Preserving State Intervention?
How Does State Intervention Work in Korea?
Why Does State Intervention Work in Korea?
Conclusion
Explaining 'Flexible Rigidities' in East Asia
Introduction: Flexible Rigidities
Some Thoughts on Flexibility
Explaining Flexible Rigidities in East Asia
Concluding Remarks
Appendix
How Important were the 'Initial Conditions' for Economic Development?: East Asia vs. Sub-Saharan Africa
Introduction: Origins of the Debate on Initial Conditions
Human Resource Endowments
Natural Resource Endowments
Physical and Social Infrastructures
Previous Industrial Experiences
Foreign Aid
Conclusion
1997 Asian Financial Crisis and Its Implications
The Hazard of Moral Hazard - Untangling the Asian Crisis
Introduction
Moral Hazard and the Development of Capitalism
Moral Hazard in the Asian Crisis
Summary and Conclusion
Interpreting the Korean Crisis - Financial Liberalisation, Industrial Policy and Corporate Governance
Introduction
Financial Liberalisation: Capital Account Liberalisation and the Debt Crisis
Industrial Policy: Over-investment and 'Crony Capitalism'
Corporate Governance: Moral Hazard and High Debt
Conclusion
Looking into the Future of East Asia
Industrial Policy and East Asia - the Miracle, the Crisis and the Future
Introduction
The East Asian Miracle Report on Industrial Policy: Contributions and Limitations
The East Asian Crisis (and the Japanese Stagnation) and Industrial Policy
Some Thoughts on the Future of Industrial Policy in East Asia
Concluding Remarks
The Triumph of the Rentiers?
Introduction
The Korean Financial System During the High-Growth Period
The Historical Precedents
The Misunderstood Crisis: 1993 to 1997
Institutional Changes After the 1997 Crisis - What Future for Korea?
Concluding Remarks
Evaluating the Post-Crisis Corporate Restructuring in Korea
Introduction
A Critical Look at the Standard Analysis of the Role of the Corporate Sector in the 1997 Crisis
Restructuring the Chaebols
Assessing the Governance Reform Programme
The Need for a 'Second-Stage Catching-up System' for the Korean Economy
Some Final Thoughts