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East Asian model
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The East Asian model,[1] pioneered by Japan, is a plan for economic growth whereby the government invests in certain sectors of the economy in order to stimulate the growth of specific industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Japan, South Korea, Hong Kong and Taiwan.[2] It has also been used by some to describe the contemporary economic system in Mainland China after Deng Xiaoping's economic reforms during the late 1970s[3] and the current economic system of Vietnam after its Đổi Mới policy was implemented in 1986.[4] Generally, as a country becomes more developed, the most common employment industry transitions from agriculture to manufacturing, and then to services.[5]
The main shared approach of East Asian economies is the role of the government. For East Asian governments have recognized the limitations of markets in allocation of scarce resources in the economy, thus the governments have used interventions to promote economic development.[6] They include state control of finance, direct support for state-owned enterprises in strategic sectors of the economy or the creation of privately owned national champions, high dependence on the export market for growth, and a high rate of savings. It is similar to dirigisme, neomercantilism, and Hamiltonian economics.[7][8]
Although there is a common theme, there is not one single approach to the economies of Asian countries, and it widely varies in economic structure as well as development experiences among the East Asian economies, especially between Northeast and Southeast Asian countries[6] (e.g. Malaysia, Indonesia and Thailand relied much more on FDI (Foreign Direct Investment) than Taiwan or Singapore).[9]
- ^ Chun, Lin (5 December 2013). China and Global Capitalism. Palgrave Macmillan. p. 78. ISBN 978-1137301253.
- ^ Kuznets, Paul W. (April 1988). "An East Asian Model of Economic Development: Japan, Taiwan, and South Korea". Economic Development and Cultural Change. 36 (S3): S11 – S43. doi:10.1086/edcc.36.s3.1566537. S2CID 153899556.
- ^ Baek, Seung-Wook (January 2005). "Does China follow 'the East Asian development model'?". Journal of Contemporary Asia. 35 (4): 485–498. doi:10.1080/00472330580000281. S2CID 154114721.
- ^ Leonardo Baccini, Giammario Impullitti, Edmund Malesky, "Globalisation and state capitalism: Assessing the effects of Vietnam’s WTO entry" Vox EU 17 May 2019Archived 24 March 2015 at the Wayback Machine
- ^ Sawada, Yasuyuki (2023), Estudillo, Jonna P.; Kijima, Yoko; Sonobe, Tetsushi (eds.), "Structural Transformation and Development Experience from Asian Countries", Agricultural Development in Asia and Africa: Essays in Honor of Keijiro Otsuka, Emerging-Economy State and International Policy Studies, Singapore: Springer Nature, pp. 257–269, doi:10.1007/978-981-19-5542-6_19, ISBN 978-981-19-5542-6, retrieved 2023-12-12
- ^ a b Danju, Ipek; Maasoglu, Yasar; Maasoglu, Nahide (8 January 2014). "The East Asian Model of Economic Development and Developing Countries". Procedia - Social and Behavioral Sciences. 109: 1168–1173. doi:10.1016/j.sbspro.2013.12.606.
- ^ Berger, Peter L. "The Asian Experience & Caribbean Development." Worldview 27, no. 10 (1984): 4-7.
- ^ Schmidt, Johannes Dragsbaek. "Models of Dirigisme in East Asia: Perspectives for Eastern Europe." In The Aftermath of ‘Real Existing Socialism’in Eastern Europe, pp. 196-216. Palgrave Macmillan, London, 1996.
- ^ Singh, Ajit (2002). "Asian capitalism and the financial crisis". In Eatwell, John; Taylor, Lance (eds.). International Capital Markets: Systems in Transition. Oxford University Press. pp. 339–368. ISBN 978-0-19-514765-0.
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