New perspectives on East Asian development

Abstract

Conventional explanations of rapid growth in East Asia have focused on the efficient allocation of resources resulting from market‐led outward‐oriented strategies. This study challenges that approach. East Asian success has centred around the accumulation dynamic both because of its direct importance to the growth process and also because of its close and interdependent linkages with exports. On this basis the study considers the institutions and policies which were used to manage economic rents in support of rapid growth and to ensure a more strategic and orderly integration into the world economy. The study also examines the contribution of regional trade and investment flows to East Asian industrialisation. The potential for replicating similar strategies is considered.