Late Development in Globalization: The East Asian Phenomenon

Dic Lo
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Dic Lo: University of London

Chapter 5 in Alternatives to Neoliberal Globalization, 2012, pp 77-99 from Palgrave Macmillan

Abstract: Abstract East Asia was perhaps the only region in the capitalist world economy that had a visible increase in its world income share in the half-century prior to the 1997–8 financial and economic crisis.1 Existing studies of this ‘East Asian miracle’ have thus carried strong ingredients of developmentalism. Neoliberal protagonists assert that the miracle was mostly the product of the concerned economies following the ‘natural path of development,’ that is, leaving their position in the international division of labour to be determined by the working of the world market. In contrast, scholars of structuralist-institutionist orientations submit that East Asia achieved the miracle mainly by means of strategic integration into the world market, that is, their deliberate attempts to influence their position in the international division of labour. In both cases, the emphasis is placed on the nature of the national economic policies-institutions that mediated the integration.

Keywords: International Monetary Fund; Systemic Shock; Washington Consensus; East Asian Economy; Natural Path (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-36116-4_5

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DOI: 10.1057/9780230361164_5

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