Technical Choice in Political Perspective: Rethinking How Elites Selected Economic Strategy After WW II

Shiyuan Pan, Qi Zhang, Mingxing Liu and Heng-Fu Zou ()
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Shiyuan Pan: School of Economics, Zhejiang University
Qi Zhang: Dep. of Political Science, Northwestern University
Mingxing Liu: China Institute for Education Finance Research, Peking University

No 293, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: The dominant development strategy chosen by political elites of late industrializing world after WW II was import-substituting industrialization (ISI) strategy, which aimed at catching up with the world technical frontier by rapid industrialization. The nature of the colonial legacies and the sense of external threats shaped the ideological inclination of decision makers and the resulting choice of development strategy and instruments, while the resources at their disposal and the existence of charismatic leaders who favor rapid catch-up determined to what extent the development strategy can be carried out. We argue if the nature of colonial ruling was exploitive and brutal and external threats were perceived to be high, then ISI strategy was more likely. Once ISI strategy was chosen, the abundance of resource endowments and the existence of a charismatic leader would render it a relatively long longevity.

Pages: 30 pages
Date: 2007
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