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East Asian Financial and Economic Development

Randall Morck () and Bernard Yeung ()

Working Papers from eSocialSciences

Abstract: Japan, an isolated, backward country in the 1860s, industrialized rapidly to become a major industrial power by the 1930s. South Korea, among the world’s poorest countries in the 1960s,joined the ranks of First World economies in little over a single generation. China now seems poised to follow a similar trajectory. All three cases highlight the importance of marginalized traditional elites, intensive early investment in education, a degree of economic openness, free markets, equity financing, early-stage coordination of firms in diverse industries via arrangements such as business groups, and political institutions capable of curbing the power of families grown wealthy in early-stage rapid development to make way for prosperity sustained by efficient resource allocation to high-productivity firms.

Keywords: Asian development; financial development; economic development; industrial power; world’s poorest countries; marginalized traditional elites; intensive early investment in education; a degree of economic openness; free markets; equity financing; political institutions; high-productivity firms. (search for similar items in EconPapers)
Date: 2017-09
Note: Institutional Papers
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