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The East Asian Development Experience: The Miracle, the Crisis and the Future, by Ha-Joon Chang
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Today East Asia is the richest part of the world outside the old industrial centres of Western Europe and North America. Despite political authoritarianism, human rights violations, corruption, repression of labour unions, gender discrimination and mistreatment of ethnic minorities, the citizens of the East Asian economies have experienced improvements in income and general well-being unparalleled in human history.
In this book, Ha-Joon Chang provides a fresh analysis of this spectacular growth. He considers East Asian economies’ unorthodox methods, and their rejection of ‘best practice’ and so-called Washington Consensus policies. East Asia, he claims, can teach us much about the whole process of economic development. Full of new facts and policy suggestions, this is a lively and unconventional introduction to a global phenomenon.
- Sales Rank: #977731 in Books
- Brand: Brand: Zed Books
- Published on: 2007-02-01
- Released on: 2007-07-24
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .90" w x 5.44" l, .88 pounds
- Binding: Paperback
- 320 pages
Features
- Used Book in Good Condition
About the Author
Ha-Joon Chang is Assistant Director of Development Studies in the Faculty of Economics and Politics, University of Cambridge.
Most helpful customer reviews
10 of 11 people found the following review helpful.
Excellent study of the virtues of industry policy and the failure of neoliberalism
By William Podmore
This is a thought-provoking study of East Asian development post-1960s, which produced such great improvements in incomes, infant mortality, life expectancy and education in Japan, South Korea, Taiwan, Hong Kong and Singapore. In Part 1 Chang presents the East Asian model of economic policy; in Part 2 he looks at East Asia's development, in Part 3 the 1997 crisis and in Part 4 the subsequent `reforms' making finance dominate industry.
East Asia's initial conditions for economic development were well behind Latin America and equivalent to those of above-average Sub-Saharan African countries. Chang examines and refutes the idea that markets emerge naturally and painlessly.
These countries used not liberalisation, deregulation, privatisation, anti-inflation macroeconomic policy, and a stock-market-based financial system, which have brought us to disaster. They did not have independent central banks, which as products of financial liberalisation, oppose all controls on capital flows, and have price stability as their sole aim, which prevents a pro-growth, pro-investment monetary policy.
Instead East Asia's countries used active trade and industry policies, a large-scale public sector, a pro-investment macroeconomic policy, controls on luxury consumption and on inward and outward capital movements, and a bank-based financial system. They have special purpose banks, like Korea's Housing Bank, its Korea Development Bank, and its Bank for Small and Medium-Sized Firms.
Their industry policies included coordination of investment across competing firms, policies to attain scale economy in key industries, directed and subsidised credit programmes, protection of infant industries, picking winners, promoting structural change by providing incentives for physical and mental retooling (equipment upgrades, retraining and relocation subsidies for workers), with specified performance targets.
It wasn't Japan's industry policies which caused its 1991 crash, but its financial liberalisation in the late 1980s. It wasn't South Korea's industrial investment and policy which caused its 1997 crisis, but its liberalisation in 1993 and the consequent real estate over-investment. So to escape the slump, countries need policies for industry, not liberalisation.
13 of 17 people found the following review helpful.
4.5 stars-Excellent but why not reference the wisdom of Adam Smith
By Michael Emmett Brady
This book is one in a series of books where the author shows that the actual policies used by the Asian Tigers over the last 50 years to create first world- near first world economic growth and prosperity(Japan,Taiwan,South Korea,Singapore,Hong Kong,Malaysia)establishes a major role for government spending on infrastructure,public works,public goods,education,and health.He shows that the use of an overall industrial strategy or plan ,incorporating the use of tariffs,was common to all of these countries.Clearly,the historical record supports the author 's argument overwhelmingly.There is ,however,one substantial omission in the book(in fact,this omission appears in all of the books that the author has written on economic development).The omission is that the author fails to realize that Adam Smith was a SUPPORTER of many of the policies that the author has identified as leading to the successful economic development and prosperity of the countries studied in this book.This can easily be established by simply reading what Smith wrote on pp.434-439 of the Modern Library (Cannan)edition of the Wealth of Nations(1776).Smith does NOT believe in laissez faire.The Invisible Hand works most of the time, but not all of the time.For instance,it fails in the area of money, banking,and interest rate policy(See Smith's conclusions on pp.339-340 which are practically the same as those reached by J M Keynes in Part V of the General Theory(1936).Smith is a supporter of the use of Revenue tariffs and retaliatory tariffs if there is any probability greater than 0 that the retaliatory tariff will lead to the removal of the original protective tariff put in place by the offending country.Part V of the Wealth of Nations demonstrates that Smith understood the important role that Government could play in providing the necessary public financing needed for the provision of public goods and the role that government can play in dealing with market failure, externalities, and spillover effects in an economy.
The author's case would be significantly strengthened if he would have pointed these facts out .There is a huge difference between the economics of Adam Smith and the economics of Jeremy Bentham,David Ricardo,J B Say,James Mill,etc.
1 of 1 people found the following review helpful.
Time To Re-Examine American Economcs!
By Loyd Eskildson
The socio-economic transformation of East Asia (Japan, South Korea, Taiwan, Hong Kong, and Singapore) in the last few decades has been spectacular - unparalleled in human history. In the early 1960s, the richest economy in the region (Japan) was on a par with South Africa and Chile in per capita income, while the poorest one (Korea) had a per capita income less than half those of Ghana and Honduras. Today East Asia is the richest part of the world outside the old industrial centers, and their records in terms of improvements in infant mortality, life expectancy, educational achievements, and other indicators have also been very impressive. On the other hand, there have been problems with political authoritarianism, human rights violations, corruption, gender discrimination, etc. However, these economies have made good progress by historical standards even on these accounts.
What makes the East Asian development experience even more interesting is that their policies and institutions have often significantly diverged from what many regard as 'best practice' (the 'Washington Consensus'). Instead, with the exception of Hong Kong, they used interventionist trade and industrial policies, often through a large public-enterprise sector, backing it with pro-investment macroeconomic policy. They used institutions and policies such as business groups with interlocking ownership, lifetime employment, relation-based contracting, and the bank-based financial system - which do not conform to the Anglo-American ideal of free-standing enterprise ruthlessly pursuing shareholder values. Ha-Joon Chang's book is a collection of essays intended to shed light by unearthing new facts, applying unorthodox theories to reinterpret many widely-accepted 'facts,' and coming up with often unconventional policy suggestions.
In recent decades, the virtues of the 'invisible hand' have been endlessly praised, and countries not conforming are constantly admonished for being backwards. Economies with the institutional mechanisms to generate more effective long-term-oriented cooperative arrangements regarding learning and investments are likely to outperform countries predominantly relying on short-term-oriented, individualistic competitive forces working through arm's-length contracts. Why hasn't this received more attention?
During the first three decades of postwar WWII, all advanced capitalist economies performed very well by historical standards. Certain countries did so well as to earn the title of 'miracle' (eg. Japan and Germany), but even underperformers such as the U.S. and the U.K. did well enough not to make their under-performance a matter of serious political concern. Secondly, given the Cold War, there was advanced capitalist economies were biased towards underplaying the perceived differences between themselves. (Eg. The early postwar attempt by the U.S. to remold Germany into its own image was watered down as soon as the Cold War became serious in the 1950s.) Third, U.S. vast economic superiority during the early postwar years made it possible to it to ignore what it later perceived as non-level playing fields created by its trading partners. (Recent U.S. attempts to secure a level playing field can be seen as a belated and pathological acknowledgement that such abnormalities have been important competitive assets of its trading partners.)
Certain East Asian countries grew at about 6%/year in per capita terms, putting the growth records of the first industrial nations during the Industrial Revolution (1-1.5%/year) to shame and even overshadows their records during the 'Golden age' (around 3%/year).
The most conventional explanation of high investments in the East Asian countries is that they could invest a lot because they saved a lot. Some believe these high savings were due to their Confucian culture that emphasizes frugality and abstinence from instant gratification. However, this attributes a recent phenomenon (high savings) to a millennium-old cause (Confucian culture). Alternatively, it has been argued that high savings were due to high real interest rates - however, there is widespread consensus this is not supported by evidence. There is growing opinion that investment, rather than savings, is the prime mover.
Many commentators emphasize the importance of political and economic stability in encouraging investments. More recently, mainstream economists have reduced this issue to the achievement of very low inflation (eg. below 5%). However, until the late 1970s, the average rates of inflation in Korea were 17.4% in the 1960s and 19.8% in the 1970s - higher than in many Latin American nations, for whose 'troubles' inflation is often blamed during the same period.
Capital flight has to be prevented to ensure that whatever investible surplus generated stays, become contemplating having it reinvested in productive projects. Capital flight was an even more serious problem for the East Asian countries because of the threats of their Communist neighbors. Every economic transaction involving foreign exchange had to be made through the banks under government ownership/control, and their were heavy punishments for those who attempted major capital flight (eg. death in Korea).
There was virtually no capital flight out of Korea, then the 4th-largest debtor country in the world, while many other major debtor countries in Latin America suffered from massive capital flight. None of the East Asian countries relied heavily on FDI during their high-growth years.
Potential investor classes who control capital surpluses may consume it in 'luxury' goods rather than investing it - an exceptionally emotive issue in Latin America, until recently. The East Asian countries imposed heavy tariffs and domestic taxes on, and sometimes banned domestic production as well as importing certain 'luxury' products, especially in the earlier stages of their development. Korea and Japan have had the two lowest numbers of passenger cars/capital vs. others at comparable levels of development. Foreign tourism in Korea was banned until the early 1980s, and since then heavily controlled until 1988. (There are still restrictions on the amount of money one can take abroad for tourism purposes.) After liberalization in 1988, Korea's foreign tourism expenditure increased 5X in three years, suggesting the low expenditure prior was not due to a 'cultural' aversion to spending.
By restraining the extent to which the elite could enjoy their wealth for personal pleasures, luxury-consumption control in the East Asian countries helped create the sense of national 'community' with a common project (economic development), whose burdens and fruits were shared. This contributed to the political stability of these countries, which then contributed to investment growth.
Another community-commitment source was the necessity of competing with Communist neighbors in the case of Korea and Taiwan. Further, the emphasis on exports made it possible for the state to judge enterprise performance relatively 'objectively' by watching their performances in the world market. Finally, state policies were designed on the basis of detailed information on the state of the domestic and international economies, collected from mandatory reporting by the state-supported enterprises and various public and semi-public agencies (eg. embassies), making them sensitive to world-markets.
Why have many developing countries failed to make their infant-industry programs work? Chang contents this was at least partly because they lacked an export promotion strategy that was well-integrated with the infant-industry programs. A developing country with no stable supply of foreign exchange and independent R&D capability is likely to end up reproducing the obsolete technologies it imported in the past - eg. North Korea. Thus, export success is a vital element in successful infant-industry promotion and cannot be over-emphasized.
Contrary to conventional wisdom, export success does not mean the country should adopt a 'free trade' policy. It is widely acknowledge that the export successes of the East Asian countries were greatly helped by policies to keep their currencies slightly undervalued until the 1985 Plaza Accord which drove their currency values up - a contrast to the early Latin American experiences where overvalued exchange rates hindered export growth. East Asian governments provided export subsidies, violating the principle of comparative advantage. These subsidies were in the form of subsidized loans for exporters of tariff rebates on export inputs. The doctrine of comparative advantage in designing trade policy helps determine how much sacrifice a country is making to develop infant industries and avoid promotions of excessive magnitude and duration.
In the world of limited financial resources and limited administrative capabilities, there is always going to be some degree of 'selectivity' involved in the conduct of industrial policy. Many modern industries are subject to significant scale economies, without exploiting which it becomes difficult to achieve international competitiveness. However, the late-developing countries normally have small domestic markets due to low income/small population size, and many of the products from these industries fall into the 'luxury' category. Thus, the East Asian governments have imposed controls on entry (and exit) and capacity expansion in the industries concerned. However, there's a dilemma - they cannot become competitive in the world market without exporting - enabling them to exploit scale economy, but they cannot export before they become competitive by raising their productivity.
One response to this dilemma has been to give up the export option but keep the protection - this way the firms remain 'infants' for life, the fate of the Taiwanese passenger-car industry being an example. In some cases they would 'gamble' by forcing the domestic firms to build world-class capacities from the beginning - with the positive side-effect they will be forced into entering the world market from very early stages for fear of being stuck an an enormous excess capacity (Korean steel and shipbuilding industries). More typically, they initially accepted sub-optimal production scales, but used policy measures to bring the day when they could export and thus produce at more than minimum efficient scale.
Government guidance included organizing mergers and negotiated market segmentation in industries with too many producers with sub-optimal scale, subsidizing capital equipment upgrading programs aimed at specific industries, subsidizing applied R&D or training in specific industries, spreading information on best-practice technologies in particular industries by various public industries. Relaxation of anti-trust activity is another possibility.
The 1997 crisis in Korea was due to rapid build-up of short-term foreign debts that had fed the investment boom between 1994 and 1996 made possible by abandonment of traditional industrial policy measures (eg. control on 'excessive competition). Korea was pushed to deregulate its economy to restore 'international confidence'
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