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The report examines the public policies of 8 high-performing Asian economies (HPAEs) from 1965 to 1990. It seeks to uncover the role those policies played in the dramatic .
How did East and South East Asian economies achieve rapid development through export-oriented manufacturing? Learn about the outward-oriented industrialization model, the evolution of productive and trade structures, and the role of technology in the East Asian Miracle.
The rapid economic growth of eight East Asian economies, often called the "East Asian miracle," raises two questions: What policies and other factors contributed to that growth? And can other developing countries replicate those policies to stimulate equally rapid growth?
Jan 1, 1994 · In an effort to answer these questions, the World Bank undertook a major comparative study of economic growth and public policy in East Asia, The East Asian Miracle (see box). One of the key findings is that East Asia succeeded because it got the economic policy fundamentals right.
This study, which compares the social development of the miracle economies and South Asia, seeks to explore whether lessons learned from the experiences of East Asia can be applied to chart a similar path of success for South Asia.
What does this report tell us about the East Asian miracle? The re search shows that most of East Asia's extraordinary growth is due to supe rior accumulation of physical and human capital. But these economies were also better able than most to allocate physical and human resources . to . highly productive investments and . to
The World Bank published a book in 1993 that analyzed the policy origins of East Asia's economic success and the role of public policy in the HPAEs. The book sparked controversy and debate among academics and policymakers, and is revisited in this chapter with a 20-year retrospective.
