The East Asian Miracle comprises of several decades of rapid economic growth, social development, and poverty reduction in East Asian countries. Good governance is a central component of the East Asian capitalism, and is probably one of the most important contributors to the success of East Asian countries (McNicoll, 2006). There is a constant debate between the government and market on the behavior of consumers and workers. One side emphasizes the important of state interventions that affect the norms, attitudes and behavior of families and individual through health programs, schools, and family planning schemes. The other side draws attention to a change in family economic conditions, and expectations leading to an increase in the demand
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They have contributed by creating a modern infrastructure, by provide a steady incentive system, and ensuring the political bureaucracy helps exports, rather than restricting them. (Balassa, 1998)
A defining element in the construction of East Asian capitalism postwar was the interests and leadership of the United States. Transformation of East Asian countries is not simply an outcome based on applying textbook rules or efficiency criterion, but the pursuit of economic interests by the United States and the pressure it placed on liberalization and globalization played a key role in the capitalist development of East Asian …show more content…
The most productive response to the difficulties created by accelerated internationalization is to take on the current global environment the same way that the East Asian countries took on the destruction and politically hostile environment left behind after the Second World War. A one-size-fits-all approach cannot be used on developing countries. The conditions favoring East Asian countries may not be favorable or applicable in other countries therefore the East Asian capitalism model needs to be modified to suit the needs of the particular developing country. The lessons mentioned and discussed above serve as guidelines for developing countries, which they can revise and reshape to fit the needs and wants of their country. Replicating these lessons may not yield the exact same results as it did for East Asian countries, therefore developing countries should learn from the experience East Asian capitalism and countries have to offer, and apply these guidelines in their own
They have contributed by creating a modern infrastructure, by provide a steady incentive system, and ensuring the political bureaucracy helps exports, rather than restricting them. (Balassa, 1998)
A defining element in the construction of East Asian capitalism postwar was the interests and leadership of the United States. Transformation of East Asian countries is not simply an outcome based on applying textbook rules or efficiency criterion, but the pursuit of economic interests by the United States and the pressure it placed on liberalization and globalization played a key role in the capitalist development of East Asian …show more content…
The most productive response to the difficulties created by accelerated internationalization is to take on the current global environment the same way that the East Asian countries took on the destruction and politically hostile environment left behind after the Second World War. A one-size-fits-all approach cannot be used on developing countries. The conditions favoring East Asian countries may not be favorable or applicable in other countries therefore the East Asian capitalism model needs to be modified to suit the needs of the particular developing country. The lessons mentioned and discussed above serve as guidelines for developing countries, which they can revise and reshape to fit the needs and wants of their country. Replicating these lessons may not yield the exact same results as it did for East Asian countries, therefore developing countries should learn from the experience East Asian capitalism and countries have to offer, and apply these guidelines in their own