Industrialization and Challenges in Asia
This book provides a much-needed review of Asia’s economic growth and its challenges in the context of post-war industrialization. In the early 1990s, the World Bank (1993) recognized eight high-performing Asian economies (HPAEs) (Japan, the Asian ti
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Industrialization and Challenges in Asia
Kankesu Jayanthakumaran
Industrialization and Challenges in Asia
Kankesu Jayanthakumaran University of Wollongong School of Economics New South Wales, Australia
ISBN 978-981-10-0823-8 ISBN 978-981-10-0824-5 DOI 10.1007/978-981-10-0824-5
(eBook)
Library of Congress Control Number: 2016955054 © The Editor(s) (if applicable) and The Author(s) 2016 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover image © Bob Kreisel / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer Science+Business Media Singapore Pte Ltd.
CONTENTS
Part I
Trade Strategies and the Asian Tigers
1
1 Inward Orientation as a Development Strategy
3
2 Outward Orientation as an Alternative Strategy
33
3
67
Japan and the Asian Tigers
Part II 4
The Followers of the Asian Tigers
Regional Trade Agreements (RTA) and the Association of Southeast Asian Nations (ASEAN)
97
99
5
China: An Emerging Giant
135
6
India’s Growth Path
159
Part III Major Challenges
185
7
187
Asian Crisis to Global Crisis
v
vi
CONTENTS
8
Poverty and Urbanization in Asia
215
Abbreviations
249
References
253
Index
255
LIST
Fig. 1.1 Fig. 1.2 Fig. 1.3 Fig. 2.1 Fig. 2.2 Fig. 2.3 Fig. 2.4 Fig. 2.5 Fig. 2.6 Fig. 3.1
Fig. 4.1 Fig. 4.2 Fig. 4.3 Fig. 4.4 Fig. 4.5 Fig. 5.1
Fig. 5.2
OF
FIGURES
Instruments of protectionism Pecuniary externalities Backward and forward linkages Productive efficiency of the form Perfect competition and monopoly Allocative cost of protection Total cost with rent-seeking Benefits from protection Enclave model Trade-to-GDP ratio: 1960–2014 (Source: World Bank (2015a); WTO (2015); National Statistics of Taiwan (2015a)) Level of integration Trade creation and trade diversion Average tariff rates for ASEAN: 1993–2013 (Source: ASEAN Secretariat (2014)) Total factor productivity: ASEAN-5, 1990–2013 (Source: APO 2015) (Note: 2
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