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The East Asian Development Experience: The Miracle, the Crisis and the Future | 
 enlarge | Author: Ha-joon Chang
Publisher: Zed Books
Category: Book
List Price: $34.95
Buy New: $25.17
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Rating:  1 reviews
Sales Rank: 775791
Media: Paperback
Number Of Items: 1
Pages: 256
Shipping Weight (lbs): 0.2
Dimensions (in): 8.7 x 5.4 x 0.7
ISBN: 1842771418
Dewey Decimal Number: 338
EAN: 9781842771419
ASIN: 1842771418
Publication Date: July 24, 2007
Availability: Usually ships in 1-2 business days
Condition: Brand New. Expected US delivery in 7-10 business days
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Product Description
Ha-Joon Chang provides an overview of the East Asian development model from the 1960s to the present day. He examines its relative success particularly in relation to industrial policy, in contrast to Africa. He takes a fresh look at the crisis that exploded in 1997, criticizing many mainstream explanations and looking in particular at the economy of South Korea.Looking to the future, he makes proposals for industrial policy and how local corporations in a country like Korea should be reformed.
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| Customer Reviews:
4.5 stars-Excellent but why not reference the wisdom of Adam Smith March 10, 2008
5 out of 7 found this review helpful
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.
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