Some lessons from the East Asian miracle

Abstract

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? This article, based on case studies, econometric data, and economic theory, offers a list of the ingredients that contributed to that success. But it is the combination of these ingredients, many of which involve government interventions acting together, that accounts for East Asia's success.