Rising Asia: Case of Japan, South Korea, China and India

Abstract

This chapter examines Rising Asia. Special focus is on the economic growth of four countries: Japan, South Korea, China and India. The cases of high growth economies (e.g., Japan, South Korea, China and India) suggest unique patterns of growth, challenges and transitions. Economic growth movement in Asia assumes unified efforts of domestic capabilities and international liberal order for expansion beyond national boundaries. Government mandated investment plans work well during this early period of growth up to {\$}10,000 GDP per capital economy. As economy moves into mid- or advanced level, innovation in every level becomes increasingly important. Necessary conditions include free flows of information, private property, free movements, and demographic support. First level of rapid economic growth is attainable through disciplined execution of controlled economy. The next level into advanced maturity stage involves the transformation of liberal economic governance rules. Naturally, advanced level of sustainable growth requires national system that is conducive to international liberal order.