Asia’s Stunted Economic Development

Abstract

This chapter analyzes Asia's stunning economic growth over the past half century or more. Despite the hype of Asia's economic miracle, it argues that the harsh reality is that Asia is suffering from stunted economic development. No major Asian economy has caught up with global leaders like the US and Germany in terms of GDP per capita and living standards. Why? Apart from Hong Kong and Singapore, none could be considered open market economies. Size does matter, however. Countries like China, India and Indonesia, thanks to enormous populations, have some of the world's biggest economies, and have become economic and political powers.