Abstract
The World Bank's 1993 East Asian Miracle report proposed two models of East Asian Development, one based on the Japanese economy, the other on the more recent miracle economies of Southeast Asia. The latter pursued open-market and investment policies compatible with Anglo-American economic norms, while Japan and its coterie (South Korea and Taiwan) forged industrial policy regimes with high levels of government intervention and protection. Japan takes a different view of Southeast Asian success—as a combination of conscious emulation of Japan and concentrated Japanese foreign direct investment, aid, and regional industrial strategy. This article explores the tension between the World Bank thesis and the Japanese view, embodied in a growth metaphor called flying geese. The author concludes that Japan has been far more reactive and opportunistic than the flying geese metaphor suggests, but that this paradigm has a profound influence on Japanese government and corporate strategy in Asia.
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Terry, E. An East Asian paradigm?. Atlantic Economic Journal 24, 183–198 (1996). https://doi.org/10.1007/BF02298501
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DOI: https://doi.org/10.1007/BF02298501