The successful industrialisation of many East Asian countries contrasts with the disappointing outcome in much of Latin America and subSaharan Africa. Not surprisingly, given this geographical pattern, explanations usually stress cultural factors (in the form of a work ethic or type of political regime) or environmental factors (the level of urbanisation or the natural resource endowment). Closely linked to this controversy is a second dispute about the mechanism by which the causal factor impacts on a country’s industrialisation. Specifically, some researchers emphasise macroeconomic policy as the mechanism (Lal, 1983; Stern, 1990) while others cite trade and industry policy (Amsden, 1989; Wade, 1990).
- Foreign Exchange
- Real Exchange Rate
- Industrial Policy
- Macroeconomic Policy
- Primary Sector
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The financial support of the Nuffield Foundation, British Academy, RTZ and World Bank is gratefully acknowledged. This is a modified version of a paper from World Development, Auty, R.M. ‘Industrial policy reform in six large newly industrialising countries’ (Vol 22, No.1, pp. 11–26, 1994) with kind permission of Pergamon Press Ltd. It extends the analysis in that paper to include mineral exporters.
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Auty, R.M. (1995). Economic Development and the Resource Curse Thesis. In: Morrissey, O., Stewart, F. (eds) Economic and Political Reform in Developing Countries. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-13460-1_4
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