Skip to main content

East Asian Miracle

Go Search
Home
About
New Atlas
Atlas, A-Z
Atlas Maps
MPP/MPA Programs
Subjects
Core Topics
Illustrative Courses
Topic Encyclopedia
Concept Dictionary
Competencies
Career Tips
IGOs
Best Practices Project


 
PPGPortal > Home > Concept Dictionary > D, E > East Asian Miracle
 

East Asian Miracle

The remarkable record of high and sustained economic growth in East Asian nations during the last half of the 20th century.

(Page et al. 1993)

---------------------------

"East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990 the 23 economies of East Asia grew faster than all other regions of the world.  Most of this achievement is attributable to seemingly miraculous growth in Hong Kong, Indonesia, Japan, Malaysia, the Republic of Korea, Singapore, and Taiwan (China). The East Asia miracle---achieving high growth with equity---is due to a combination of fundamentally sound development policies, tailored interventions, and an unusually rapid accumulation of physical and human capital. Making the miracle was no simple matter, as the World Bank's policy research report The East Asian Miracle: Economic Growth and Public Policy makes it clear. Numerous ingredients went into the recipes for success in Hong Kong, Indonesia, Japan, Malaysia, the Republic of Korea, Singapore, Taiwan (China), and Thailand. Nonetheless, the market-oriented aspects of the experience of these eight high-performing East Asian economies (HPAEs) can be recommended with few reservations. Whether interventions should be attempted everywhere is another matter".

Reference:

Page, John, Nancy Birdsall, Ed Campos, W. Max Corden, Chang-Shik Kim, Howard Pack, Richard Sabot, Joseph Stiglitz and Marilou Uy.1993. “The Making of the East Asian Miracle." World Bank Policy Research Bulletin 4(4): 1-6. http://www.worldbank.org/research/1993/08/698925/world-bank-policy-research-bulletin-44

     

Important Notices
© University of Toronto 2008
School of Public Policy and Governance