Studwell’s thesis is bold, his arguments persuasive, and his style pugnacious. It adds up to a highly readable and important book that should make people. Bill Gates reviews “How Asia Works” by Joe Studwell. How Asia Works. Success and Failure in the World’s Most Dynamic Region. Joe Studwell. A provocative look at what has worked – and what hasn’t – in East.
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This being said, one of the things I really liked about the book is the complete absence of any doctrinaire thinking. Once land redistribution has succeeded, industrialization can proceed. The first part was eye opening for me, focusing on agricultural policy and land reform – effectively arguing that the first stage of development should be redistribution to encourage high density labor intensive farming as a means to employ workers and increase acreage yields, which improves the current account and creates a domes This was excellent, very well organized and concisely argued.
Visualizar ou modificar seus pedidos em sua conta. Goodreads helps you keep track of books you want to read. The first is stylistic. And in finance, effective regulation is essential for fostering, and sustaining growth. Studwell argues forcefully in favour of land reform, but at least partly because it was necessary to stop spreading communism.
Korea such as related party lending have received only a cursory mention – an analysis of this and possible safeguards would have been useful. By ‘land reform’ he means distributing land equally among farming families, by taking it off the big landowners. The key objection against the “infant industry” argument is that, given how it has been applied in practice, it has mainly created rents for domestic industries that are protected against international competition, and that these favours tend to be perpetuated at the expense of domestic consumers.
But this leaves open the question why this type of policies was possible in Japan, South Korea and Taiwan, and not in Thailand, Malaysia, Indonesia or the Philippines. He delivers two points clearly. A common pitfall for countries is to simply ask foreign companies to set up shop with some branch plants in their country and raise their living standards that way. In the s and s many in the West came to believe in the myth of an East-Asian economic miracle. In scope, nothing else comes close.
But this does not potray the book being about only Agricultural economics, but rather how initial support of Government not always democratic!
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The main reason is that it is difficult to oversee the way in which funds from bond and stock issues are used. Successful development strategies begin with agriculture, the sector that has contained the majority of the workforce in every undeveloped country in history. Jul 31, Aaron Arnold rated it it was amazing Shelves: Harsha Varma This is an easy read with very little jargon.
In that sense his story is aaia looking – useful as a framework for thinking about how SEA, perhaps, which is relatively behind the curve, could develop, but less useful for thinking about how North Asia will look in years.
Tente novamente mais tarde. I worry that, without a decent alternative, we will be tempted to fill in the gap with an easy generalization, like a writer resorting to a cliche. Refresh and try again. Closely controlled finance that supports these two sectors. This is not what Chinese people want.
The anecdotes helped provide some idea of how the landscape changed due to the economy in the countries the author visited. While these do not provide significant learning and are based on cost arbitrage, they do generate surpluses and forex reserves to finance long term investments and technology acquisition and generate much needed employment.
Topics AsiaEconomic Developmentrichpoordeveloping countrydeveloped country. Jul 09, Kristjan Velbri rated it it was amazing. Book uses case studies of success stories in north-east Asia, contrasted with not-so-successful applications in south-east Asia, to make its point.
In Malaysia, Perwaja started out with 1. Engaging writing with a novel argument. The third is to focus bank and finance capital on the fastest possible technology learning and high long-term profits and not on short-t This book is an amazing study about the phenomena of how some Asian countries were able to grow so much and so fast. Dec 17, Mona Nomura rated it really liked it. With similar rates of investment, starting jo roughly the same level of wealth, Korea has produced the Hyundai Elantra; Malaysia, the Proton Waja.
The common metaphor is that tariffs and subsidies are like a ladder used to climb up, to be kicked away when done, but the examples of rich countries that used mercantilist policies to get rich and then later mostly or partially deregulated i. In neoclassical growth theory this reduces to an increase in L labor or H human capital —understanding the incentives of smallholder farmers, or the minutiae of how gardeners maximize yields per acre, was below the pay-grade of serious macroeconomists.
The Asian Financial Crisis of that lopped off the market capitalizations of companies, not to mention decapitating financial institutions in Indonesia, Thailand and Malaysia are desultory and dangerous testimonies to unchecked liberalization and deregulation. Farming’s relationship to political structure is complex, but most underdeveloped societies seem to be stuck a sort of feudal pattern, with a few large landowners controlling vastly disproportionate shares of each country’s land and hence political system note that this harmful pattern may have been encouraged in former first-world colonies.
The main conjecture of the author is that active state policies have been key factor for the economic performance of North Asia Japan, South Korea, Taiwan. These interwoven stories were, at times, difficult to follow – but I could have put more effort into following along.
Finance – A tool to accelerate industrialization, never a end in itself. These markets are their means to escape government control. Want to Read saving…. These three pillars constitute a nurturing phase of state led development, and only after this should governments begin to think about efficiency and deregulation.
This is a must read for anyone interested in understanding the realities of the development process. In Malaysia they liberalized the financial system and IPOd companies prematurely, leading to huge stock market bubbles on unproductive companies.
But I suggest you to read this book to learn in greater details. It is a political will which dictate economic decision and not the other way round. While space prevents him from discussing some of the most unique countries – I’m thinking mostly of North Korea and Vietnam as well as Singapore and Hong Kong, though surely Laos, Cambodia, Myanmar, and Papua New Guinea have their own interesting stories – the room freed up thereby lets him pack in a remarkable amount of high-level analysis in about the remaining countries: Basic point I think is that nations need to take control of their own economic and industrial narratives.
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Jan 05, Kaushik rated it really liked it. This book answered my questions directly and explained how the economics and politics worked in northeastern Asia and what didn’t work elsewhere. In both cases, historical experience cries out against against a reductive theory, shorn of political context.
The author has clearly segregated the successes S.