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The Foundations of Rapid Economic Growth

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  • UmushC Gulati

Abstract

The fast pace of economic growth of the East Asian nations known as the “Four Tigers”–South Korea, Taiwan, Hong Kong, and Singapore–has become a legend It is usually claimed that the export‐oriented industrialization (EOI) strategy was the basic cause of that rapid growth However, it is contended that the growth strategy of these countries was the result of certain unique historical and geo‐political factors The colonial government had created the necessary infrastructure and international linkages which set the stage for initiating the EOI strategy Furthermore, because of the political support accorded to them from foreign governments, these countries, with the exception of Hong Kong, excluded major oppositional groups from sharing political power, and thus they were able to pursue effectively growth and export‐oriented policies South Korea and Taiwan also received a large amount of foreign aid from the U S This aid, and the fact the U S laid open its huge market for cheaper Asian exports without insisting on reciprocity, prepared the conditions for export‐led growth in those countries

Suggested Citation

  • UmushC Gulati, 1992. "The Foundations of Rapid Economic Growth," American Journal of Economics and Sociology, Wiley Blackwell, vol. 51(2), pages 161-172, April.
    • Handle: RePEc:bla:ajecsc:v:51:y:1992:i:2:p:161-172
    DOI: 10.1111/j.1536-7150.1992.tb03345.x
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    Cited by:

    1. Alarudeen Aminu Ph.D & Isiaka Akande Raifu & Bolanle Deborah Oloyede, . "Financial Development and Manufacturing Output Growth Nexus in Nigeria: The Role Of Institutional Quality," Journal of Economic and Sustainable Growth 2, Office Of The Chief Economist, Development Bank of Nigeria.
    2. Shib Sankar Jana & Tarak Nath Sahu & Krishna Dayal Pandey, 2020. "How far is FDI relevant to India’s foreign trade growth? An empirical investigation," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-19, December.
    3. Timo Kleiner‐Schäfer & Ingo Liefner, 2021. "Innovation success in an emerging economy: A comparison of R&D‐oriented companies in Turkey," Growth and Change, Wiley Blackwell, vol. 52(2), pages 963-989, June.
    4. Yohannes Kefale Mogess & Zerayehu Sime Eshete & Abadi Teferi Alemaw, 2023. "Economic growth and poverty reduction: Evidence from Sub‐Saharan African (SSA) countries," Poverty & Public Policy, John Wiley & Sons, vol. 15(2), pages 251-278, June.
    5. Eliot Brouthers, Lance & McCray, John P. & Wilkinson, Timothy J., 1999. "Maquiladoras: Entrepreneurial experimentation to global competitiveness," Business Horizons, Elsevier, vol. 42(2), pages 37-44.
    6. Sorin-George Toma, 2019. "Learning From The Asian Tigers: Lessons In Economic Growth," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 63-69, June.
    7. Nathaniel John Maynard & Vaishnav Raj Kanagaraj Subramanian & Chien-Yu Hua & Shih-Fang Lo, 2020. "Industrial Symbiosis in Taiwan: Case Study on Linhai Industrial Park," Sustainability, MDPI, vol. 12(11), pages 1-11, June.
    8. Kim, Kon & Križnik, Blaž & Kamvasinou, Krystallia, 2021. "Between the state and citizens: Changing governance of intermediary organisations for inclusive and sustainable urban regeneration in Seoul," Land Use Policy, Elsevier, vol. 105(C).
    9. Ivan Miroshnychenko & Alfredo De Massis & Danny Miller & Roberto Barontini, 2021. "Family Business Growth Around the World," Entrepreneurship Theory and Practice, , vol. 45(4), pages 682-708, July.
    10. Shib Sankar Jana & Tarak Nath Sahu & Krishna Dayal Pandey, 2024. "Growth in Foreign Trade in Liberalized India: The Relevance of FDI," Global Business Review, International Management Institute, vol. 25(1), pages 252-267, February.

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