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The growth path of the dynamic Asian economies

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  • Dilip K. Das

Abstract

type="main"> The rapid and sustained growth of several Asian economies led researchers, policymakers, and decision-makers in the world of international business to search for a plausible Asian model of growth. Numerous explanations of the dynamic growth in Asia have been put forward, including the ‘new structuralist’ approach proposed by Lin (2012). This paper examines the various explanations of what these countries did to unleash their growth potential. Industrial policy and market intervention are two such explanations. While the dynamic Asian economies did not flout the Washington Consensus, they adapted it in different ways. The policies that they followed under the Beijing Consensus allowed them to proactively follow pro-business policies. They also exploited the concepts of economic statism or state capitalism, which became an integral part of what became known as the ‘Asia model’.

Suggested Citation

  • Dilip K. Das, 2014. "The growth path of the dynamic Asian economies," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, vol. 28(1), pages 178-186, May.
    • Handle: RePEc:bla:apacel:v:28:y:2014:i:1:p:178-186
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    File URL: http://hdl.handle.net/10.1111/apel.12053
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    1. Kuznets, Simon, 1973. "Modern Economic Growth: Findings and Reflections," American Economic Review, American Economic Association, vol. 63(3), pages 247-258, June.
    2. Keun Lee & John A. Mathews, 2010. "From Washington Consensus to BeST Consensus for world development," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, vol. 24(1), pages 86-103, May.
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    Cited by:

    1. Peter Lloyd & Cassey Lee, 2018. "A Review Of The Recent Literature On The Institutional Economics Analysis Of The Long†Run Performance Of Nations," Journal of Economic Surveys, Wiley Blackwell, vol. 32(1), pages 1-22, February.

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