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Can East Asia Compete : Innovation for Global Markets

Author

Listed:
  • Shahid Yusuf
  • Simon J. Evenett

Abstract

East Asian economies are at different stages of development, but to preserve-and to increase-their competitiveness through innovation and the opportunities presented by information and communication technologies (ICT), they need to move quickly to frame and implement policies in five areas. Reform and restructuring of the banking system are matters of priority: Second, corporate governance in East Asia has lagged where management skills have fallen behind, and the pressure on managements to pursue strategies aimed at maximizing shareholder value are often weak. Policies to build institutions, both legal and financial, that shore up shareholders' rights and sharpen the market for corporate control would significantly augment management capabilities. Third, in an increasingly knowledge-based economy, the supply of workers with the requisite skills and penchant for creativity will determine how much innovation takes place and how it is used to enlarge market shares. The situation requires reinforcing secondary and tertiary education, which influence analytical skills and the aptitude to innovate. Fourth, although computer use in East Asia is spreading and telecommunications facilities are improving daily, e-business and e-commerce are greatly hampered by the inadequacy of supporting services such as secure credit card transactions, fulfillment, logistics, and legal services. Finally, trade liberalization, preferably multilateral trade reform, needs to be actively pursued.

Suggested Citation

  • Shahid Yusuf & Simon J. Evenett, 2002. "Can East Asia Compete : Innovation for Global Markets," World Bank Publications - Books, The World Bank Group, number 15226.
    • Handle: RePEc:wbk:wbpubs:15226
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Albert Guangzhou Hu, 2015. "Innovation and Economic Growth in East Asia: An Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 10(1), pages 19-37, January.
    2. H Noda, 2007. "Expanding Product Variety and Human Capital Formation in an Ageing Economy," Economic Issues Journal Articles, Economic Issues, vol. 12(2), pages 83-103, September.
    3. Nagy Hanna & Christine Qiang, 2010. "China’s Emerging Informatization Strategy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 1(2), pages 128-164, June.
    4. Mia Mikic & Mochamad Pasha (ed.), 2011. "Fighting Irrelevance: The Role of Regional Trade Agreements in International Production Networks in Asia," STUDIES IN TRADE AND INVESTMENT, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), number tipub2597, April.
    5. World Bank, 2007. "Building Knowledge Economies : Advanced Strategies for Development," World Bank Publications - Books, The World Bank Group, number 6853.
    6. Ng, Francis & Yeats, Alexander, 2003. "Major trade trends in East Asia : what are their implications for regional cooperation and growth," Policy Research Working Paper Series 3084, The World Bank.
    7. Zhang, Xun & Wan, Guanghua & Luo, Zhi & Wang, Chen, 2019. "Explaining the East Asia miracle: The role of urbanization," Economic Systems, Elsevier, vol. 43(2), pages 1-1.
    8. World Bank, 2005. "Economic Growth in the 1990s : Learning from a Decade of Reform," World Bank Publications - Books, The World Bank Group, number 7370.

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