The Asian miracle?

This chapter returns to the topic of miraculous transformations. Is the recent economic rise of East, and later South, Asia a miracle? The answer is no, since many of the enabling conditions existing in Europe are replicated in Asia. The chapter begins with the Great Divergence created by the success of the pioneers of industrialisation. It goes on to list and examine the surprising resemblances between the Asian and European experiences. It stresses that there is a parallel evolution, despite the significant differences of policy which revolve around a raised participation of government in trying to accelerate the process of industrialisation. It outlines the pattern of economic development in Japan, the four little tigers, China and India, and reviews the notion of an Asian model of economic development. The chapter concludes with an extended comment about the resources curse and the indifferent performance of western and northern Asia.