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The Roles of State and Market in the Development Process, with Special Reference to the ‘East Asian Miracle’

In: Development Strategies in East Asia and Latin America

Author

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  • Akio Hosono

Abstract

The roles of state and market and how they interact have been under discussion for many years (Gilpin, 1987, Chapter 1), but the relevance of these issues for development processes and strategy has only been emphasized quite recently. Such recognition has stemmed from a number of events, including: (i) the transition of the former socialist countries of East Europe and the USSR towards market-based economies; (ii) China’s decision to move to a ‘socialist market economy’; and (iii) the transformation of ‘mixed’ or ‘populist’ economies in Latin America, during the processes of structural adjustment and reforms in the so-called ‘lost decade’ of the 1980s, and the significant impact these changes had elsewhere, including the majority of Asian countries. Recognition that such issues are highly relevant has, in turn, triggered processes of privatization, deregulation, further liberalization of trade, foreign direct investment, and so on.

Suggested Citation

  • Akio Hosono, 1998. "The Roles of State and Market in the Development Process, with Special Reference to the ‘East Asian Miracle’," Palgrave Macmillan Books, in: Akio Hosono & Neantro Saavedra-Rivano (ed.), Development Strategies in East Asia and Latin America, chapter 2, pages 17-35, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26567-1_2
    DOI: 10.1007/978-1-349-26567-1_2
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