East Asia's rapid economic growth and the crisis of 1997 have
caught the world's attention. As the Asian miracle has turned to
meltdown, the critical question has become whether growth will
resume. Based on research and conferences at ICSEAD in Kitakyushu,
Japan, this book brings together the work of Asian economic
development experts. It considers the forces behind the East Asian
growth miracle, the process of growth, the effect of saving, and
the effect of foreign direct investment and multinationals. Taking
an optimistic view, the authors conclude that rapid growth may
resume in East Asia once the crisis has been resolved.
The authors argue that a growth process links East Asian
countries to each other and to the industrial world, and that
growth reflects a process that combines capital formation and
technical and institutional change. The 1997 crisis grew out of
excessively rapid boom and must be handled before growth will
resume. But, the authors conclude, once the crisis has been
resolved, the linked process of growth supported by appropriate
policies, high levels of savings and investment, and foreign
investment will allow growth to resume, although perhaps with a
different geographic center of gravity.
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