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The Role of Government in East Asian Economic Development - Comparative Institutional Analysis (Hardcover, New)
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The Role of Government in East Asian Economic Development - Comparative Institutional Analysis (Hardcover, New)
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The role of government in East Asian economic development has been
a continuous issue. Two competing views have shaped enquiries into
the source of the rapid growth high-performing Asian economies and
attempts to derive a general lesson for other developing economies:
the market-friendly view, according to which government intervenes
little in the market, and the developmental state view, in which it
governs the market. What these views share in common is a
conception of market and government as alternative mechanisms for
resource allocation. They are distinct only in their judgement of
the extent to which market failures have been, and ought to be,
remedied by direct government intervention. This collection of
essays suggests a breakthrough, third view: the market-enhancing
view. Instead of viewing government and the market as mutually
exclusive substitutes, it examines the capacity of government
policy to facilitate or complement private sector co-ordination.
The book starts from the premise that private sector institutions
have important comparative advantages over government, in
particular in their ability to process information available on
site. At the same time, it recognizes that the capabilities of the
private sector are more limited in developing economies. The
market-enhancing view thus stresses the mechanisms whereby
government policy is directed at improving the ability of the
private sector to solve co-ordination problems and overcome other
market imperfections. In presenting the market-enhancing view, the
book recognizes the wide diversity of the roles of government
across various East Asian economies-including Japan, Korea, Hong
Kong, Malaysia, and China-and its path-dependant and developmental
stage nature.
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