Published originally in 1990 to critical acclaim, Robert Wade's
"Governing the Market" quickly established itself as a standard in
contemporary political economy. In it, Wade challenged claims both
of those who saw the East Asian story as a vindication of free
market principles and of those who attributed the success of Taiwan
and other countries to government intervention. Instead, Wade
turned attention to the way allocation decisions were divided
between markets and public administration and the synergy between
them. Now, in a new introduction to this paperback edition, Wade
reviews the debate about industrial policy in East and Southeast
Asia and chronicles the changing fortunes of these economies over
the 1990s. He extends the original argument to explain the boom of
the first half of the decade and the crash of the second, stressing
the links between corporations, banks, governments, international
capital markets, and the International Monetary Fund. From this,
Wade goes on to outline a new agenda for national and international
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