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Innovative East Asia - The Future of Growth (Paperback)
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Innovative East Asia - The Future of Growth (Paperback)
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The salience of East Asia in the global economy is now
unquestionable, and with a population of nearly 1.9 billion, its
expanding markets will strongly influence the tempo of
international trade and the growth of global incomes. However,
while the potential of East Asian economies has been amply
demonstrated, their future performance is by no means assured. The
crisis of 1997, the uneven recovery, the intensifying trade
competition, and the rapidity of technological change, call for
initiatives by governments and by firms on several fronts. East
Asia needs to sustain its hard-earned stability by recalibrating
its fiscal and exchange rate policies, by strengthening social
safety nets and governance, and by invigorating financial,
regulatory, and legal institutions. Yet these are only
preconditions; future economic performance will depend on linking
growth to productivity. The major contribution of 'Innovative East
Asia' is that it identifies and analyzes the ingredients of an
innovative economy, discusses how these can be meshed together by
government policy and market initiatives, and demonstrates how
stability can be a stepping stone to innovation-driven growth.
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