Economic Development in Asia

Paper Summary:

This paper analyzes the infatuation of the Western world with the high growth of the Asian economy, claiming that this is evident in the numerous works written on the topic and the popularity of these works with the public. The paper explains that some saw the region and its economy as a positive supplement to the world economy, while others viewed it as a threat. The paper contends that the general consensus was that the economic growth and prosperity of the region was unlikely to diminish soon. This perpetuated the global perception of Asian prosperity, with very little consideration given to a possible collapse or crisis.

From the Paper:

"The failure of the World Bank to predict the NIC crisis of the late 1990's is mostly blamed upon a misperception advocated by economists and political scientists of the West. This misperception entails that the high growth rates experienced by Asian countries since the 1960's led to the assumption that the economy in these countries would not only remain stable, but would continue experience extreme growth far into the future. This is an assumption that was remarkable similar in all sectors of the academic world, although some held that the economic growth was related to free markets, while others held that the interventionist state should receive the honors for the phenomenon (Ruby, 2003-2004)."

More papers on Economic Development in Asia:

• Research Paper # 91761 : "The Economic Miracle in Asia Pacific"
• Research Paper # 52426 : "Economic Investment and Social Development in Kerala, India"
• Comparison Essay # 6993 : "Asian Economic Development"

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