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Substituting and Complementing Models of Economic Development in East Asia


  • Jang-Sup Shin


This paper assesses the relative merits and demerits of different East Asian models by placing them in a historical perspective. It re-interprets Gerschenkron's model of late industrialization, and extends it to compare East Asian economies in view of substituting and complementing models. It then explains divergent performances among East Asian economies from the late 1990s by examining the different challenges they faced as their economies became mature and more fully open to forces of globalization. In conclusion, the paper discusses the applicability of the East Asian models for today's developing countries.

Suggested Citation

  • Jang-Sup Shin, 2005. "Substituting and Complementing Models of Economic Development in East Asia," Global Economic Review, Taylor & Francis Journals, vol. 34(1), pages 99-118.
  • Handle: RePEc:taf:glecrv:v:34:y:2005:i:1:p:99-118
    DOI: 10.1080/1226508042000329006

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    References listed on IDEAS

    1. Timothy D. Lane & Marianne Schulze-Gattas & Tsidi M Tsikata & Steven T Phillips & Atish R. Ghosh & A. Javier Hamann, 1999. "IMF-Supported Programs in Indonesia, Korea and Thailand," IMF Occasional Papers 178, International Monetary Fund.
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    Cited by:

    1. Lim, Guanie, 2016. "Value chain upgrading: Evidence from the Singaporean aquaculture industry," Marine Policy, Elsevier, vol. 63(C), pages 191-197.


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