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Industrial policy in East Asia - lessons for Europe

Author

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  • Chang, Ha-Joon

    () (Political Economy of Development at the Faculty of Economics of the University of Cambridge)

Abstract

This paper critically examines the role of industrial policy in the economic development of East Asian countries with a view to drawing lessons for other countries, especially European ones. It describes the evolution of industrial policies in Japan, Korea, Taiwan, and Singapore and evaluates the East Asian industrial policy experience -in general and in relation to the East Asian miracle, the 1997 financial crisis, and the Japanese stagnation since the 1990s. In drawing lessons for other countries, the paper discusses the transferability of the "East Asian model" - or any other economic model - to other countries and highlights the determinants of industrial policy successes and failures. A key conclusion is that there is scope for successful industrial policy even in countries that have reached the technological frontier and want to push it further.

Suggested Citation

  • Chang, Ha-Joon, 2006. "Industrial policy in East Asia - lessons for Europe," EIB Papers 11/2006, European Investment Bank, Economics Department.
  • Handle: RePEc:ris:eibpap:2006_011
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    File URL: http://www.eib.org/attachments/efs/eibpapers/eibpapers_2006_v11_n02_en.pdf#page=108
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    Cited by:

    1. Marianne Fay & Stephane Hallegatte & Adrien Vogt-Schilb & Julie Rozenberg & Ulf Narloch & Tom Kerr, 2015. "Decarbonizing Development," World Bank Publications, The World Bank, number 21842.
    2. Karp, Larry & Stevenson, Megan, 2012. "Green industrial policy : trade and theory," Policy Research Working Paper Series 6238, The World Bank.
    3. David Bailey & Helena Lenihan & Ajit Singh, 2009. "Lessons for African Economies from Irish and East Asian Industrial Policy," Journal of Industry, Competition and Trade, Springer, vol. 9(4), pages 357-382, December.
    4. Pietro Masina, 2012. "Vietnam tra Flying Geese e middle-income trap: le sfide della politica industriale per una nuova tigre dell’Asia," Working Papers 1210, c.MET-05 - Centro Interuniversitario di Economia Applicata alle Politiche per L'industria, lo Sviluppo locale e l'Internazionalizzazione.
    5. Veerayooth Kanchoochat, 2014. "Coalition Politics and Reform Dynamics in Thailand," GRIPS Discussion Papers 13-26, National Graduate Institute for Policy Studies.
    6. Francisco A. Martínez-Hernández, 2016. "Real Exchange Rate, Effective Demand, and Economic Growth: Theory and Empirical Evidence for Developed and Developing Countries, 1960-2010," Working Papers 1609, New School for Social Research, Department of Economics.
    7. Gokhan Yilmaz, 2011. "Resurgence of Selective Industrial Policy: What Turkey Needs," Working Papers 2011/3, Turkish Economic Association.
    8. Ha-Joon Chang & Antonio Andreoni & Ming Leong Kuan, 2013. "International Industrial Policy Experiences & the Lessons for the UK," Working Papers wp450, Centre for Business Research, University of Cambridge.

    More about this item

    Keywords

    Industrial policy; History; Asia;

    JEL classification:

    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East

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