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Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand and Vietnam

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  • Khan, Haider A

Abstract

This piece synthesizes the development strategies of Korea, Malaysia, Thailand and Vietnam and draws some relevant lessons. Using a complex adaptive systems approach, strategic openness, a set of heterodox macroeconomic policies, creation of institutions for productive investment in both agriculture and industry, avoidance of severe inequalities and political conflict, special initial conditions and willingness to learn from unexpected developments are found to be some of these factors. Although no country can succeed by following mechanically the experience of another country cautious experimentation, rapid feedback and flexible, pragmatic policy-making with a strategic medium to long run perspective, can be helpful. Dynamic learning and flexible institution building are essential components of such a strategic approach to development.

Suggested Citation

  • Khan, Haider A, 2010. "Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand and Vietnam," WIDER Working Paper Series 010, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:wp2010-10
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    File URL: http://www.wider.unu.edu/sites/default/files/wp2010-10.pdf
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    References listed on IDEAS

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    1. Peter G. Warr, 1999. "What Happened to Thailand?," The World Economy, Wiley Blackwell, vol. 22(5), pages 631-650, July.
    2. Jörg Mayer, 2002. "The Fallacy of Composition: A Review of the Literature," The World Economy, Wiley Blackwell, vol. 25(6), pages 875-894, June.
    3. Khan, Haider, 2008. "Building an Innovative Economy through Managed Creative Destruction: A Theory with Applications to South Korea," MPRA Paper 7713, University Library of Munich, Germany, revised 2008.
    4. Arslan Razmi & Robert Blecker, 2008. "Developing Country Exports of Manufactures: Moving Up the Ladder to Escape the Fallacy of Composition?," Journal of Development Studies, Taylor & Francis Journals, vol. 44(1), pages 21-48.
    5. Peter Warr, 2011. "Thailand’s Development Strategy and Growth Performance," WIDER Working Paper Series 002, World Institute for Development Economic Research (UNU-WIDER).
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    Cited by:

    1. Fosu, Augustin Kwasi, 2013. "Achieving Development Success: Strategies and Lessons from the Developing World," WIDER Working Paper Series 027, World Institute for Development Economic Research (UNU-WIDER).
    2. Khan, Haider, 2013. "Industrialization and Development Strategies in the 21st Century: Towards Sustainable Innovation Systems," MPRA Paper 50168, University Library of Munich, Germany.

    More about this item

    Keywords

    development strategy; complex systems; heterodox policies; institution building; dynamic learning;

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