Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand and Vietnam
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.
|Date of creation:||2010|
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Web page: http://www.wider.unu.edu/
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- Arslan Razmi & Robert Blecker, 2008.
"Developing Country Exports of Manufactures: Moving Up the Ladder to Escape the Fallacy of Composition?,"
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Taylor & Francis Journals, vol. 44(1), pages 21-48.
- Arslan Razmi & Robert Blecker, 2005. "Developing Country Exports of Manufactures: Moving Up the Ladder to Escape the Fallacy of Composition?," UMASS Amherst Economics Working Papers 2005-02, University of Massachusetts Amherst, Department of Economics, revised May 2006.
- Arslan Razmi & Robert A. Blecker, 2006. "Developing Country Exports of Manufactures: Moving Up the Ladder to Escape the Fallacy of Composition?," Working Papers 2006-06, American University, Department of Economics.
- Peter Warr, 2011. "Thailand’s Development Strategy and Growth Performance," WIDER Working Paper Series 002, World Institute for Development Economic Research (UNU-WIDER).
- Jörg Mayer, 2002.
"The Fallacy of Composition: A Review of the Literature,"
The World Economy,
Wiley Blackwell, vol. 25(6), pages 875-894, June.
- Jörg Mayer, 2003. "The Fallacy Of Composition: A Review Of The Literature," UNCTAD Discussion Papers 166, United Nations Conference on Trade and Development.
- Peter G. Warr, 1999. "What Happened to Thailand?," The World Economy, Wiley Blackwell, vol. 22(5), pages 631-650, July.
- 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.
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