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By Yung Chul Park

A number of years sooner than the 1997-98 Asian monetary hindrance, such a lot East Asian economies except for China had engaged within the liberal reform prescriptions of the Washington Consensus. The Asian monetary obstacle additional impetus to the transformation approach because the situation international locations accredited the Washington Consensus as a part of their dedication to the IMF coverage conditionality. during this publication the writer argues for the continued validity of an 'East Asian' version of financial improvement that differs pretty from the Washington Consensus. He argues that, whereas this version used to be undermined to a point by way of the 1997-98 monetary quandary, it continues to be strong and demanding in explaining monetary occasions in East Asia. In doing so, he covers the accomplishments and screw ups of the East Asian improvement version and the reform schedule for a brand new East Asian paradigm for post-crisis improvement.

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Sample text

Advocates of the Washington Consensus reforms were confident that the reform would improve economic efficiency and resistance so that East Asia’s emerging economies would become less vulnerable and, if they occurred, better manage financial crises. It did not, and financial market deregulation and opening made these economies more susceptible to financial turbulences than before, eventually touching off the 1997 crisis. What went wrong with the fundamentally Western reform in emerging East Asia? Was the paradigm shift premature, or engineered in an incorrect sequence?

China imports raw materials, capital goods, and parts and components from Japan, South Korea, and other Asian countries to produce a large variety of manufactured products that are exported to the US and Europe. China, the US and other East Asian economies have in the process developed a triangular trade relationship in which China has become a large assembly plant for East Asia’s exports, the US the final market, and Japan and other East Asian economies suppliers of capital, technology, and raw materials.

Compared with the second generation model, it is distinctive in that the Southeast Asian economies depended much more on foreign direct investment as sources of capital and technology, were more specialized in resource-based exports, did not acquire many features of a developmental state, and managed a relatively loose industrial policy framework. Haggard (2000: 20) on the contribution of the developmental state and strong government to economic development. 3 After the Second World War, the pre-war Zaibatsu families in Japan were broken up by the occupation authorities, and control over large companies was vested in management.

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