The East Asian Miracle Revisited
Almost two decades ago, the World Bank published its landmark study “The East Asian Miracle,” analyzing why East Asian economies grew faster than emerging markets in Latin America, Africa, and elsewhere. But it is necessary to re-assess economists' focus on these countries' formal rules and governance structures.
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HONG KONG – Almost two decades ago, the World Bank published its landmark study The East Asian Miracle, analyzing why East Asian economies grew faster than emerging markets in Latin America, Africa, and elsewhere. These economies, the study concluded, achieved high growth rates by getting the basics right, promoting investment, nurturing human capital, and opening up to export manufacturing.