The Asian Miracle and Modern Growth Theory

Abstract

The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. We would like to thank M. Abramovitz, G. Akerlof, M. Gersovitz, K. Pavitt, D. Rodrik, V. Ruttan,.L. Westphal, S. Winter, and participants in seminars at the Johns Hopkins Univeristy, the Canadian Institute for Advanced Studies, and IASSA for comments on earlier drafts. Mu-Yen Hsu provided excellent research assistance 1 2I. Accumulation and Assimilation Theories of the Asian Miracle Over the past thirty-five years Korea, Taiwan,China, Singapore, and Hong Kong, have transformed themselves from technologically backwards and poor, to relatively modern and affluent economies. Each has experienced more than a four fold increase of per capita incomes. Each now has a significant collection of firms producing technologically complex products competing

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