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After World Banks noted acceptance of a certain role of government intervention, it can be said that ‘Developmental state’ theory is the centre of the debate (Johnson 1982; Amsden 1989; Wade 1990; Chan 1993; MacIntyre 1994; Evans 1995).
For instance, Korea was cited as being one of the nations that had highly Confucian values and was characterized by significant state-led export oriented industrialization, authoritarianism and political development which was followed by economic development. Korea is ranked among the most developed third world countries which further raised the need for the study of the reasons why East Asian countries have been able to record such a magnitude of economic growth within a very short time. As a matter of fact, East Asian countries development has been far much more than other developing countries particularly those in Latin America such as Brazil, Paraguay, Uruguay etc.
The question under investigation in this work is what is the implication of East Asian Economic Development? The importance of this question is that it will shed light into the reasons why East Asian countries have been able to record high economic growth rate within a short time and could reveal possible routes that other developing economies could adopt and move on to a trajectory of higher growth.
The present study will attempt to present an analytical overview of the factors that caused the phenomenon. As shall be shown, none of the arguments that try to explain the event are comprehensively convincing nor are totally discardable thereby reflecting partial truth to all of them. The Liberalist views tend to stress on increased market orientation while Mercantilist views emphasize on efficient regulation. The present study will explore both sides of the argument using a level analysis framework to pursue the truth. In the following section, a survey
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However, the primary impetus to ensuring regionalism and integration of East Asia calls for cooperation between the states in a broader range of areas which would in turn greatly simplify the realization of a more comprehensive, cooperative, and stable regional community.
1 Introduction 3 Developmental State Model 3 The model and the Problems for Japan 4 Conclusion 8 References 10 Bibliography 11 Introduction The term “developmental state” is used by the scholars of political economy to identify the macroeconomic scheduling in East Asia that began in the late twentieth century.
After the WWII, North Korea established a socialist economy and a self reliance policy in foreign policy and national defense (Worldatlas, n.d.). The country underwent demoralization, economic mismanagement and misplaced resource allocation but
Instead, government plan, direct and allocate necessary resources for development. Developmental states experienced tremendous economic growth and development in a short span from early 1960s. To them, development is a
There are five key concepts of democracy (Linz, & Stepan, 1997). These include:
Democracy embraces the recognition of the fact that people are worth and ought to be dignified equally. As a matter of fact, democracy dictates that every person’s
According to the report a developmental state is a situation whereby the macroeconomic planning of a given country is led by the government. The government is tasked to formulate all the crucial policies and also give direction of what needs to be done to influence the economy in its desired direction.
It was a policy commonly used in developing economies in Tanzania, Latin America, and East Asia during the cold war. In a ‘developmental state’ government-established comprehensive programs direct all economic activity and productive. Likewise, the policy
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