Is Asia's High Growth Era Over?Issue: Spring 1997
Since the mid-1980s, Western academics and policymakers have regarded
the "tiger" economies of East Asia as an interesting intellectual
laboratory for debating theories about the causes of economic growth.
Advocates of laissez-faire economic policies have pointed to the
region's prolonged export boom as a triumph of market-led growth.
Advocates of interventionist policies have regarded the successes of
South Korea and Singapore as a vindication of government industrial
targeting, inspired in part by Japan's postwar economic take-off.