The Institutional Foundations of East Asian Economic Development

1. Front Matter

   Pages i-xxviii

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2. Setting the Stage

   1. Front Matter

      Pages 1-1

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   2. Toward an East Asian Model of Economic Development

      • Yujiro Hayami, Partha Dasgupta

      Pages 3-38

   3. The Place of Institutions in the Economy: A Theoretical Perspective

      • Kenneth J. Arrow

      Pages 39-48

   4. A West Asian’s View of East Asian Economic Development

      • Michael Bruno

      Pages 49-76

3. Development Strategy and Macroeconomic Institutions

   1. Front Matter

      Pages 77-77

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   2. TFPG Controversies, Institutions and Economic Performance in East Asia

      • Dani Rodrik, Tain-Jy Chen

      Pages 79-105

   3. The Institutional Foundations of Macroeconomic Stability: Indonesia versus Nigeria

      • Erik Thorbecke, Mari Pangestu

      Pages 106-143

   4. Resource Richness and Economic Development in Newly-Industrialized Economies: East Asia versus Latin America

      • Fukunari Kimura, Hirohisa Kohama, Gustav Ranis

      Pages 144-178

   5. Contrasts in Transition to Market-Oriented Economies: India and Korea

      • Anne O. Krueger, Kaushik Basu

      Pages 179-214

   6. Transition to a Market-Oriented Economy: China versus Eastern Europe and Russia

      • Justin Yifu Lin, Valery Makarov

      Pages 215-251

4. Institutional Arrangements in the State-Economy Interface

   1. Front Matter

      Pages 253-253

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   2. Financial Restraint and the Market Enhancing View

      • Thomas Hellmann, Kevin Murdock, Joseph Stiglitz, Andrew Sheng

      Pages 255-284

   3. Industrial Interests versus Class Interests: Conflicts over Income Distribution in the Economic Development of Japan and Brazil

      • Juro Teranishi, Vittorio Corbo

      Pages 285-317

   4. Upgrading Technological Capabilities of Small and Medium Size Enterprises: Public and Private Support in the Japanese and Korean Auto Parts Industries

      • Motoshige Itoh, Shujiro Urata, Jong-Wha Lee

      Pages 318-354

5. Property Rights, Community Norms and Economic Organizations

   1. Front Matter

      Pages 355-355

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   2. Resource Endowments and Agricultural Development: Africa versus Asia

      • Jean-Philippe Platteau, Yujiro Hayami, Partha Dasgupta

      Pages 357-412

   3. Thailand versus Japan: Why Was Japan First?

      • David Feeny, Ammar Siamwalla

      Pages 413-446

   4. Rural Industrialization in East Asia

      • Keijiro Otsuka, Abhijit V. Banerjee

      Pages 447-481

   5. Evolution of Economic Systems: The Case of Japan

      • Tetsuji Okazaki, Masahiro Okuno-Fujiwara, Avner Greif

      Pages 482-525

The International Economic Association was foremost in reviving professional economists' concern with institutions and their impact in publications such as Economic Institutions in a Dynamic Society (1989). This volume concentrates on the states whose development has been characterised as the 'East Asian miracle' in the light of the performance of other economies starting from similarly low income levels, including India, China, African states - especially Nigeria - and Latin American countries including Brazil. This comprehensive comparative survey in economic history demonstrates the external shocks and interacting domestic forces which constituted the growth dynamic. Nobel Laureates Kenneth Arrow and Douglass North and past President of the IEA the late Michael Bruno are among the thirty-four highly distinguished specialist contributors.

• development
• East Asia
• Economic Development
• growth

• Aoyama-Gakuin University, Japan

  Yujiro Hayami

• Stanford University, USA

  Masahiko Aoki

KENNETH ARROW Professor of Economics, Stanford University, USA ARSENIO M. BALISACAN Professor of Economics, University of the Philippines ABHIJIT BANERJEE Professor of Economics, Massachusetts University of Technology, Cambridge, USA KAUSHIK BASU Professor of Economics, Cornell University, Ithaca, USA MICHAEL BRUNO Professor of Economics, Hebrew University of Jerusalem, Israel TAIN-JY CHEN Professor of Economics, National Taiwan University, Taipeh, Taiwan YOON JE CHO Ministry of Finance and Economy, Republic of Korea VITTORIO CORBO Professor of Economics, Catholic University of Chile, Santiago, Chile PARTHA DASGUPTA Professor of Economics, University of Cambridge, UK JACQUES DREZE Professor of Economics, Core, Louvain-la-Neuve, Belgium DAVID FEENY Professor of Economics, McMaster University, Hamilton, Ontario, Canada AVNER GRIEF Professor of Economics, Stanford University, USA THOMAS HELLMANN Professor of Economics, Stanford University, USA TAKENORI INOKI Professor of Economics, OsakaUniversity MOTOSHIGE ITOH Professor of Economics, University of Tokyo, Japan KAZUO KOIKE Professor of Economics, Hosei University ANNE O. KRUEGER Professor of Economics, Stanford University, USA JONG-WHA LEE Professor of Economics, Korea University, Seoul, Korea JUSTIN YIFU LIN Professor of Economics, Beijing University, china VALERY MAKAROV Professor of Economics, Russian Academy of Sciences, Moscow KEVIN MURDOCK Professor of Economics, Stanford University, USA DOUGLASS C. NORHT Professor of Economics, Washington University, St Louis, USA TETSUJI OKASAKI Professor of Economics, University of Tokyo, Japan MASAHIRO OKUNO-FUJIWARA Professor of Economics, University of Tokyo, Japan KEIJIRO OTSUKA Professor of Economics, University of Tokyo, Japan MARI PANGESTU Doctor, Centre for Strategic and International Studies, Jakarta, Indonesia JEAN-PHILIPPE PLATTEAU Professor of Economics, University of Namur, Belgium GUSTAV RANIS Professor of Economics, Yale University, USA DANI RODRIK Professor of Economics, Harvard University, USA ANDREW L.T. SHENG Hong Kong Monetary Authority, Hong Kong AMMAR SIAMWALLA Thailand Development Institute, Bangkok. Thailand JOSEPH STIGLITZ Professor of Economics, Stanford University, USA JURO TERANISHI Professor of Economics, Hitotubashi University, Japan ERIK THORBECKE Professor of Economics, Cornell University, Ithaca, USA SHUJIRO URATA Professor of Economics, Waseda University, Japan.

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