Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- Contributors to this volume
- Preface
- Abbreviations
- Symbols
- 1 Economic Development in East Asia: Doing What Comes Naturally?
- 2 Industrialization and Growth: Alternative Views of East Asia
- 3 The Role of Trade Policies in the Industrialization of Rapidly Growing Asian Developing Countries
- 4 The Role of Foreign Capital in East Asian Industrialization, Growth and Development
- 5 The Role of Government in Overcoming Market Failure: Taiwan, Republic of Korea and Japan
- 6 Growth, Industrialization and Economic Structure: Latin America and East Asia Compared
- 7 Ideology and Industrialization in India and East Asia
- 8 Japan: Model for East Asian Industrialization?
- 9 The Politics of Industrialization in the Republic of Korea and Taiwan
- 10 Economic Growth in the Asean Region: the Political Underpinnings
- 11 Culture and Industrialization
- Bibliography
- Index
3 - The Role of Trade Policies in the Industrialization of Rapidly Growing Asian Developing Countries
Published online by Cambridge University Press: 06 October 2009
- Frontmatter
- Contents
- List of figures
- List of tables
- Contributors to this volume
- Preface
- Abbreviations
- Symbols
- 1 Economic Development in East Asia: Doing What Comes Naturally?
- 2 Industrialization and Growth: Alternative Views of East Asia
- 3 The Role of Trade Policies in the Industrialization of Rapidly Growing Asian Developing Countries
- 4 The Role of Foreign Capital in East Asian Industrialization, Growth and Development
- 5 The Role of Government in Overcoming Market Failure: Taiwan, Republic of Korea and Japan
- 6 Growth, Industrialization and Economic Structure: Latin America and East Asia Compared
- 7 Ideology and Industrialization in India and East Asia
- 8 Japan: Model for East Asian Industrialization?
- 9 The Politics of Industrialization in the Republic of Korea and Taiwan
- 10 Economic Growth in the Asean Region: the Political Underpinnings
- 11 Culture and Industrialization
- Bibliography
- Index
Summary
The performance of the East Asian NICs and Southeast Asian developing countries has been impressive: over the past decade they have attained higher rates of real output growth and export expansion with lower rates of inflation than any other group of developing nations. In Table 3.1, real rates of economic growth are compared across countries and regions. The rapid development of the Asian countries may be largely attributed to the outwardlooking and market-oriented nature of their economic policies. International trade is an integral part of the economies of the East Asian NICs and Southeast Asian countries. In general, these countries have been very open to international trade and have become increasingly integrated into the world financial markets.
Export-income ratios are very high in these countries (Table 3.2). For comparison, the average ratio of exports to GNP in the NICs and Southeast Asian countries in 1982–83 was over 50 per cent, while the ratios of the United States and Japan were 8 and 16 per cent, respectively.
Generally, it is expected that the trade–income ratio would be inversely related to the size of an economy, though no fixed relationship exists between size and importance of trade. It is remarkable that exports continued to rise in relation to income in the East Asian NICs and (except for the Philippines) in the Southeast Asian countries throughout the turbulent 1970s.
Trade policies used by countries of the region to spur high growth rates of income and industrialization have become increasingly export-oriented.
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- Achieving Industrialization in East Asia , pp. 64 - 94Publisher: Cambridge University PressPrint publication year: 1988
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