By Marcus Noland and Howard Pack, Institute for International Economics, March 2003

Globalization reigns supreme as a description of recent economic transformation — and it carries many meanings. In the policy realm, the orthodox terms of engagement have been enshrined in the "Washington consensus." But disappointing results in Latin America and transitional economies—plus the Asian financial crisis—have shaken the faith in Washington and elsewhere. One response has been to hark back to the more statist policies that the consensus marginalized. In this regard, Japan, Korea, and Taiwan are promoted as the poster nations that have derived great benefits from increasing integration with the international economy, without surrendering national autonomy in the economic or cultural spheres, effectively beating the West at its own game.

The fundamental questions addressed in this monograph are whether industrial policy was indeed a major source of growth in these three economies, and if so, can it be replicated under current institutional arrangements, and if so, is it worth replicating, or, would developing countries today be better off embracing the suitably refined orthodoxy?

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Book Contents (PDFs):

Preface

Acknowledgments

1. Introduction 187.3KB

2. Industrial Policies in Japan, Korea, and Taiwan 370.1KB

3. Unintended Consequenses 140.4KB

4. Replicability 203.5KB

5. Conclusions 140.8KB

References

Index

About the Author:

Marcus Noland, a senior fellow at the Institute for International Economics, has been the Senior Economist for International Economics at the Council of Economic Advisers, as well as a visiting professor at Johns Hopkins University, the University of Southern California, Tokyo University, Saitama University, the University of Ghana, and a visiting scholar at the Korea Development Institute. He has written many articles on international economics and is the author of Avoiding the Apocalypse: The Future of the Two Koreas (2000) and Pacific Basin Developing Countries: Prospects for the Future (1990). He is coauthor of Global Economic Effects of the Asian Currency Devaluations (1998), Reconcilable Differences? United States–Japan Economic Conflict with C. Fred Bergsten (1993), Japan in the World Economy with Bela Balassa (1988), the editor of Economic Integration of the Korean Peninsula (1998), and coeditor of Pacific Dynamism and the International Economic System (1993).

Howard Pack has been a Professor of Economics and Professor of Business and Public Policy at the Wharton School since 1986, and Professor of Management there since1995.

He is affiliated with several academic institutions and sits on a number of editorial boards. He has worked extensively on projects in development economics, particularly with the World Bank, and has authored a variety of journal articles and several books on this topic, especially in the area of industrial policy, labor, and productivity.

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