The economic development of Asian 'Miracle' economies

"The economic development of Asian 'Miracle' economies" After the Second World War most of the Asian economies were agricultural economies. Thereafter the economies shifted from the traditional products to light industries such as electronics and textiles. Some Asian countries also stressed larger-scale industrial projects. The first years of economic development were in the golden of the dirigiste doctrine. This period can be characterized by state-led development and inward oriented industrialization. In mid 1960s there was …

…fled from the country at a rapid pace when the currency crisis began. There are several theories that can be used to explain the quick economic development of the Asian countries. The ones discussed in this presentation are the Neoclassical and the Schumpeterian approach. These two approaches give a good indication of the different explanations of the causes of the huge economic growth. However, a final conclusion can not be made regarding this matter. Table 1