EAST ASIAN MIRACLE: ECONOMIC GROWTH AND PUBLIC POLICY, THE.
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| TITLE : EAST ASIAN MIRACLE: ECONOMIC GROWTH AND PUBLIC POLICY, THE. |
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The Research Teamx i Acknowledgments xiii Definitions xv Overview: The Making of a Miracle 1 The Essence of the Miracle: Rapid Growth with Equity Policies for Rapid Growth in a Changing World Economy 23 Note 26 1. Growth, Equity, and Economic Change 27 Rapid and Sustained Economic Growth 28 Declining Income Inequality and Reduced Poverty 29 Dynamic Agricultural Sectors 32 Rapid Growth of Exports 37 Rapid Demographic Transitions High Investment and Savings Rates Creating Human Capital 43 Rapid Productivity Growth 46 Appendix 1.1: Accounting for Growth 60 Appendix 1.2: What Do Tests of Cognitive Skills Show? 70 Notes 76 2 Public Policy and Growth 27 Policy Explanations 81 The Functional Growth Framework 87 Notes 103 3 Macroeconomic Stability and Export Growth 105 Pragmatic Orthodoxy in Macroeconomic Management 106 Creating an Export Push 123 Appendix 3.1: Economic and Political Timelines 148 Notes 156 4 An Institutional Basis for Shared Growth 157 Achieving Legitimacy through Shared Growth 158 Insulating the Economic Technocracy 167 Wooing Big Business 181 Notes 189 5 Strategies for Rapid Accumulation 191 Explaining East Asia's High Human Capital Formation 192 Explaining East Asia's High Savings Rates 203 Explaining East Asia's High Investment Rates 221 Appendix 5.1: Granger Causality Tests for Savings Rates and Growth Rates 242 Appendix 5.2: Technical Note on the Relationship between TFP Interest Rates and Growth 245 Notes 255 6 Using Resources Efficiently: Relying on Markets and Exports 259 Explaining East Asia's Efficient Resource Use 259 Using the Market: Labor Markets in East Asia 261 Assisting the Market: Financial Markets and Allocation 273 Using the International Market: Trade and Industrial Policy 292 How Manufactured Exports Increased Productivity 316 Appendix 6.1: Testing the Impact of Industrial Policy on Productivity Change 326 Appendix 6.2: Tests of the Relationship between TFP Change and Trade Policies 337 Notes 342 7 Policies and Pragmatism in a Changing World 347 Foundations of Rapid Growth-Getting the Fundamentals Right 347 Creating Institutions to Promote Growth 352 Intervening in Markets 353 Note 368 Bibliographic Note 369