Failures of the East Asian Development Model: An Overview

Yung Chul Park

in Economic Liberalization and Integration in East Asia

Published in print December 2005 | ISBN: 9780199276776
Published online February 2006 | e-ISBN: 9780191603051 | DOI:
 Failures of the East Asian Development Model: An Overview

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East Asian countries were showing many structural strains and rigidities prior to the crisis, partly due to cosmetic reform efforts. Four critical failures are identified: benign neglect of the conflicts between government mechanism and the democratic polity and market liberalization, the inability to restructure the financial system, the closed and non-transparent corporate sector, and focus on an export-led development strategy.

Keywords: Washington Consensus; rapid growth; transparency; structural problems; emerging economies; corporate governance

Chapter.  1601 words. 

Subjects: Business and Management

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