Economic Development Of Asian Countries

794 Words Dec 2nd, 2016 4 Pages
Arthur Tuggle III
Professor Cheryl A. D’Mello
Com 201
30 November 2016 In my research, I will consider the economic development of three Asian countries – Malaysia, Singapore and Thailand. Rapid growth of the Asian countries appears to be a starting point of studying economic development theory on practice. The importance of the study of the causes of rapid growth of the East Asian countries lies in the application of the results to other developing countries. The contrast between East Asian and Latin American experience has attracted a great deal of attention. The formerly centrally planned developing economies, notably China and Vietnam, have drawn on the experience accumulated by Malaysia, Singapore and Thailand. Attempts are also being made to use the East Asian experience to assist reconstruction in Central and Eastern Europe. (Adams and Davis, 1994: 8-26).

When many developing countries, after following growth defeating policies for thirty years or more, began to pursue the sort of basic economic reforms that Thailand and Singapore had adopted in the 1950s and early 1960s, a new ‘adjustment’ fashion emerged. Originally seen in a need to adjust to external ‘shocks’ to an economy, it soon became evident that adjustment was primarily needed to overcome domestic policy distortions. A shopping list of macro- and microeconomic reform measures, labeled the ‘Washington Consensus’, was drawn up and there was much discussion of the proper sequencing of these reforms in…
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