Assessing economic growth in the Asian NICs

The author assesses whether any policy conclusion can be drawn from the experience of the East Asian NICs (Newly Industrializing countries) about the pursuit of economic growth in other developing countries. He suggests four conclusions: First, the comparative performance of these countries does, indeed, tend strongly to support the propositions of classical Marxism as against those of neo-Marxism. Second, their experience serves as a powerful reminder that a pure free market, laissez-faire capitalism of the British 19th century variety, is not the way in which developing countries can best achieve rapid growth. Thirdly, different state systems at different conjunctures have different capacities to set up institutions that work more or less single-mindedly to pursue economic growth. Fourthly, even if developing countries are successful in evolving the right institutions and in choosing the right policies for rapid growth, they cannot hope to attain the same success as the East Asian NICs. (DÜI-Sen)