Two New Lessons from Asian Miracles
Four Asian economies – Hong Kong, Singapore, Korea and Taiwan – have grown at spectacular speeds adopting different strategies. Past debates focused on their growth takeoff. The present paper studies their future outlook. As an economy matures, sustaining economic performance requires innovation and technology upgrading. Hong Kong, under a minimalist administration, is now critically deficient in technology. Singapore, dependent on foreign multinationals, is struggling to become a creator and not just a user of technology. We seek to explain why Hong Kong and Singapore are so much less innovative than Korea and Taiwan.
Asian miracle, free market, indigenous industries, public policy, R&D, technological innovations
Growth and Development
Journal of the Asia Pacific Economy
Taylor and Francis
Two New Lessons from Asian Miracles. (2007). Journal of the Asia Pacific Economy. 12, (1), 1-16. Research Collection School Of Economics.
Available at: http://ink.library.smu.edu.sg/soe_research/493
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