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South Korea has been quietly growing into a major economic force that is even challenging some Japanese industries. This timely book examines South Korean growth as an example of "late industrialization," a process in which a nation's industries learn from earlier innovator nations, rather than innovate themselves. Discussing state intervention, shop floor management, and big business groups, Amsden explores the reasons for South Korea's phenomenal growth, paying special attention to the principle of reciprocity in which the government imposes strict performance standards on those industries and companies that it aids. She thereby shows how South Korea, Japan, and Taiwan were able to grow faster than other emerging nations such as Brazil, Turkey, India, and Mexico.
With its new insights, Asia's Next Giant is essential reading for anyone concerned with global competition and the world economy.
Her findings -- supported by a look at several major industries -- not only give a new picture of Korea but challenge much conventional economic teaching about development.
| Price | Condition | Delivery | Seller | Action |
| $99.99 | Digital |
| WonderClub |
Frances Richardson
reviewed Asia's Next Giant: South Korea and Late Industrialization on September 25, 2007 Asia's Next Giant: South Korea and Late Industrialization
Amsden's book is a remarkable achievement of scholarship--incredibly detailed research that few take the time to really do anymore. The story is of South Korea's miraculous post-war ("late") economic development, a feat so few other countries have been able to attain. The story of Korea is not as interesting to me, as the bigger story about how development worked in practice--particularly the central and indispensable role played by the state in spawning and guiding the development process.
The state's role, Amsden argues--and the source of Korea's success--was government intervention in the market to deliberately get prices "wrong." This approach is the antipode to what Bretton Woods institutions and economic orthodoxy prescribe: retrenchment of the state from economic affairs, and allowing markets to get the prices right. All but the most dogmatic free marketeers, I think, know this to be the case. Allowing markets to dictate development through the principle of "comparative advantage" will never result in moving up the value-added chain to more sophisticated, technologically advanced industrial production (by definition, if a country is endowed with a relative abundance of low skill labor, they will be comparatively advantaged in low-skill, labor-intensive production and it would be economically undesirable to try to produce more sophisticated goods).
Amsden outlines in great detail the institutional process by which Korea escaped backwardness: government coordination of economic activity (especially investment and the choice of technology), combined with strong disciplining mechanisms to keep big business in line. An authoritarian state that repressed labor was probably part of the equation, too.
The book is not a blueprint for developing countries struggling to find their own path to development, but a clarion call for them to open their eyes, discover the fallacy of the Bretton Woods path, and begin to explore new and successful ways forward.
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Add Asia's Next Giant: South Korea and Late Industrialization, South Korea has been quietly growing into a major economic force that is even challenging some Japanese industries. This timely book examines South Korean growth as an example of late industrialization, a process in which a nation's industries learn fro, Asia's Next Giant: South Korea and Late Industrialization to the inventory that you are selling on WonderClubX
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Add Asia's Next Giant: South Korea and Late Industrialization, South Korea has been quietly growing into a major economic force that is even challenging some Japanese industries. This timely book examines South Korean growth as an example of late industrialization, a process in which a nation's industries learn fro, Asia's Next Giant: South Korea and Late Industrialization to your collection on WonderClub |