East Asian Development: Will the East Asian Growth Miracle Survive?

East Asia's rapid economic growth and the crisis of 1997 have caught the world's attention. As the Asian miracle has turned to meltdown, the critical question has become whether growth will resume. Based on research and conferences at ICSEAD in Kitakyushu, Japan, this book brings together the work of Asian economic development experts. It considers the forces behind the East Asian growth miracle, the process of growth, the effect of saving, and the effect of foreign direct investment and multinationals. Taking an optimistic view, the authors conclude that rapid growth may resume in East Asia once the crisis has been resolved. The authors argue that a growth process links East Asian countries to each other and to the industrial world, and that growth reflects a process that combines capital formation and technical and institutional change. The 1997 crisis grew out of excessively rapid boom and must be handled before growth will resume. But, the authors conclude, once the crisis has been resolved, the linked process of growth supported by appropriate policies, high levels of savings and investment, and foreign investment will allow growth to resume, although perhaps with a different geographic center of gravity.

Table of Contents:
Preface by S. Ichimura The Process of East Asian Development Introduction The East Asian Development Ladder: Virtuous Circles and Linkages in East Asian Economic Development by F.G. Adams Globalization and Economic Development: The Newly Industrializing Area of East Asia by M. Ezaki Technological Progress and Development in East Asia Introduction The Sources of East Asian Growth by L. Lau The Stages of Technical Progress: An International Comparison by M. Saito On the Myth of Asia's Miracle by S. Abe and M. Plummer Saving and East Asian Development Introduction East Asian Saving Patterns in a Global Context by R. Wescott Asian Saving: Theory, Evidence, and Policy by F. Harrigan FDI and MNCs in East Asia Introduction Japan's Foreign Direct Investment in East Asia: Its Influence on Recipient Countries and Japan's Trade Structure by K. Ishida Export Propensities of Foreign Multinationals and the Effects on Southeast Asian Manufacturing by E. Ramstetter Crisis and Perspective Introduction The 1997 East Asian Crisis: Will the East Asian Miracle Survive? by F. Gerard Adams and Heidi Vernon Index

About the Author :
F. GERARD ADAMS recently became McDonald Professor in the College of Business Administration at Northeastern University after a career of forecasting, model building and analysis for nations, industries, and commodity markets at the University of Pennsylvania, where he is Professor Emeritus./e During the past decade his work has focused on East Asian development and crisis. SHINICHI ICHIMURA is Director of the International Center for the Study of East Asian Development in Kitakyushu, Japan./e Previously, he was Professor of Economics at Kyoto University and Vice-Chancellor at Osaka University International.