The Asian miracle, myth, and mirage : the economic slowdown is here to stay / Bernard Arogyaswamy.

Format:

Book

Author/Creator:

Arogyaswamy, Bernard.

Language:

English

Subjects (All):

Economic forecasting--Asia.

Economic forecasting.

Asia--Economic conditions--1945-.

Asia.

Physical Description:

1 online resource (160 p.)

Distribution:

London : Bloomsbury Publishing, 2024

Place of Publication:

Westport, Conn. : Praeger, 1998.

Language Note:

English

Summary:

Until recently, double-digit economic growth was not unusual among Asian countries and, in fact, had come to be expected of them. From western India to northeastern China, markets were booming and incredible numbers of foreign investors were racing into the Asian markets. Scholars have written laudatory books and articles, politicians want to ensure that trade with Asian countries continues on a rising trajectory, and business leaders have become the new promoters of Asian prosperity. This book attempts to inject a note of caution and reality, while giving Asian countries well-deserved credit for improving their economic status. Technological, managerial, and institutional deficiencies need to be addressed in Asian countries if the progress of the past two decades is to be restored and preserved. Although Asian nations, particularly Japan, have invested heavily in R&D, their success mainly derives from process improvements and not from new product innovations. Technology and science are the foundations of modern economic civilization, and Asia's assets fall behind Western countries in both areas. The centrality of family-based organizations in some Asian economies and the dependence on horizontal/vertical networks in others also limits the ability of Asian firms to become global operations. The lack of adequate institutions such as an independent judiciary and a responsive polity, and the absence of organizations to bridge the gap between between familism and the government, results in an uncertain societal framework in much of Asia. If robust economic growth is to return, Asian economies must rectify the weaknesses Arogyaswamy exposes in this provocative and timely book.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references (p. [141]-143) and index.

ISBN:

9798400615269

9786610913909

9781280913907

1280913908

9780313008016

0313008019

OCLC:

70725341