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International DevelopmentIdeas, Experience, and Prospects$
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Bruce Currie-Alder, Ravi Kanbur, David M. Malone, and Rohinton Medhora

Print publication date: 2014

Print ISBN-13: 9780199671656

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199671656.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 10 May 2021

The Asian Model of Development: From Crises to Transformation

The Asian Model of Development: From Crises to Transformation

(p.635) Chapter 37 The Asian Model of Development: From Crises to Transformation
International Development

Simon S. C. Tay

Oxford University Press

The idea of an Asian model for development grew with the rise of the “tiger” economies of Hong Kong, Singapore, South Korea, and Taiwan, dubbed “the East Asian Miracle” by the World Bank. This model came under stress in the regional crisis of 1997, but the idea of Asia's rise has resumed given the region's rapid recovery and the persistence of Asian growth rates despite the 2008 global crisis. Yet the idea that Asia might serve as a blueprint for development is still contested, and there are questions about future sustainability. With many Asian economies still export-based, Asians must find ways to increase their own domestic consumption and intra-Asian demand. The region must also confront growing inequality and environmental damage from rapid industrialization. Recognizing these challenges, Asia's development will be neither predestined nor smooth. Asia's future, even if on a good trajectory, will be a period of change and challenge.

Keywords:   Asia, 1997–98 Asian financial crisis, 2008 global financial crisis, regionalism, public spending, inequality sustainability

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