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ECONOMIES OF EAST ASIA & LATIN AMER.
Term Paper ID:25149
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Essay Subject:
Compares conditions from 1980s to 1997. Development strategies, roles of govt., social stability, future. Table.... More...
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5 Pages / 1125 Words
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Paper Abstract:
Compares conditions from 1980s to 1997. Development strategies, roles of govt., social stability, future. Table.
Paper Introduction:
From the 1960s at least through the mid-1980s, if not indeed well into the 1990s, a stark contrast was frequently drawn between the development experience of East Asia and that of Latin America. This essay will describe that perceived contrast, and the support it drew from the conditions of the period, as described in works ranging from the mid-80s to the mid-90s, concluding with a brief reconsideration from the perspective of 1998.
East Asia was seen generally as the Third World's economic model and powerhouse. Countries like South Korea, not so long ago among the world's poorest, were seen as making rapid strides towards First World status, following more or less in the wake of Japan, itself a once-poor country that was by the 1980s a leading, modern industrial and post-industrial power. The phrase
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Nelson, J. Sachs, J. This may well prove to be the case, but it isworth noting that as recently as a year ago, the judgment would still havebeen the other way. Does this mean that Asian-style directed strategy has proven to be afalse lead, and that the Latin American neoclassical approach is in factbetter in the long run? In the 196 s, the general worldwide view of development prospects hadbeen optimistic. One of the hallmarks of economic policymaking in [East Asia] was the pragmatic flexibility with which governments tried policy instruments in pursuit of economic objectives. This essaywill describe that perceived contrast, and the support it drew from theconditions of the period, as described in works ranging from the mid-8 s tothe mid-9 s, concluding with a brief reconsideration from the perspectiveof 1998. D. (1994). (1985). Sachs. D. Foreign Affairs, 73(November/December), pp. 71). 9 156 No Turkey 4.5 37.1 46 315 Yes (In the table, Commod. The state as problem and solution: Predation,embedded autonomy, and structural change. Growth was also slightly negative inthe Philippines, but South Korea had very robust growth, and Indonesia hadfairly good growth, with low inflation in South Korea and modst inflationin Indonesia and the Philippines. Stallings, B. 81). While Asian countries like South Korea had their own social tensions,sometimes erupting in civil violence, the perception in the 198 s was thatsuch tensions were far more under control in East Asia, implicitly duelargely to their governments' efficient, pragmatic management of nationaleconomies, with resulting high growth and alleviation of poverty and othersources of internal tension. Argentina -1.4 342.8 82 576 Yes Bolivia -4.5 569.1 94 6 1 Yes Brazil 1.3 147.7 59 417 Yes Indonesia 3.5 1 .7 89 191 No Mexico .8 62.2 73 445 Yes Philippines - .5 19.3 49 563 Yes South Korea 7.9 6. (1992). Though several had rapidlygrowing middle classes and modern sectors, taken as a group they were seenas characterized by extremes of wealth and poverty, and consequent socialinstability. In Haggard, S., and Kaufman, R.R., eds., The Politics ofEconomic Adjustment. (1992). The myth of Asia's miracle. Developing Country Debt and the WorldEconomy. In East Asia, then, government was not hostile to capital, and indeedentered into partnership with it--but government was the senior partner,directing strategies that were pragmatic rather than ideological. In Haggard, S., and Kaufman,R.R., eds., The Politics of Economic Adjustment. "There has been a long controversy in Latin America aboutIMF stabilization exercises and the conditions it imposes for access tocredit ... East Asia and Latin America were also characterized by broadlydifferent development strategies. is the primary share of commodities in exportsfor 1985, D/Ex is the debt-export ratio, and Refi. 26 ). (1989). ed. Krugman, P. Thus, from the perspective of the mid-198 s, the relative experienceof East Asia and Latin America seemed to argue strongly in favor of someform of capital-friendly but government-managed economic strategy, andagainst the neoclassical assumptions in vogue in Latin America. 139-81. Princeton: Princeton University, pp. Instruments that failed or impeded other policy objectives were abandoned" (World Bank, 1993, p. 151-52). indicates whether or notthe country had to reschedule its debt in 1985-86.) Growth was slow or even negative, and inflation was severe in all theLatin Amrican countries tabulated. 44-48), whichholds that countries in the so-called periphery of the world economy areheld in underdevelopment by the dynamics of the world economic system. In Haggard, S., and Kaufman,R.R., eds., The Politics of Economic Adjustment. The phrase Newly Industrialized Countries" (NICs) was coined tocharacterize the development level of the rapidly growing East Asianeconomies; more colorfully they were refered to as "Asian Tigers." In contrast, Latin America was seen as a region whose countries,though in global terms far from the poorest of the poor, were not quiteable to make the transition to NIC status. All the tabulated Latin Americancountries had debt burdens at least four times greater than their annualexports, as did the Philippines, while South Korea and Indonesia had debtlevels of less than twice their annual exports. Countries like South Korea, not so long ago among the world'spoorest, were seen as making rapid strides towards First World status,following more or less in the wake of Japan, itself a once-poor countrythat was by the 198 s a leading, modern industrial and post-industrialpower. No wonder, hesaid, growth had been rapid, but it was no miracle: "All of Singapore'sgrowth can be explained by growth in measured inputs. In accordancewith the assumption of patronage, such governments were seen as instrumentsof the rich; thus we see advice such as the following, with its pervasiveconcern about social stability: In many countries, perhaps especially in Latin America,enforcement of tax laws already on the books should be tightened, notonly for the additional revenue but also to reduce the anger that is widespread among popular classes that the wealthy are evading their share of adjustmentcosts" (Nelson, 1992, p. In the 197 s, rightist-oriented regimesin most of Latin America had adopted neoclassical models of development,reducing bars to foreign investment and reducing regulation of both foreignand domestic business interests--often at considerable cost in socialtension. The events of 1997 have seemed to underline Krugman's doubts. 41-88. In Latin America, such a cooperative role for government seemed outof the question. The degree ofdifficult varied widely by region, however, and tended to be consistantwith the subjective picture drawn above. All the Latin American countries were inpoor shape, with stagnant growth, high inflation, heavy debt burdens, andwere in need of debt restructuring. Princeton: PrincetonUniversity, pp. Two Crises: Latin America and Asia 1929-38 and 1973-83. D/Ex Refi. The East Asian Miracle. Only when we see the outcome of the current Asiancrisis and the continued development experience of both East Asia and LatinAmerica will we be able to venture any firm conclusion. 4): GDP Inflation Commod. 244-58).Leftist urban insurgencies, and repression of them by rightist governments,characterized Latin America in the 197 s and into the 198 s. East Asian governments also tended to be rightist andauthoritarian in political coloration, but their economic strategies werefar from neoclassical. The following table of debt and development patterns, mostly fromEast Asian or Latin American countries, is taken from Table 1.2 in Sachs(1989, p. 86). 62-78.Maddison, A. 167). 221-69. (1992). There is no sign atall of increased efficiency" (Krugman, 1994, p. M. TheAsian growth bubble has abruptly burst, and news reports are full ofaccusations that Asian governments have been as fully given to patronageand corruption as Latin American governments were traditionally supposed tobe. By the end of the 197 s, the economic success of the major East Asian newly industrialized countries (NICs), Koreaand Taiwan, was increasingly interpreted as depending on the active involvement of the state, even by observers with a neoclassical bent" (Evans, 1992, pp. Princeton: PrincetonUniversity, pp. Poverty, equity, and the politics ofadjustment. Thepopularity of dependency theory in Latin America--defined in the theory aspart of the periphery--thus reflected a widespread self-perception ofstagnation. At the same time, Latin America itself appears to be making quiet butsteady progress. Traditionally, government was viewed not as an engine ofdevelopment but as a source of patronage; in Brazil, the government wascabida de emprego, a "source of jobs" (Evans, 1992, p. From the 196 s at least through the mid-198 s, if not indeed wellinto the 199 s, a stark contrast was frequently drawn between thedevelopment experience of East Asia and that of Latin America. It was no surprise that, in the 198 s, Latin America was theintellectual home of dependency theory (Stallings, 1992, pp. Organization for Economic Co-Operation and Development (OECD). References Evans, P. The last two countrieswere thus in rather good shape--and did not require debt restructuring--whereas the Philippines, along with Turkey, a country in neither region,were in intermediate condition. International influence on economic policy:debt, stabilization, and structural reform. New York: OxfordUniversity.----------------------- 1 In the 197 s and 198 s, optimism was checked by a seriesof interacting shocks: rising energy costs, inflation in the industrializedcountries, debt crises in the Third World as growth failed to meet theexpectations on which foreign loans had been predicated. With this outlook went a corresponding readiness to blameoutside forces. Instrumnts that worked were retained. World Bank (1993). By the mid-199 s, however, some economists were questioning the"Asian miracle." As Paul Krugman noted in 1994, in Singapore between 1966and 199 the employed share of the population nearly doubled, from 27percent to 51 percent, and while in 1966 half the work force had no formalschooling, by 199 , two-thirds had a high school education. LatinAmerican countries also wrestled with internal tensions, centering on the"urban popular classes," mainly urban workers (Nelson, 1992, pp. East Asia was seen generally as the Third World's economic model andpowerhouse. it serves a useful political function as a scapegoat" (Maddison,1985, p. Organization for Economic Co-Operation and Development (OECD).Introduction by J.
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