Monitor | East Asian model does work - for authoritarian governments
When states in the region develop quickly – Japan in the 1960s, South Korea and Taiwan in the 1970s, and China today – it's with tough love
I've been hammered from both sides in recent days.
Last week this column reviewed a new book, How Asia Works, by Joe Studwell.
In it, Studwell examines the rapid economic rise of Northeast Asia and argues the secret of the region's successful development lies in three crucial state interventions.
As Monitor put it: "First, equally redistribute your agricultural land to encourage small-scale intensive farming and boost output.
"Next, protect your home markets from foreign competition, while picking winners in likely export sectors.
"Finally, keep control of your financial system so you can lavish cheap capital on your favoured manufacturers until they can compete…