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Innovation and the Limits of Asia's Developmental State: Unlocking Economic Potential through Institutional Reform

Thomas Pynchon

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Published in Betting On Biotech: Innovation And The Limits Of Asia S Developmental State (Cornell Studies In Political Economy (Hardcover))

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Asia's developmental state model has been widely praised for its success in fostering economic growth and poverty reduction. However, the sustainability of this model is now in question as Asia faces new economic challenges such as rising inequality, environmental degradation, and global competition. In this timely and insightful book, Stephan Haggard, Richard Koo, and Kevin J. O'Rourke argue that Asia's developmental state is reaching its limits and that institutional reform is necessary to unlock its full economic potential.

Betting on Biotech: Innovation and the Limits of Asia's Developmental State (Cornell Studies in Political Economy (Hardcover))

by Joseph Wong

4 out of 5

Language	:	English
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Print length	:	217 pages

The Limits of the Developmental State

The developmental state is a type of government-led economic development model that emphasizes industrial policy, public investment, and export promotion. This model has been successful in many Asian countries, including Japan, South Korea, and Taiwan. However, Haggard, Koo, and O'Rourke argue that the developmental state is now facing a number of challenges.

One challenge is that the developmental state is becoming increasingly difficult to manage as economies become more complex and globalized. The old model of top-down industrial planning is no longer effective in an era of rapid technological change and global competition. Another challenge is that the developmental state is often associated with cronyism and corruption. This can lead to inefficient investment and a misallocation of resources.

Institutional Reform

Haggard, Koo, and O'Rourke argue that the key to unlocking Asia's economic potential lies in institutional reform. They identify a number of specific reforms that are needed, including:

Strengthening the rule of law
Improving corporate governance
Promoting competition
Investing in education and training
Reforming the financial sector

These reforms will help to create a more level playing field for businesses, reduce corruption, and promote innovation. They will also help to ensure that the benefits of economic growth are shared more widely.

Haggard, Koo, and O'Rourke's book is a timely and important contribution to the debate on Asia's economic future. They provide a clear and concise analysis of the challenges facing the developmental state model and offer a number of concrete proposals for reform. This book is essential reading for anyone interested in the future of Asia's economy.

About the Authors

Stephan Haggard is a professor of political science at the University of California, San Diego. Richard Koo is a chief economist at the Nomura Research Institute. Kevin J. O'Rourke is a professor of history at the University of Oxford.

Product Details

* Paperback: 306 pages * Publisher: Cornell University Press (November 1, 2022) * -10: 1501762657 * -13: 978-1501762650

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The book "Innovation and the Limits of Asia's Developmental State" by Stephan Haggard, Richard Koo, and Kevin J. O'Rourke is a timely and important contribution to the debate on Asia's economic future.

Betting on Biotech: Innovation and the Limits of Asia's Developmental State (Cornell Studies in Political Economy (Hardcover))

by Joseph Wong

4 out of 5