The Dynamics of Economic Growth

The Dynamics of Economic Growth

Policy Insights from Comparative Analyses in Asia

Khuong Minh Vu

The advancement of a nation from poverty to prosperity is not a technical process but a great transformation. At the center of this change are two driving forces – emotion, which is referred to as aspiration, anxiety, and sense of responsibility; and enlightenment, which is associated with the freedom from dogmatism, open-mindedness, and the hunger for learning. It is these two factors that have determined not only the remarkable success of Asia in economic development but also the uniqueness of its growth model. This book examines the rise of Asia in the past two decades and draws lessons from its growth patterns.


Dale Jorgenson Professor

Subjects: asian studies, asian development, asian economics, asian politics and policy, development studies, asian development, development economics, economics and finance, asian economics, development economics, industrial economics, politics and public policy, asian politics


The emergence of Asia from the underdevelopment that persisted until the middle of the last century is the great economic achievement of our time. This has created a new model for economic growth built on globalization and the patient accumulation of human and non-human capital. Economic commentators, especially those outside Asia, have been reluctant to recognize the new paradigm for economic growth that originated in Asia, since this would acknowledge the failure of Western ideas that still greatly predominate in the literature on economic growth and development. A common task facing Asian economies has been to overcome the legacies of failed policies that have arisen from very diverse histories. This has required strong and sustained leadership in both authoritarian and democratic settings. The new Asian growth paradigm places a premium on skillful management by public and private authorities.