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.

Preface

Khuong Minh Vu

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

Extract

Asia is an exciting example of the rapid transformation of a poor and backward region into a region of prosperity and modernization. Sixty years ago, when Asia was burdened by wars, ideological struggles, and severe poverty, no one could imagine its current development success, which is characterized by prevailing peace, openness, and remarkable economic achievements. Although it remains difficult to predict what Asia will look like in sixty years, it is possible to propose a scenario in which the lower-income countries in the region will follow the development model that has brought many countries to remarkable successes. If this scenario materializes, Asia’s prospects will be brilliant. There will be hundreds of cities like Singapore across Asia, from China to India, from Indonesia to Pakistan, and from Vietnam to Bangladesh. In this imaginative picture, although it is not perfect, Singapore can be used as a symbol of Asia’s future prospect because it has the three prominent features that characterize the development trends of the world in the twenty-first century. The first feature is embracement of globalization. Singapore is a global city that is highly international in culture and deep in economic integration with the region and the world.