Challenging Neoliberalism

Challenging Neoliberalism

Globalization and the Economic Miracles in Chile and Taiwan

Cal Clark and Evelyn A. Clark

Neoliberalism, which advocates free markets without government interference, has become increasingly utilized and controversial over the last three and a half decades. This book presents case studies of Chile and Taiwan, two countries that seemingly prospered from adopting neoliberal strategies, and finds that their developmental histories challenge neoliberalism in fundamental ways.

Chapter 6: Neoliberalism and the economic miracles in Chile and Taiwan

Cal Clark and Evelyn A. Clark

Subjects: asian studies, asian development, asian economics, development studies, asian development, development geography, economics and finance, development economics, geography, economic geography, human geography, development geography, politics and public policy, political economy

Abstract

In this concluding chapter, we apply our comparison of the political economies of Chile and Taiwan to evaluate neoliberalism. The first section examines the fundamental differences and parallels between Chile and Taiwan; the second develops an institutionalist model to explain why the developmental trajectories of the two nations diverged so significantly; and the third considers the implications of our analysis for neoliberalism and globalization. In general, we conclude that, although opening their markets to the global economy stimulated successful export-led growth in both countries, this only occurred because of very significant deviations from the fundamental tenets of neoliberalism.

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