Chapter 7: Prospects for the future of FG-style growth
The ‘Flying-Geese’ Theory of Multinational Corporations and Structural Transformation
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East Asian catch-up industrialization owes a lot to the leadership of US in providing a growth-conducive global ecosystem. Japan, the newly industrializing economy and the Association of Southeast Asian Nations (ASEAN)-4 (though to a lesser degree) have economically caught up with the advanced West, learning about not just industry and technology, but more importantly also Western values of a free press, human rights, individual freedom, and electoral democracy, and contributing to the maintenance of the Western-built world order. China’s meteoric rise itself would have been impossible without such a world order. Yet, China is now hell-bent on challenging and replacing American leadership as the next hegemonic power with a different (illiberal) world order. Will the flying-geese formation survive, a formation that produced the East Asian miracle (including China’s miracle) and is hoped to spread to Africa?

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