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Introduction

Policy Insights from Comparative Analyses in Asia

Khuong Minh Vu

, was inconceivable.7 Similarly, Rosenstein-­Rodan (1961) produced a forecast that represented the thinking of mainstream economists in the 1960s, projecting that Argentina’s per capita income would be   5  Quoted in Easterly (1995, p. 278). The economic reforms initiated in India in the early 1990s have changed the situation. The country’s GDP growth accelerated to 7.4 per cent during the period 2000–2010; this rate was more than 2 percentage points higher than the rates that were attained by Indonesia and Egypt during the same period.   7  See Easterly (1995, pp

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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.