Economic Reform in Asia
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Economic Reform in Asia

China, India, and Japan

Sara Hsu

Economic Reform in Asia compares and analyzes the reform and development patterns of China, India, and Japan from both historical and developmental perspectives. Sara Hsu specifically focuses on China’s reform and opening-up in 1979, India’s accelerated liberalization in 1991, and the outset of the Meiji Restoration in Japan in 1878. This detailed overview of growth patterns in Asia’s largest economies is invaluable, especially in its determination to understand which development policies work, what role institutions play in development, and what issues may arise during said development.
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Chapter 2: Development theory

Sara Hsu


Development theory seeks to help us understand how countries develop as they do, looking for patterns and explanations of the most essential components of the development process. Questions that economic theorists ask are: “Is this policy essential to the development process?”, “What do countries have in common in how they develop?”, “Why do some nations fail and some succeed economically?” Some understanding may be found by modeling the proposed answers to these questions and putting forth a theory. In this chapter, we first discuss economic modeling, then development theory. We discuss economic reform theory, and development theory as it applies to China, India, and Japan.

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