Late Marketisation Versus Late Industrialisation in East Asia

18 Pages Posted: 26 Apr 2005

See all articles by Keun Lee

Keun Lee

Seoul National University - School of Economics; CIFAR

Justin Y. Lin

Peking University - China Center for Economic Research

Ha-Joon Chang

University of Cambridge - Faculty of Economics and Politics

Abstract

This article analyses the complex interplay of various factors in the 'late marketisation' in China and Vietnam and the 'late industrialisation' in Korea, Taiwan and Japan. The article distinguishes the degree of 'comparative advantage-defying' and 'comparative advantage-following' strategies adopted, and thereby explains the different growth and transition records in the two groups of countries. The article also links the choice of reform strategies to the initial conditions, and attributes the post-transition economic record to the policies adopted. The differences in the allocation of rents and the principal ways in which market discipline was introduced are also discussed.

Suggested Citation

Lee, Keun and Lin, Justin Yifu and Chang, Ha-Joon, Late Marketisation Versus Late Industrialisation in East Asia. Available at SSRN: https://ssrn.com/abstract=708624

Keun Lee (Contact Author)

Seoul National University - School of Economics ( email )

San 56-1, Silim-dong, Kwanak-ku
Seoul 151-742
Korea

CIFAR ( email )

180 Dundas Street West, Suite 1400
Toronto, Ontario
Canada

Justin Yifu Lin

Peking University - China Center for Economic Research ( email )

No. 38 Xueyuan Road
Haidian District
Beijing, Beijing 100871
China

Ha-Joon Chang

University of Cambridge - Faculty of Economics and Politics ( email )

Austin Robinson Building
Sidgwick Avenue
Cambridge, CB3 9DD
United Kingdom
+44 1223 335389 (Phone)
+44 1223 335475 (Fax)

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