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By Howard Stein

Drawing on case-studies from the industrialization of East and Southeast Asian countries, this article significantly examines the structural adjustment regulations utilized in Africa because the Eighties. The Asian kingdom reviews contain Singapore, Malaysia, Taiwan, South Korea, Hong Kong and Meiji Japan.

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13. In the new 'Asian Miracle' study, the Bank moves slightly away from its earlier view that there was a neutrality of incentives to the recognition that Asian states actively promoted exports . However, the effect was the same since they counterbalanced the protection of imports. To quote the study : Thus while incentives were largely equal between exports and imports this was the result of countervailing subsidies rather than trade neutrality; the promotion of exports coexisted with the protection of the domestic market.

The government also viewed the Chaebols as the most effective means to compete in international markets against large foreign multinationals as well as a means of strengthening the Korean side of joint ventures with foreign partners. Finally large firms which provide refuge from the market have been important in setting up and sustaining research and development leading to innovative investment. One initial problem with the emphasis on large firms was the creation of industrial dualism with small and medium firms relegated to an inferior status.

The role of the neo-classical development economist was to disseminate the underlying basis of the NIC model. There was occasional dissent in the ranks such as William Cline's admonishment (based on a simulation exercise) about the untenable market penetration (as high as 60 per cent of all manufactured imports) into industrial countries which would be required if other Third World countries were to pursue the NIC manufacturing export-led approach (Cline, 1982). The response by Gustav Ranis was quintessentiaIly neoclassical arguing that emulating the Asian NICs was not 'exporting [manufactured goods] as much as possible but moving in the direction Howard Stein 35 of market liberalization as quickly as possible'.

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