Failures of the East Asian Development Model: An Overview
East Asian countries were showing many structural strains and rigidities prior to the crisis, partly due to cosmetic reform efforts. Four critical failures are identified: benign neglect of the conflicts between government mechanism and the democratic polity and market liberalization, the inability to restructure the financial system, the closed and non-transparent corporate sector, and focus on an export-led development strategy.
Keywords: Washington Consensus, rapid growth, transparency, structural problems, emerging economies, corporate governance
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