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Achieving Development SuccessStrategies and Lessons from the Developing World$
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Augustin K. Fosu

Print publication date: 2013

Print ISBN-13: 9780199671557

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199671557.001.0001

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Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand, and Vietnam

Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand, and Vietnam

Chapter:
(p.119) 6 Development Strategies: Lessons from the Experiences of South Korea, Malaysia, Thailand, and Vietnam
Source:
Achieving Development Success
Author(s):

Haider A. Khan

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199671557.003.0006

This chapter synthesizes the development strategies of Korea, Malaysia, Thailand, and Vietnam, drawing out some relevant lessons. Using a complex adaptive systems approach, strategic openness, a set of heterodox macroeconomic policies, creation of institutions for productive investment in both agriculture and industry, avoidance of severe inequalities and political conflict, special initial conditions, and willingness to learn from unexpected developments are found to be some of these factors. Although no country can succeed by following mechanically the experience of another country, cautious experimentation, rapid feedback, and flexible, pragmatic policy-making with a strategic medium- to long-run perspective, can be helpful. Dynamic learning and flexible institution building are essential components of such a strategic approach to development.

Keywords:   Korea, Malaysia, Thailand, Vietnam, development strategy, institution-building, inequality

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