Capitalist Development and Economism in East Asia: The Rise by Kui-Wai Li

By Kui-Wai Li

Taking a conceptual procedure, this ebook reviews the commercial improvement of the 4 East Asian economies on the grounds that 1950. the writer summarizes and reconsiders a few of the arguments and findings that supported and defined the industrial 'miracles' of Hong Kong, Singapore, Taiwan and South Korea, analysing the connection among fiscal improvement, progress and political economy.
This pioneering ebook will stimulate additional research of East Asian improvement. will probably be of crucial curiosity to students in East Asian economics, and all these attracted to glossy fiscal development.

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Extra info for Capitalist Development and Economism in East Asia: The Rise of Hong Kong, Singapore, Taiwan and South Korea (Routledge Studies in Growth Economies of Asia)

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This foreign capital helped to solve much of the balance of payment deficits in the early 1960s. 8 million between 1958 and 1966 in grant aid to finance various projects. 3%), and so on. 5 billion won. 6 billion won, half of which went to manufacturing (Cole and Lyman 1971: 193). In the case of Singapore, there were population movements, mainly ethnic Chinese from Malaysia and Indonesia, but the economy was stable and did not suffer from any civil unrest. Singapore was trying to gain independence from Britain, but its decolonialization and independence movement did not lead to severe destabilization.

Without making the distinction between relative and absolute income inequality, a change in government policy in favor of a “high- 16 Economism and development tax, high-welfare expenditure” regime will lead to a short-term increase in equality but have a negative, long-term impact on investment, output, and income. As income growth is checked, government revenue will equally be limited. A vicious circle of “high tax rate – fall in investment and income – low tax revenue” will eventually develop.

7 Sources: Estimates of GDP and Hong Kong Yearbook, Hong Kong: Hong Kong Government, various years; Taiwan Statistical Data Book, Taipei; Taiwan Government, various years; Yearbook of Statistics Singapore, Singapore: Singapore Government, various years; National Account, Monthly Statistical Bulletin, Seoul: Bank of Korea, and Economic Statistics Yearbook, Seoul: Korean Government, various years; CEIC Data Company Limited; Ma and Szczepanik (1955); Szczepanik (1960) and Chou (1966). 7. 9 Sources: Census and Statistics Department, Hong Kong: Hong Kong Government; CEIC, Hong Kong; Country Profile Singapore, London: Economic Intelligence Unit; Economic Survey of Singapore and Yearbook of Statistics Singapore, Singapore: Singapore Government, various years; Economic Statistics Annual Taiwan Area, Taipei: Taiwan Government, various years; National Accounts and Economic Statistics Yearbook, Seoul: Bank of Korea, various years.

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