A Brief History of Asia's Sustained Growth Japan, Korea, China and India's Economic Transformation

Preface

Chapter 1. Asia's Journey for Economic Growth
1.1 Story of Four Asian Geese’ Flight
Flying faster and father/ Why these four countries?
1.2 Four Pillars for Higher Economic Growth
Free and open market economy/ Accountable government and effective policies/ Education and human resource development/
Savings and investment, leading to capital accumulation
1.3 Limits of the Analysis and Necessary Caution
Fallacy of backward looking/ Misunderstanding of causation

Chapter 2. Japan, ‘Rise of Mt. Fuji’
2.1 Free and Open Market Economy
Japan, kingdom of bureaucrats?/
Forced opening but a disguised blessing
2.2 Accountable Government and Effective Policies
Strategic industrialization by strong coordination/
Mobilizing and channeling money
2.3 Education and Human Resource Development
Terakoya led to modern education system/
Life-long employment and craftsmanship
2.4 Savings and Investment, Leading to Capital Accumulation
The most successful land reform in the world/ Postal savings, World No.1

Chapter 3. Korea, ‘Miracle on the Han River’
3.1 Free and Open Market Economy
Diverging paths of South and North Korea/ From wigs to semiconductors
3.2 Accountable Government and Effective Policies
Military Coup led to economic take-off/ Five-year Economic Development Plans
3.3 Education and Human Resource Development
Tower of cow bones/ Seven consecutive wins of World Skills Competition
3.4 Savings and Investment, Leading to Capital Accumulation
Korean college- graduate miners in West Germany/Entrepreneurial risk-taking

Chapter 4. China, ‘Ascension of Dragon’
4.1 Free and Open Market Economy
A hybrid of market system/ Zhenghee's last exploration in 1434
4.2 Accountable Government and Effective Policies
Visionary leadership/ Reforming SOEs
4.3 Education and Human Resource Development
The Cultural Revolution broadened rural education/
Family planning and demographic change
4.4 Savings and Investment, Leading to Capital Accumulation
Chinese saving rate puzzle/ A global magnet for FDI

Chapter 5. India, ‘Smart Elephant Awakens’
5.1 Free and Open Market Economy
The crisis in 1991 released shackle of License Raj/ Overcoming historical legacies
5.2 Accountable Government and Effective Policies
Why the economic planning failed in India?/ Market decided a different path
5.3 Education and Human Resource Development
Deep but narrow education/ Bengaluru, hub of IT and software industry
5.4 Savings and Investment, Leading to Capital Accumulation
Unfinished mission, land reform and green revolution/ Affinity for gold

Chapter 6. Asia's ongoing journey for prosperity
6.1 Lessons from the Journey up to Here
Chairs keep balance with four legs/ There is no such thing as one size fits all
6.2 Facing Changing Weather and Height
End of catch-up and deceleration/ Fragmented global economy/
From demographic bonus to onus
6.3 Way Forward in the Future
Sustainable development/ Market plays a bigger role/
Shared prosperity among and within countries

Afterword

Biography

In-chang SONG obtained his PhD in Economics from the University of York, UK. An economist and policymaker, he has more than three decades of experience in international economic cooperation, financial policy and development strategy in the Korean Ministry of Finance and MDBs. He was Deputy Minister and G20 Sherpa for the Republic of Korea.