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What Went On In East Asia: From Miracle to Meltdown What Went On In East Asia: From Miracle to Meltdown

Traditional View of of Growth Process Traditional View of of Growth Process

Economic Growth and Development Economic Growth and Development

The Basic Model of Economic Growth The Basic Model of Economic Growth

Total Factor Productivity Total Factor Productivity

The Virtuous Circles of Economic Growth The Virtuous Circles of Economic Growth

Development Strategies Development Strategies

Import Substitution Import Substitution

Export Orientation Export Orientation

East Asia and the Asian Miracle East Asia and the Asian Miracle

Output Growth in East Asian Countries, 1990 - 1997 Output Growth in East Asian Countries, 1990 - 1997

East Asia: The Miracle East Asia: The Miracle

“Asian Dynamism” “Asian Dynamism”

Successive Stages of Comparative Advantage in East-Asian Trade Structure Successive Stages of Comparative Advantage in East-Asian Trade Structure

The S-Curve of East Asian Growth GDP 000$ per capita 20 - Ko Si The S-Curve of East Asian Growth GDP 000$ per capita 20 - Ko Si Hk Ja Tai 10 - Ma 5 - Th Ch Ph 210 20 30 Years from Start 40 50 US

The Development Ladder--Stages Primary Products Abundant cheap land labor Labor Intensive Manufactures Low Cost The Development Ladder--Stages Primary Products Abundant cheap land labor Labor Intensive Manufactures Low Cost Labor Hi Tech Manufactures Capital Intensive, Technically Sophisticated Products Services (high level) Domestic and International Services

Stage 1 Stage 2 Stage 3 Stage 4 Stage 1 Stage 2 Stage 3 Stage 4

Paul Krugman’s Classic Article on Asia Paul Krugman’s Classic Article on Asia

We Cannot Forget the Importance of Demographic Transition We Cannot Forget the Importance of Demographic Transition

The Role of Policy The Role of Policy

Human Capital and Social Capital Human Capital and Social Capital

Was East Asian Growth Miraculous? Was East Asian Growth Miraculous?

Was Government Policy Responsible for the East Asian Miracle? Was Government Policy Responsible for the East Asian Miracle?

Was Government Policy Responsible for the East Asian Miracle? Was Government Policy Responsible for the East Asian Miracle?

http: //www 2. gsb. columbia. edu/faculty/jstiglitz/download/opeds/What_I_Le arned_at_the_World_Economic_Crisis. htm http: //www 2. gsb. columbia. edu/faculty/jstiglitz/download/opeds/What_I_Le arned_at_the_World_Economic_Crisis. htm