By Helen Hughes
This publication examines the commercial luck of the newly industrializing and near-industrializing economies of East Asia. the prestigious team of authors covers quite a number subject matters in a comparative standpoint, and identifies classes of outrage to financial, political, and social questions in the course of the constructing international. members: James Riedel, Hollis Chenery, Seiji Naya, Thomas G. Parry, Robert Wade, Arnold C. Harberger, Deepak Lal, Ryokichi Hirono, Stephen Haggard, J.A.C. Mackie, William J. O'Malley.
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Extra resources for Achieving Industrialization in East Asia
Krueger (1983:28-9) includes Thailand in the group of countries she identifies as having less severe urban unemployment. 2 Rate a The Indonesian data are particularly suspect due to changes in definition of organized manufacturing sector over time and other anomalies. Sources'. Ariff and Hill (1985a); Pitt (1981); Hong (1981); Akrasanee (1981); Lai (1983); Kirkpatrick (1985); Sung (1984); Riedel (1974); Council for Economic Planning and Development (1984); Asian Development Bank (1977, 1985). 4 to less than 5 per cent in 1983 (Hong 1981:354).
Chen (1985) suggests that as much as one-third of early Hong Kong investment may have come from mainland and overseas Chinese. Not insignificant amounts of overseas Chinese capital have been invested in other Southeast Asian countries as well (Wu and Wu 1980). 26 Achieving Industrialization in East Asia quality of their labour force. Diligence, loyalty, hard work and a strong appreciation of education are virtues which appear to be more abundant in East Asian NICs than elsewhere. Since these countries have common historical roots, the explanation has been found in culture, a factor relegated to the dustbin of development economics for more than three decades.
In labour markets that are efficient, which is how analysts typically characterize the East Asian countries, real wages are determined by relative supply and demand. Demand for labour in manufacturing (at least since 1970) appears to have outstripped supply. This has been so everywhere except in the Philippines, Thailand and, despite what real wage data indicate, Indonesia. Thailand and Indonesia are of course latecomers to industrialization. The failure of real wages to rise in the Philippines is more problematic, since the Philippines was one of the first to start industrializing and currently has a larger manufacturing sector in relation to GDP than that of any other East Asian country apart from Taiwan.
Achieving Industrialization in East Asia by Helen Hughes