December 16, 2013

What the Rest Should Learn from the West

Pankaj Mishra, Bloomberg

The Associated Press

It was the bitter experience of “free trade” under the auspices of imperialism that led most postcolonial countries in Asia after 1950 “to start with import substitution in the manufacturing sector.” For the most successful of these economies in East Asia, “development was more about the visible hand of the state rather than the invisible hand of the market.” And “industrialization,” Nayyar adds, refuting Friedman’s popular binary, “was not so much about getting-prices-right as it was about getting-state-intervention right.” Specific strategies and solutions mattered, such as “the use of borrowed technologies, an intense process of learning, the creation of managerial capabilities in individuals and technological...

Read Full Article ››

TAGGED: Francis Fukuyama, Globalization, Trade, Free Trade, Latin America, Asia, Japan, China

RECOMMENDED ARTICLES

December 12, 2013
The WTO Is Back -- for Now
Jean-Pierre Lehmann, Yale Global
It would be churlish not to congratulate the WTO and especially Roberto Azevêdo, its dynamic director-general, for successfully passing a "Bali package" at the Indonesian resort well past the 11th hour on 7 December. The... more ››
December 13, 2013
Globalization in a Nutella Jar
Kevin D. Williamson, National Review
The story we’re told about the rich getting richer, the poor getting poorer, and the middle class getting squeezed is more complicated than the version you get from the politicians — or from the former economists who... more ››
December 9, 2013
Global Trade Deal Was a Game-Changer
Daniel Drezner, Foreign Policy
The way Bali matters is that it alters the perceptions of those pundits who haven't been paying attention. Now suddenly the narrative shifts from not much getting done on trade - or bilateral/regional deals fragmenting the... more ››
December 4, 2013
The Asia 'Pivot' Has Run Out of Puff
Michael Fullilove, U.S. News
Despite Joe Biden's Asia trip, Obama’s foreign policy has seemed Atlantic-focused recently. more ››
December 7, 2013
Asia's Not on the Brink of War
Patrick Smyth, Irish Times
There’s a peculiarly old-fashioned quality to the dispute that last week escalated sharply over islands in the East China Sea known in Japan as the Senkaku and in China as the Diaoyu. In these days of terrorism,... more ››