Model, Myth, or Miracle

"Before the financial crisis of the late 1990s, the East Asian experience was hailed as a miracle and a model of successful development. A broad consensus had been reached on the role of governments in engineering this economic success, and rapid growth was generally attributed to sound policies that were underpinned by a solid institutional framework." "In the aftermath of the financial crisis, however, the "miracle" has been dismissed as a myth and a bad example that other countries should avoid. Critics allege that governments not only made serious policy mistakes, but also that the institutional framework was not so beneficial after all. The term "crony capitalism" is frequently used to summarize this notion." "This book investigates the role that institutional conditions played in the miracle, and whether they had a part in causing the crisis. The focus is on such factors as the close ties between the public and private sectors, the incentives structures within the public sector, and corruption."--Jacket.