¶ … rapid, post-World War II economic growth for the Japanese economy. A survey of the literature provides insights into management practices of Japanese firms, and offers direction for necessary changes that the American economy must make to successfully compete.
Because of the exceptional growth of East Asia in the 70s and 80s, a number of studies were conducted to determine the causes of economic development, particularly in Japan. Hayumi's article explored the question of whether there were lessons to be learned that would improve U.S. economic performance. Hayami argued that while the World Bank study of the "East Asian Miracle" acknowledged successful cases of government planning and control in Japan, Korea, and Taiwan, the report did not provide a unique model of economic development. Given the complexity of political and government interventions, Hayami argued that the success of the northern tier could not be duplicated. Moreover, countries in the southern tier also achieved rapid growth, but with much less government intervention. Hayumi concluded that their growth did not support the hypothesis that "industrial policies" can change low-income economies into high-growth economies (Hayami 318-19).
A further criticism of the Asian Miracle study was that it did not answer the question of whether East Asian growth occurred because of government intervention and protectionism or in spite of it. The absence of an answer limited the study's usefulness to serve as a practical guide for other countries and other economies (Hayami 320). Hayami also explored the role of small government and complex institutional complementarity in an attempt to explain differences between northern and southern high performing Asian economies (HPAEs). He concluded that the most significant finding in studying East Asian economic growth was "that each developing economy should try to identify what are the most effective and practical policies under its resource endowments and sociocultural environment, rather than to imitate any model developed in different environments" (325).
Other studies...
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