Institute of Comparative Economic Studies, Hosei University
Abstract
High and sustained growth in East Asia, and particularly in Northeast Asia, after the Second World War stands out as exceptional experience in the economic history of the world. This article aims to provide a new perspective on this unique growth experience in Northeast Asia by presenting an analytical framework for the understanding of the critical role of structural reform as precondition for the start and continuation of economic growth. The analytical framework will be illustrated in discussing the case of South Korea. The article undertakes the following tasks: provide a methodological examination on the key concept of precondition, adopted to place growth experiences in the perspective of economic history; trace the growth trajectories of three Northeast Asian economies (Japan, Taiwan, and Korea) in a long-term perspective and post-WWII growth performances in some detail; identify both regional commonalities and differences across individual economies; present an analytical approach to precondition of economic growth from the standpoint of developmentalism; provide conceptual articulation of andanalytical framework for structural reform; illustrate the conceptual and analytical approaches by applying them to the examination of the experiences of Korea. The article concludes with the recapitulation of the central messages of the paper and the indication of tasks for further study on the relationship between stages of economic development and economic system evolution
