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Wan and Tung SER

Wan and Tung SER - The Singapore Economic Review Vol 51 No...

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The Singapore Economic Review, Vol. 51, No. 3 (2006) 267–281 © World Scientifc Publishing Company INVITED EMINENT PAPER SERIES INDUSTRIAL POLICY IN A GLOBALIZED AGE — LESSONS FROM EAST ASIAN EXPERIENCE Henry Wan, Jr. has been a ProFessor oF Economics at the Department oF Economics, Cornell University, Ithaca NY, USA since 1970. He served as President oF the Chinese Eco- nomic Association in North America in 1993, and was the frst Goh Keng Swee ProFessor oF Economics at the National University oF Singapore in spring oF 1999. He has authored books on economic growth ( Economic Growth , Harcourt, Brace, Jovanovich, New York, 1971 and Vicens Universidad, Barcelona, 1975), international welFare economics ( The Wel- fare Economics of International Trade , jointly with M.C. Kemp, Harwood Press, 1993), and economic development ( Economic Development in a Globalized Environment: East Asian Evidence , Kluwer Academic Publishers, 2004, and Harnessing Globalization: A Review of East Asian Case Histories , World Scientifc Publishing Company, 2006). He also co-edited a volume on the economic development oF Taiwan and has published more than 90 articles in proFessional journals and collected volumes in the areas oF economic growth, diFFerential games, economic development, international economics and industrial policy. ±or contribu- tions on diFFerential games, he was a co-recipient oF the Louis Levy Medal oF the ±ranklin Institute. 267
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268 The Singapore Economic Review INDUSTRIAL POLICY IN A GLOBALIZED AGE — LESSONS FROM EAST ASIAN EXPERIENCE HENRY WAN Jr. Department of Economics, Cornell University Ithaca, NY 14853-7601, USA [email protected] AN-CHI TUNG Institute of Economics, Academia Sinica, Taiwan Not only the wealth, but also the independence and security of a country appear to be materially connected with the prosperity of manufactures. Every nation, with a view to these great objects, ought to endeavor to possess within itself all the essentials of national supply. Alexander Hamilton, Report on Manufactures , December 5, 1791 Keywords : Industrial policy; WTO; coordination failure; information asymmetry; East Asia. 1. Introduction Much of the well-being of a society rides on the cross-sector allocation of its economic activities. This is as true now as in Hamilton’s day for societies like America in the late 18th century, and for Singapore today. For example, it is the national goal of that latter city-state to keep its manufacturing sector not lower than a certain level. On such an issue, each state takes a de±nite policy stance — to let nature take its course, to consciously master its own fate by policy, or to improvise as needs arise. In the economic literature, policies for cross-sector allocation conventionally fall under the title of industrial policy. Many misconceptions have plagued this topic, during both its meteoric rise of public and professional fascination and its subsequent collapse of interest.
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