The Asian model of development: One of the success stories of the second half of the 20 th century. Unlike much of the rest of the Third World, Asian countries, beginning with Japan, then moving to the 4 “Asian Tigers” (Hong Kong, Singapore, Taiwan, and South Korea) and then Southeast Asia and now India and China – have developed and seen sustained economic growth through much of the past several decades. However, this growth was not without problems – The East Asian financial crisis of the late 1990’s called the success of the Asian model into question, leading many to criticize the “crony capitalism” that had developed in these states and the IMF policies that many said were responsible for the meltdown. The Asian model and the 4 factors: 1. Political stability: Asian states after World War II were either authoritarian governments or one-party “democracies” like Japan (where a single party dominates, despite a multiparty system). Some argue that the political stability
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