By Marcus Noland
Globalization reigns superb as an outline of contemporary fiscal transformation—and it incorporates many meanings. within the coverage realm, the orthodox phrases of engagement were enshrined within the "Washington consensus." yet disappointing leads to Latin the US and transitional economies—plus the Asian monetary crisis—have shaken the religion in Washington and somewhere else. One reaction has been to hearken again to the extra statist rules that the consensus marginalized. during this regard, Japan, Korea, and Taiwan are promoted because the poster countries that experience derived nice advantages from expanding integration with the overseas economic system, with no surrendering nationwide autonomy within the monetary or cultural spheres, successfully beating the West at its personal online game. the basic questions addressed during this monograph are even if business coverage used to be certainly an important resource of progress in those 3 economies, and if this is the case, can or not it's replicated below present institutional preparations, and if this is the case, is it worthy replicating, or, could constructing international locations at the present time be at an advantage embracing the definitely sophisticated orthodoxy?
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Additional info for Industrial Policy in an Era of Globalization: Lessons from Asia (Policy Analyses in International Economics)
10. Japanese policymakers also have access to off-budget funds for industrial promotion through revenues of quasi-public organizations such as the Motor Boat Racing Association and the Japan Bicycle Rehabilitation Association (Prestowitz 1988). The amounts of these funds that went to industry do not appear to be particularly large, however. Saxonhouse (1983) cites the Wall Street Journal to the effect that no more than $500,000 a year from these sources was made available to the Japan Machine Tool Builders Association.
American aid directly contributed to the rapid expansion of education within South Korea and made overseas training and education possible for thousands of Koreans (Westphal et al. 1981), including some of its future economic policymakers. Some transfer of technical skills and management techniques undoubtedly occurred through close contact with US military forces, but its significance is difficult to assess. Likewise, local firms certainly benefited from participation in local military procurement programs, and later from offshore procurement programs during the Vietnam War (Rhee 1994).
Moreover, they find that the effective rate of protection measure is negatively associated with sectoral TFP growth and that imports, not exports, are positively associated with TFP growth. There are at least two channels through which imports could contribute to increasing productivity. The first is by allowing domestic producers to use new, improved, or highly specialized intermediate inputs to which 19. Kim and Oh (1999) analyze annual data on research and development expenditures for 1971–97 and find that public R&D expenditures Granger-cause private R&D in Japan during this period.