Development Stage Theory and Industrial Growth Patterns. Asian NIEs and Selected Advanced Economies Compared (1980-1995)

Abstract

The East Asian miracle was real. Prior to the 1997 economic and currency crises, Asian NIEs - Hong Kong, Korea, Singapore and Taiwan - achieved remarkable annual GDP growth. In particular, growth in the industrial sector has made a significant contribution to the general economic development in these countries. Furthermore, fast economic growth and active state interventions like those adopted in most NIEs were accompanied by various structural changes in industry. Based on development stage theory this study compares primarily the specialisation pattern of Asian NIEs and its transformation with that of more advanced economies like Japan, West Germany and the US for the period of 1980- 95.