Industrial Policy, Asian Miracle Style
研究了韩国、台湾、新加坡、香港和日本在20世纪下半叶快速崛起的秘诀，认为其成功在于一种聚焦技术和创新的特定产业政策，该政策强调国内企业出口复杂产品、促进国内竞争和问责，并依赖特定机构设计来实施。
We decipher the riddle of the meteoric rise of the Asian Miracles—Korea, Taiwan, Singapore and Hong Kong, and Japan before them—in the second half of the twentieth century. We argue that the secret of their success lies in the specific type of industrial policy focused on technology and innovation. This overarching policy focused on exports of sophisticated products by domestic firms while fostering fierce domestic competition and accountability for the support received. The successful implementation of this policy depended on a particular type of institutions—a leading agency with a distinct institutional design and a mandate to develop sophisticated industries. The experience of the Asian miracles provides a blueprint for developing economies to achieve rapid convergence with advanced economies. It also suggests a reassessment of the roles of the state and the market, the appropriate tools of industrial policy, and the meaning of “good” institutions.