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By Pradeep Agrawal

This booklet presents a comparative photograph of the restructuring stories of 5 Asian economies: South Korea, Singapore, Indonesia, Thailand and India. in relation to Indonesia and Thailand, the point of interest is on short-run structural adjustment measures, and on the subject of South Korea and Singapore, the emphasis is on long run commercial, alternate, labour and monetary zone rules. The bankruptcy on India perspectives the country's financial improvement within the mild of the above research. The political economic system of the policy-making approach is tested in every one case.

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A policy-maker seeking to learn from the Korean experience must first identify the particular phase of the evolution of the economy that most closely resembles the conditions prevailing in his own, and then analyse the relationships between goals and policies defining that phase. On the basis of the above observation, the development of the Korean economy can be divided into four distinct phases: (i) the ImportSubstitution phase, during the 1950s; (ii) the Export Promotion phase, roughly 1960-1973, during which exports of labour-intensive products, in line with Korea's static comparative advantage spearheaded Korea's economic growth; (iii) the Selective Intervention phase, roughly from 1973-1980, during which the government sought to achieve global competitiveness in heavy and chemical industries, which were not in keeping with Korea's comparative advantage at the time; and (iv) the Liberalization phase, roughly after 1980, during which the policy regime supporting selective intervention was dismantled and a marketoriented regime was set up in its place.

6 shows the composition of foreign capital inflows. The figures in brackets are per-year average figures for the period 1959-76. It is clear that debt was overwhelmingly the means of acquiring foreign capital during both the first export promotion phase and the HeI phase. Flows by way of OFI were usually less than 10 per cent of total flows. The composition of debt went through distinct changes; in the first fifteen years, public loans were almost as important as commercial loans. 7 Industry-wide Distribution of Technological Licensing Agreements (TLA) and Direct Foreign Investment (DFI), South Korea, 1962-86 (No: of Cases) Industry All Manufacturing Food Processing Pulp and Paper Textiles and Apparel Chemicals and Petrochemicals Ceramics, Cement and Fertilizers Drugs Metals Machinery Electrical and Electronic items Other Manufacturing Construction Hotels Financial Services 1962-71 1972-76 1977-81 1982-86 TlA DF1 TLA DF1 TLA DFI TLA DFI 285 8 4 14 64 336 13 7 50 43 391 7 3 24 85 734 24 17 100 79 1095 30 7 41 194 191 13 6 10 22 1878 101 3 127 317 450 45 5 19 64 12 18 9 28 34 7 50 9 19 29 65 70 10 20 45 64 8 45 126 84 9 66 119 189 31 105 448 205 9 21 58 31 55 112 640 473 35 24 32 40 103 0 29 5 63 25 14 122 39 21 4 66 3 5 2 I II 7 lOS 99 45 4 16 8 Source: Lee (1989).

Each of these propositions has been, and is still being, subject to extensive examination and the interested reader is directed to Rodrik (1993) for an excellent survey of this ongoing research. As noted in this review, recent developments in trade theory have significantly undermined the classical argument for trade reforms. ), 1989). Also, the new endogenous growth theories give little support to the belief that trade liberalization will necessarily improve growth performance. In models of the type developed by Grossman and Helpman (1991) and Rivera-Batiz and Romer (1991), for example, it can be shown that such policies are likely to enhance growth only to the extent that innovative activity is more closely linked with exports rather than with import-competing activity; otherwise, they are likely to diminish it.

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