How Asia Works

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In the 1980s and 1990s, many in the West believed in the myth of an East-Asian economic miracle, viewing Japan and then China as dominant forces. Countries were labeled "tigers" or "mini-dragons," seen as culturally and economically unified and on the rise. Joe Studwell, a seasoned reporter in the region, aims to debunk these misconceptions. His extensive research on the economies of nine countries—Japan, South Korea, Taiwan, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and China—reveals the truth behind their economic trajectories. Studwell's analysis emphasizes three key areas: land policy, manufacturing, and finance. He argues that land reform has been crucial for economic success, enabling the use of a large workforce and providing necessary capital. Regarding manufacturing, he asserts that mere industrial development is insufficient; countries must enforce "export discipline" to ensure global competitiveness. Effective financial regulation is also vital for fostering and sustaining growth. Through compelling examples, from a Philippine sugar baron's resistance to reform to the rapid expansion of a Korean steel mill, Studwell presents a thorough exploration of these themes. His work is essential for understanding the development of these dynamic nations, which will significantly influence the future of the global landscape.