THE ECONOMICS OF RAPID GROWTH
The Experience of Japan and Korea
Japan and South Korea are two of the most important success stories in recent economic history. Both countries have succeeded in achieving remarkably high growth rates to transform themselves from isolated agricultural societies to major industrial powers.
In The Economics of Rapid Growth, Dirk Pilat uses catch-up theory to explain why countries with lower levels of income can use the technology of more advanced economies to foster growth and industrialization. His analysis emphasizes the importance of pre-existing education levels, financial and commercial institutions and infrastructure to explain the rapid economic growth of Japan and Korea. A growth accounting framework is used to show the contribution of capital, labour and land to the rapid economic growth from the early 1950s. This growth is put in an international perspective by detailed sectoral productivity comparisons which include discussion of some of the measurement problems implicit in international comparisons. The final parts of the book look at the links between productivity and competitiveness, as well as the role of trade policy and exports in productivity growth.
This acclaimed book will be widely read by researchers, students and policymakers concerned with growth, development and the emergence of two of the most powerful economies in the modern world.
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What Reviewers Are Saying
`An excellent study of Japanese and Korean economic performances during this century, analysing how and how far they have turned themselves into major industrial powers.' -- Aslib Book Guide `. . . a first rate piece of work, carefully done, full of illuminating details, and offering a rich body of materials for others to work with. . . ' -- William J. Baumol, New York University and Princeton University, US `A meticulous and authoritative study of Japanese and Korean economic performances in the twentieth century. A penetrating analysis of how and how far they have caught up with Western economies.' -- Angus Maddison, University of Groningen, The Netherlands `Highly recommended for all serious students of East Asian economies. Upper-division undergraduate through faculty.' -- K.B. Lee, Choice `Annex tables, which run to nearly a quarter of the book, should prove very useful to future researchers. In this regard, the author should be given credit. . .' -- Man-Seop Park, The Manchester School `. . . well written and presented with a helpful bibliography. . . . a substantial addition to our understanding of catch-up and the basis for further research on Japan and Korea.' -- W.J. MacPherson, Asia Pacific Business Review `The monograph under review is a painstaking and through piece of research. It is addressed towards academic economists interested in economic growth. Economist interested in the endogenous growth theory will find this monograph particularly useful.' -- Dipak Ghosh, Science, Technology & Development