Governments and Markets in Economic Development Strategies

M. SHAHID ALAM is currently teaching at Northeastern University and has taught at Colgate, Queen's, and Karachi Universities. He has published in the American Economic Review, American Journal of Economics and Sociology, Journal of Development Economics, Southern Economic Journal, and Economic Letters.

Many social scientists have explored the economic success of Korea, Taiwan, and Japan, each of which has experienced dramatic economic growth over a relatively short period of time. M. Shahid Alam presents a controversial thesis by emphasizing the interventionist character of the export-oriented approach to the success of these three countries. Concern with the rapid development of comparative advantage in the industries they have promoted has, he believes, distinguished these three economies. This concern has led to both market and non-market interventions with the trade regime, capital markets, market structures, etc. The book explores how Taiwan and Korea changed from import substitution to the export-oriented approach with significant success. The point is made that export-oriented economies make more demands on the government, so that success in different countries cannot be assured.

Alam presents a controversial thesis by emphasizing the interventionist character of the export-oriented approach to the economic success of Korean, Taiwan, and Japan. The rapid development of comparative advantage in the industries they have promoted has distinguished these three economies.