By Howard Stein
Drawing on case-studies from the industrialization of East and Southeast Asian international locations, this article seriously examines the structural adjustment guidelines utilized in Africa because the Eighties. The Asian state stories comprise Singapore, Malaysia, Taiwan, South Korea, Hong Kong and Meiji Japan.
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Drawing on case-studies from the industrialization of East and Southeast Asian countries, this article significantly examines the structural adjustment guidelines utilized in Africa because the Nineteen Eighties. The Asian kingdom experiences contain Singapore, Malaysia, Taiwan, South Korea, Hong Kong and Meiji Japan.
Additional resources for Asian Industrialization and Africa: Studies in Policy Alternatives to Structural Adjustment
By 1980 international capital controlled 76 per cent of all output and 86 per cent of all exports in the manufacturing sector. At the start of industrialization, unlike Africa, capital was not in short supply. However, like Africa, industrial entrepreneurs, technological expertise and international marketing assets and distribution channels were in short supply. Multinationals were tapped for these components. While maintaining an open economy, the state hardly took a laissez faire approach and constantly intervened with inducements to encourage international capital to move up the industrial ladder.
They avoided the burdens to exports that extending import-substitution to intermediate goods would have entailed' (p. 25). We will see below that this overstates the case and creates a rather false dichotomy. 36 Application of Asian Industrial Policy to Africa Second, outward orientation according to the World Bank was less of a policy shift in support of export orientation than ' . . an elimination in biases in these policies' or in other words, the '.. scrapping of disincentives to produce for export, or disincentives to use imported inputs when they were less expensive' (World Bank, 1981 c, p.
Attempts to emulate Singapore's approach have proved difficult. In Malaysia foreign capital was induced to locate into exporting zones. However, as the chapter on Malaysia indicates the zones have remained enclaves with few if any linkages to the rest of the economy. As a result, Malaysia is now looking at the strategy employed in Korea and Taiwan. Credit and Finance The case studies indicate that while interest rates were positrve or moderately negative in real terms'" in many of the countries over many of the years examined , the financial systems did not operate in any way like the neo-classical/adjustment view.