By Howard Stein
Drawing on case-studies from the industrialization of East and Southeast Asian international locations, this article severely examines the structural adjustment rules utilized in Africa because the Eighties. The Asian state reviews comprise Singapore, Malaysia, Taiwan, South Korea, Hong Kong and Meiji Japan.
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Extra info for Asian Industrialization and Africa: Studies in Policy Alternatives to Structural Adjustment
The question that needs to be answered is not what is the level of the deficit but what is being supported by the deficits and could there be a better use for the credit. 19. In 1982, for example, Singapore had a gross savings rate of 41 per cent while Korea's was only 24 per cent (World Bank, 1984, p. 227). Dornbusch and Reynoso (1993), drawing on the literature, find no evidence that positive real interest rates raise the level of savings. 20. In 1965, just prior to the big surge in industry, Singapore's and Korea's gross domestic savings rates were signilicantly below those in SubSaharan Africa.
Despite the neo-c1assical path the policy measures supporting industrialization were far from neo-classical in all but Hong Kong and Singapore. (1993, p. 12) The Bank in its study provide a variety of crude tests to try to buttress their position. What is particularly interesting is that some of the results quite clearly support the opposite conclusion. For example, using Syrquin and Chenery's (1989) predicted sectoral shares of value added/GOP (based on average per capita GDP and population) for Hong Kong, Korea, Thailand and Singapore (no data for Taiwan) had significantly higher manufacturing sectors relative to the norm in the I980s.
Second, some countries in the categories began programs well before 1986 while others were after (see footnote one). If early adjusters abandoned adjustments due to negative economic consequences and if one assumes any lag time between policies and their effects then some of the poor results in the latter time period may be due to adjustment not due to a lack of adjustment. A similar line of argument could be used on the 'large improvement' category . Third, to determine the classification of countries, the Bank assigned the number minus three through plus three to ranges of changes in six sub-categories of macro policies (like fiscal balances) equally weighted.