Economic Development in Third World

Japan was the first nonwestern society to become first a political Great Power, and by the 1960s an emergent economic Great Power as well. In the course of the 20th century, several Latin American countries also reached an intermediate level of development, not yet quite rich and modern, but no longer entirely poor and backward. However, it was in East Asia, most notably South Korea, that the most remarkable development transition was seen; countries that had been among the world's poorest as recently as the 1950s were by the 1980s approaching full parity with the developed world. It is accordingly these countries that have attracted great attention for their development experience and the lessons it may offer for other developing regions. The following discussion will be devoted to an evaluation of the Korean development experience, in particular comparison to that of Latin America.

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y to interfere with the actions of the free market, and needing to be restrained from doing so. The paradox is not a real one, however, because it is predicated on the assumption that the state is the only social actor with an interest in interfering with the market. In fact, numerous social actors have an interest in shielding themselves from market forces, or in positioning themselves to capture economic rents. Established business groups may seek to cartelize, fixing prices and barring competition. Rural interests may seek to set agricultural prices artificially high, or urban interests to set them artificially low. Elites of all sorts may try to enhance their rents, or coalitions among different sectors to divide the pie among themselves. It is true that all such interests seek to use the state machinery, capturing it and turning it to their own ends. A policy of market-oriented liberalization, as much as any other development policy, requires a state strong enough to resist pressures from influence sectors and interest groups to distort the market structure in their favor. A strong state as as much needed to provide the market the freedom to get prices (including, for example, interest rates) "right," as much as
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Some common words found in the essay are:
Latin American, South Korea, East Asia, Latin America, East Asian, Kim Geisse, South Korean, Germany United, South Korea's, Asian NICs, latin american, south korea, latin america, east asian, economic development, amsden 1989, haggard 1990, latin american countries, american countries, development experience, economic planners, kim geisse 1988, latin american development, east asian development, newly industrialized countries,
Approximate Word count = 5809
Approximate Pages = 23 (250 words per page)

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