Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Resurgent Asia: Reinforcing Faith Back in Flexible Capitalism (Markets)


Affiliations
1 Institutes of Affiliation before Retirement: Professor and Head, Department of Humanities and Social Sciences, National Institute of Technology, Srinagar, Kashmir; and Professor and Head Economics Area, Birla Institute of Management Technology, Greater Noida, Uttar Pradesh, India
     

   Subscribe/Renew Journal


While the developed world’s transformations had materialised exclusively under capitalism, attempts to explore new systems, ostensibly for faster and inclusive growth, began after the 1917 Bolshevik Revolution in Russia. But communist China’s 1978 pioneering and rewarding market embrace did not only reinforce faith back in capitalism, broadly defined, but also made the embrace nearly universal soon after. How rewarding has the embrace really been? Since Asia, the world’s most populous and impoverished continent until 1950, has been the fastest growing region of the world economy thereafter, notably after wider market embrace, it offers an ideal field to investigate and identify the best performing economic system.
Subscription Login to verify subscription
User
Notifications
Font Size

  • Adams, F. Gerard (2006), East Asia, Globalization, and the New Economy, Routledge, New York, pp. 55-57; 3.
  • Alam, Jahangir (1999), A Review of Economic Reforms in Bangladesh and New Zealand, Research Report 240, Agriculture and Economic Research Unit, Lincoln University, New Zealand, p. 12.
  • Ashton, T.S. (1972), The Industrial Revolution 1760-1830, OUP, London, pp. 142-161.
  • Athukorala, Prema-Chandra, Edimon Ginting, Hal Hill and Utsav Kumar (Eds.) (2017), The Sri Lankan Economy, Asian Development Bank, Manila, pp. 6-7.
  • Bairoch, Paul (1982), International Industrialization Levels from 1750 to 1980, The Journal of European EconomicHistory,11(1): 269-333.
  • Balu, Rosie (2016), Chinese Society: The New Class War, The Economist, Special Issue, July 9.
  • Chang, Ha-Joon (2006), The East Asian Development Experience: The Miracle, the Crisis and the Future,London and New York: Zed Book and TWN (Third World Network), Penang, Malaysia, pp. 1 and 17.
  • Clark, Gregory (2007), A Farewell to Alms: A Brief Economic History of the World, Princeton University Press, Princeton, pp. 1 and 113.
  • Cumings, Bruce (1999), Parallax Visions: Making Sense of American – East Asian Relations, Duke University Press, Durham, N.C, p. 44.
  • Farrell, F. Martin (1997), Global Power or East Asian Tinderbox? in T. Mark and Douglas A. Borer (Eds.), The Rise of East Asia: Critical Visions of the Pacific Century, Routledge, London.
  • Fukui, Haruhiro and Shigeko. N. Fukai (1997), The End of the Miracle: Japanese Politics in the Post-Cold War Era in Berger, T. and Mark and Douglas A. Borer (Eds.), The Rise of East Asia: Critical Visions of the Pacific Century, Routledge, London, p. 37.
  • Golub, Philips S. (2016), East Asia’s Re-emergence,Polity Press, Cambridge, pp. 5; 79-103; 104-105; 108.
  • Hunt, E.K. and Jesse G. Schwartz (Eds.) (2008), A Critique of Economic Theory, Penguin Books Harmonds Worth, p. 38. Husain, Ishrat (2012), Economic Reforms in Pakistan: One Step Forward, Two Steps Backwards, The Pakistan Development Review, 51(4): 7-22.
  • Johnson, Chalmers(1987), MITI and the Japanese Miracle, Stanford University Press, Stanford, pp. 19 and 136.
  • Joshi, Vijay (2017), India’s Long Road: Search for Prosperity, Oxford, New York, pp. 6; 27.
  • Keynes, J.M. (1930), The Economic Possibility of Our Grandchildren: Essays in Persuasion, Macmillan, London, p. 360. Krugman, Paul (2015), The Insecure American, New York Times, May 29.
  • Lim, Hank and Yamada Yasuhiro (Eds.) (2012), Economic Reforms in Myanmar: Pathways and Prospects, BRC Research Report 10, Bangkok, p. 2.
  • Maddison, Angus (2007), The World Economy: A Millennial Perspective,Academic Foundation (Indian Edition), New Delhi, pp. 169 and 201; 142-46; 30; 142-48; 125 and 329; 142; 215.
  • Majumdar, Sumit K. (1912), India’s Late, Late Industrial Revolution: Democratizing Entrepreneurship,Cambridge University Press, New York, pp. 251 and 6-7.
  • Marsh, Peter (2012), The New Industrial Revolution: Consumers, Globalization and the End of Mass Production,Yale University Press, Connecticut, pp. 223-24; 227.
  • Nelson, R.R. and Howard Pack (1999), The Asian Miracle and Modern Growth Theory, The Economic Journal, 109(457): 416-436.
  • O’Sullivan, John (2011), A Game of Catch-up, The Economist, Special Issue, September, pp. 5 and 24. Panagariya, Arvind (2012), Poverty of Ideas, The Economic Times, April 18, p. 3.
  • Roll, Eric (1953), A History of Economic Thought,Faber and Faber Ltd, London, p. 188.
  • Rosefielde, Steven (2013), Asian Economic Systems,World Scientific Publishing Co, Singapore, pp. 44-45 and 225.
  • Sachs, Jeffery (2005), The End of Poverty: Economic Possibilities for our Time,The Penguin Press, New York, pp. 32-33.
  • Schumpeter, Joseph A. (1966), Ten Great Economists.George Allen and Unwin Ltd., London.
  • Sharma, Shalendra D. (2010), China and India in the age of Globalization,University Press, Cambridge, pp. 76 and 140.
  • Stiglitz, Joseph E. and Shahid Yusuf (Eds.) (2001), Rethinking the East Asia Miracle,Oxford University Press, New York, pp. 510; 1-3.
  • Stubbs, Richard (2005), Rethinking Asia’s Economic Miracle: The Political Economy of War, Prosperity and Crisis,Palgrave Macmillan, New York, pp. 52-53; 60.
  • Wade, Robert (1990), Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization, Princeton University Press, Princeton, p. 5.
  • Wen, Yi (2016), The Making of an Economic Superpower: Unlocking China’s Secret of Rapid Industrialization, World Scientific Publishing Co, Singapore, pp. 1-2; 9; 99; xi-xii.
  • World Bank (1993), The East Asian Miracle: Economic Growth and Public Policy,Oxford University Press, New York, pp. 10-11; 86-87; 7; 2-5; 160; 37; 10; 52; 366.

Abstract Views: 772

PDF Views: 1




  • Resurgent Asia: Reinforcing Faith Back in Flexible Capitalism (Markets)

Abstract Views: 772  |  PDF Views: 1

Authors

M.L. Pandit
Institutes of Affiliation before Retirement: Professor and Head, Department of Humanities and Social Sciences, National Institute of Technology, Srinagar, Kashmir; and Professor and Head Economics Area, Birla Institute of Management Technology, Greater Noida, Uttar Pradesh, India

Abstract


While the developed world’s transformations had materialised exclusively under capitalism, attempts to explore new systems, ostensibly for faster and inclusive growth, began after the 1917 Bolshevik Revolution in Russia. But communist China’s 1978 pioneering and rewarding market embrace did not only reinforce faith back in capitalism, broadly defined, but also made the embrace nearly universal soon after. How rewarding has the embrace really been? Since Asia, the world’s most populous and impoverished continent until 1950, has been the fastest growing region of the world economy thereafter, notably after wider market embrace, it offers an ideal field to investigate and identify the best performing economic system.

References





DOI: https://doi.org/10.21648/arthavij%2F2022%2Fv64%2Fi3%2F215277