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What makes a tiger? : Comparing economic growth in South Korea and Indonesia from 1945 through the Asian financial crisis

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  • What makes a tiger?
  • Loubere, Nicholas
  • Stanford University


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Title What makes a tiger?
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Sub Title

Comparing economic growth in South Korea and Indonesia from 1945 through the Asian financial crisis

Material Type Articles
Author(English)

Loubere, Nicholas

Publisher

[Stanford]:Stanford University

Date 2011
Journal Title; Vol./Issue The Stanford Journal of East Asian Affairs:
Pages 13
Subject Country Indonesia(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Economy < Direct Investment
Holding Stanford University

Abstract

In the early 1960s, South Korea and Indonesia were two of the poorest countries in the world. The next four decades saw South Korea achieve the economic miracle of becoming the world’s eleventh-largest economy and a member of the OECD. During this period, Indonesia and other ASEAN countries posted impressive GDP growth but ultimately came nowhere close to the level of development achieved by South Korea or the economies of the other “Asian Tigers”. This article examines the reasons for the striking difference in economic growth between South Korea and Indonesia, as well as some reasons for their surprisingly similar falls during the 1997 Asian Financial Crisis. The author concludes that, while there are many contributing factors, the main reason for the discrepancy in growth lies in the different economic policies employed by the US in relation to each country. (The rest omitted)