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Development strategies : Lessons from the experiences of South Korea, Malaysia, Thailand and Vietnam

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  • Development strategies
  • Khan, Haider A.
  • United Nations University, World Institute for Development Economics Research


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Title Development strategies
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Sub Title

Lessons from the experiences of South Korea, Malaysia, Thailand and Vietnam

Material Type Reports
Author(English)

Khan, Haider A.

Publisher

[Helsinki]:United Nations University, World Institute for Development Economics Research

Date 2010-02
Series Title; No Working paper // World Institute for Development Economics Research / 2010, 10
ISBN 978-92-9230-245-0
Subject Country Malaysia(Asia and Pacific)
South Korea(Asia and Pacific)
Thailand(Asia and Pacific)
Vietnam(Asia and Pacific)
Language English
File Type Link
Subject Official Aid < Development Assistance
Official Aid < Development Administration
Holding UNU-WIDER

Abstract

This piece synthesizes the development strategies of Korea, Malaysia, Thailand and Vietnam and draws some relevant lessons. Using a complex adaptive systems approach, strategic openness, a set of heterodox macroeconomic policies, creation of institutions for productive investment in both agriculture and industry, avoidance of severe inequalities and political conflict, special initial conditions and willingness to learn from unexpected developments are found to be some of these factors. Although no country can succeed by following mechanically the experience of another country cautious experimentation, rapid feedback and flexible, pragmatic policy-making with a strategic medium to long run perspective, can be helpful. Dynamic learning and flexible institution building are essential components of such a strategic approach to development.