By Howard Stein
Drawing on case-studies from the industrialization of East and Southeast Asian international locations, this article significantly examines the structural adjustment rules utilized in Africa because the Eighties. The Asian nation reviews comprise Singapore, Malaysia, Taiwan, South Korea, Hong Kong and Meiji Japan.
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Additional resources for Asian Industrialization and Africa: Studies in Policy Alternatives to Structural Adjustment
First, there is no explanation of the reason for the choice of the dates of 1981-1986 vs. 1987-1991. Choosing other dates could lead to different results (the Bank tries a few others which hardly captures the range of permutations). 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.
On the savings side, one can point to a var iety of factors. g. postal savings system). In some cases, governments were able to mobilize large pools of savings at the work place (Singapore's provident fund) . In other places, such as in Japan, savings habits were part of a pattern of maintaining wealth intact for several generations. Spreads were carefully maintained by government regulation to ensure that savers received a significant part of the prevailing interest rates (World Bank, 1993, p.
While authors like Oliver Williamson (1985) have stressed the role of governance structures within firms as a means of limiting opportunism and therefore transaction costs, what has been more important to success in Asian countries has been organizations that are able to encourage loyalty and trust. Mechanisms such as benefits that increase with time and lifetime employment were important in encouraging worker loyalty in Japan after World War I. These attributes have not only been important in intra-firm relations but in inter-firm interactions.