The East Asian Model
It is not wrong to say that the East Asian development model was invented in the United States. Central to it is the concept of the development state, and, in the words of Financial Times columnist Martin Wolf: “It was America and Hamilton that invented that idea.”1 Pioneered by Hamilton, implemented in the late-nineteenth century by Bismarck’s Germany, transplanted to East Asia by Japan, adopted by Korea, and then—with significant variations and at world-reshaping scale—by China, the East Asian development model has delivered unprecedentedly rapid growth and transformative development.2
It has also, as a byproduct, reshaped ...
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