2

Patterns of economic growth

Narratives and realities

Before undertaking an institutional interpretation of variations in late–late development, it makes sense to explore some of the more prominent alternative explanatory frameworks, particularly those that interpret rapid growth as mainly driven by liberalizing markets. Thailand and the Philippines represent two of the so-called ASEAN-4 emerging markets – a categorization of growing economies associated with relatively open politics and free trade. Note, however, the particularly instructive rhetorical device: this term places liberalization at the center of the definition of successful economic development – the emerging market. Dramatic growth among ASEAN-4 countries, occurring as it ...

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