The Economics Book

IN CONTEXT

FOCUS

Growth and development

KEY EVENT

Japanese investment begins flowing into South Korea’s economy in 1965.

BEFORE

1841 German economist Friedrich List argues that protecting industry would help economies to diversify.

1943 Polish economist Paul Rosenstein-Rodan argues that poor countries need a “big push” to develop through state investment.

AFTER

1992 US economist Alice Amsden claims South Korea’s use of performance criteria fostered industrial growth.

1994 US economist Paul Krugman argues that the East Asian takeoff was a result of increases in physical capital rather than true innovation.

After World War II the economies of a cluster of ...