12 Reason ISSUE 1 2015 theLATEST Book review HOW ASIA WORKS SUCCESS AND FAILURE IN THE WORLD S MOST DYNAMIC REGION By Joe Studwell Grove Atlantic You think you really know some one until that person does some thing you never expected Such is the case with the national economies in Asia In the 1980s and 90s western pundits fully believed that East Asia Japan South Korea Taiwan Viet nam China Indonesia Malaysia the Phil ippines and Thailand in particular was undergoing a miraculous transformation from an agriculturally based tradition to an economic powerhouse Oddly enough this was happening not with each individual country but as a unified bloc And it was happening at light speed But what was actually happening And what would be the long term ramifications of all of this Joe Studwell founder of China Eco nomic Quarterly and an expert in the busi ness of Asia does his best to pierce through the veil of western misconception about the region and set the record straight By drill ing down deeper into three phases of eco nomic measure agriculture manufacturing and financial policy Studwell explains in detail how divergent decisions by govern ing bodies nurtured success in some coun tries including Japan Taiwan China and ebooks available APPLE IBOOKS AMAZON KINDLE BARNES NOBLE NOOK GOOGLE PLAY Korea and how poor policy decisions and weak leadership doomed others to relative mediocrity Indeed Studwell paints a compelling picture of two East Asias While he elimi nates the introverted and failed economies in the region North Korea Myanmar Cam bodia for example the author focuses on the nine that have achieved some form of success These happen to be split geographi cally northeast and southeast A particularly interesting section of the book compares the industrial policies of Malaysia in the southeast and Korea in the northeast Both countries set out with com mon domestic business structures but ended up with completely different outcomes In Korea Studwell writes effective policy changed the very nature of the economy in Malaysia key features of its old colonial economy remained intact and so bogged down even prevented that country s indus trial success He explores how Korea the more successful developing economy nur tured the relationship between the state and its private entrepreneurs Effective econo mies take advantage of that relationship by embracing it The cautious states like Malaysia maintain tighter control of indus try and therefore impede their own growth Studwell is keenly observant when it comes to tying together national character istics and behavioral quirks to a country s economic performance For example he refers to Taiwan as meek a behavioral tic that has resulted in average Taiwanese man ufacturing remaining merely suppliers to larger manufacturers The government also By drilling down deeper into three phases of economic measure agriculture manufacturing financial the author explains how divergent decisions by governing bodies nurtured success in some countries and doomed others to mediocrity

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