ABSTRACT
With a record of sustained high growth over several decades, East Asia became the place where developing countries looked for inspiration and advice, and tested policies to improve their economic performance. Many lessons have been drawn from the pooled experience of successful East Asian economies. The World Bank’s study on The East Asian Miracle (1993) highlighted the key role of public policy in explaining that success. Today, instead of turning their attention away from East Asia because of the crisis, developing countries may find the region an even more relevant place from which to learn about mistakes that should not be repeated. After being lulled into complacency by remarkable economic performance, East Asia has received a necessary wake-up call. Understanding what went wrong is often a better teacher than knowing what was right. How developing countries assess East Asia’s overall experience will definitely have an effect on their own development policies and orientation and their long-term strategies.
