ABSTRACT
The neoliberal approach, with its emphasis on the mutuality of interests between rich and poor countries, promotes the idea that the policy lessons derived from the experiences of the Asian NICs are the clear-cut causes of the NICs’ success. Neoliberal theory highlights the role of private enterprises as the main vehicle of the Asian NICs’ economic development. Although the incisive role played by the visible hand of the state is not denied as a source explaining the ‘exceptional’ success of the Asian NICs, the neoliberals stress the state’s contribution when removing the obstacles to economic growth. Moreover, the neoliberals present government intervention as outward-looking, market-oriented policies in combination with rapid improvement in human resources and institutional development. One can be critical about the neoliberal explanation of the Asian NICs’ development trajectory and consider their success as an achievement that owes much to a coercive political system resting on long working weeks, low wages and an underdeveloped welfare state. Therefore we shall give in this article a rather critical account of the achievements of the Asian NICs.
