ABSTRACT
It is with hope and satisfaction that one turns from the rest of the developing world to the countries of East Asia, whose economic growth in the last two or three decades has been so remarkable. Between 1960 and 1978, real per capita growth in South Korea was 9.9 per cent per annum; in Hong Kong, 9 per cent; in Taiwan, 6.2 per cent and 6 per cent in Singapore and in Japan; and Japan's high rate of growth during this period actually represented a diminution, in industrial maturity, from its double-digit peak a decade earlier. This growth, moreover, has been accompanied by a decrease in inequality of incomes which has been so sharp that income distribution in Taiwan and South Korea is now comparableto that of Holland, Denmark or Sweden.
