| University | Singapore University of Social Science (SUSS) |
| Subject | ECO352: Political Economy of Asia |
Question 1
The developmental state paradigm is an economic model that has been primarily used to analyze the Asian miracle. In particular, this model focuses on the economic governance of Japan, Singapore, South Korea, and Taiwan, outlining the key conditions for growth. A significant feature of the model is its duality characteristic that combines elements of state-led developmentalism and neoliberalism.
(a) Describe and discuss the core characteristics of the developmental state model. Then, explain how and to what extent the model is still applicable to Singapore, South Korea, and Taiwan in current times. You should analyze each of the three cases in detail.
(b) The strategy of export-oriented industrialization (EOI) has greatly contributed to both East and Southeast Asia’s economic success. Analyze the EOI strategy and comment on how it fits within the broader framework of the developmental state model. Critically discuss the EOI strategy in the context of Malaysia’s economic development. How and to what extent has Malaysia adopted the EOI strategy?
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