The magnificent eight: World Bank seeks lessons from East Asia

Article Abstract:

The World Bank has studied East Asia's eight strongest economies to determine whether their method of state intervention in business and industry could be applied outside the region. The study was encouraged by Japan, who feels that the bank's strict adherence to liberalization and privatization reflects its particularly US-dominated beliefs. The bank's findings begrudgingly acknowledge that the economic success of some Asian countries is partially due to regulation by a well organized government bureaucracy. However, officials are quick to point to other, failed instances of government intervention.

Economic aspects, Industrial policy, East Asia, Asia, Eastern

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More ways to skin a cat

Article Abstract:

Japan's search for an international role found a channel in the World Bank. Japan is the second largest shareholder in the World Bank and can thus assert itself effectively. Bank of Japan Gov Yasushi Mieno and Executive Director at the World Bank Masaki Shiratori criticized the World Bank's excessive reliance on market principles such as reduction of subsidies, liberalization of financial markets and foreign exchange controls, privatization, etc., and instead proposed some degree of government intervention, which have worked well as seen from the experience of some Asian countries.

Analysis, Planning, Economic assistance, Foreign economic assistance

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Question of faith

Article Abstract:

Japanese officials at the World Bank are questioning the institution's present development policy advocating deregulation and liberalization. They contend that some forms of government intervention can also aid in national development, as evident in Japan and other East Asian countries. Masaki Shiratori, Japan's executive director to the agency, worked for the release in late 1991, of a controversial study which showed the viability of government intervention and which recommended a change in the World Bank's development policy.

International aspects

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