By Charles Calomiris
The global development towards privatization, liberalization, and globalization has produced immense financial advantages.
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Additional resources for A Globalist Manifesto for Public Policy (Occasional Paper, 124)
During the pre-World War I era, Japan’s growth was exceptional. As the data on per capita income show, other countries outside western Europe or areas of British colonisation failed to replicate successful industrialisation and wealth creation. The relatively slow growth of Latin America in the nineteenth and twentieth centuries has been the subject of lengthy debate. Although undoubtedly the United States enjoyed some natural advantages (for example, the convenient placement of coal and iron resources, and the favourable climate for agriculture), and also was populated by residents of the home country in a more favourable way than in Latin America (that is, by permanent settlers in search of freedom and opportunity who initially became small landowners), such factors do not fully explain the difference.
The main implication for national economic policy for developing countries is that they should open themselves to global competition in trade, to foreign entry by firms, and to international capital flows. Some historians who are acquainted with the facts I have reviewed are more circumspect. Is it not true, after all, that many of the most successful industrialisers historically (including the United States) relied upon protective tariffs and non-tariff barriers to trade during critical early phases of their industrialisation?
From this perspective, it is not surprising that East Asian growth petered out in the mid-1990s. 20 Indeed, the weak20 Alwyn Young, ‘The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience’, Quarterly Journal of Economics, 100, 1995, pp. 641–80. 30 Source: Angus Maddison, The World Economy: A Millennial Perspective, OECD, 2001, p. 146. ness and ultimate collapse of the Thai, Korean and Indonesian banking systems provide an important perspective on rapid East Asian growth in GDP, one that reiterates the message of Table 3, that the Asian ‘miracle’ occurred in spite of the relatively unproductive use of inputs.