An enquiry into the Asian growth model Dilip K. Das

During the post-World War-II period, several Asian economies turned in stellar performances. They achieved sustained growth with low inequality in a short time span. The term economic 'miracle' was sequentially used for several of them. How they achieve the onerous and elusive goal of rapid and sustained growth when many other regional and global economies could not is the all-important question. This is a serious, intense and meaningful inquiry and has given rise to new and influential theoretical concepts in economics. There are significant differences in economic structures as well as the growth paradigm chosen by each individual Asian economy. However, there are common threads that underlie the differences in development strategies. Export-led growth, government intervention and state-capitalism are among the common policy strands. Asian economies are also known for benign government-business relationship.