Joe Studwell's analysis of why some Asian economies (Japan, Korea, Taiwan, China) succeeded dramatically while others (Philippines, Indonesia, Thailand) stagnated — identifying the three policies that explain the difference.
The three-stage development formula: Studwell's argument is that successful Asian development required: (1) land reform to maximize agricultural productivity and release labor, (2) infant industry protection to build export-competitive manufacturing, (3) financial system directed toward productive investment rather than consumption or financial speculation. Countries that followed all three (Japan, Korea, Taiwan, China) succeeded; those that adopted only one or two (Philippines, Indonesia) did not. A powerful challenge to Washington Consensus development economics.
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