The Enlightened Economist reviews Joe Studwell’s book, How Asia Works: Success and Failure in the World’s Most Dynamic Region. He highlights three key steps:
- land reform, where large plantations are broken into smaller — and surprisingly more productive — family-owned farms;
- export subsidy of key domestic manufacturing industry, rather than protectionism through creating barriers to imports; and
- control of large-scale, high-end financial services while extending the scale of low-end consumer and small-business finance.