THE ROLE OF THE STATE IN ECONOMIC

Abstract

Since the 1960s, a pattern of rapid growth and integration into the world economy has occurred in some Asian countries. Some institutions such as the World Bank and the IMF said it was an Asian Miracle. This research tried to explore the reasons behind their successes. The study focused on the experiences of three Asian countries namely South Korea, Malaysia and Thailand: particularly on the state’s role in their industrialisation processes during the 1960s and the 1970s. The chosen data were carefully selected from secondary sources due to time and financial constraints, but whenever possible the primary sources such as interviews with renowned economists which were carried out by other interviewers on the experiences of these countries successes were included. This study found that the political will or state’s commitment to economic development, capable and insulated institutions as well as competent and uncorrupted bureaucrats, stable and open macroeconomy, high human-capital development, and export-oriented strategy which was fully integrated with the world market were the key success factors of their industrialisation processes. Thus these five key factors have become my recommendations for future Burmese economic reform especially in her industrialisation process.