Economic Liberalism and the Developmental State

This book provides a fresh perspective on the debate over the role of the state in East Asia's development history. Comparing the post-war development policies of Singapore and Hong Kong, it argues that their strong economic performances preceded and persisted despite, not because of, developmental state policies. While both nations are not pure free markets, the Hong Kong economy comes closer to that ideal and exhibited clear advantages over state-driven Singapore, in terms of greater levels of indigenous entrepreneurship, productivity and innovation.

The book highlights the complex ways in which states penetrate markets, which are often neglected in liberal accounts of Hong Kong and Singapore as 'free-market success stories'. At the same time, it also stands as a cautionary tale on the use of non-comprehensive development planning in the twenty-first century, where an unprecedented degree of complexity complicates economic policy and industrial upgrading. The book renews the case for economic liberalism in development policy through a unique Asian cultural lens.

Provides a fresh perspective on the debate over the role of the state in development policy Compares the post-war development policies of Singapore and Hong Kong Offers a cautionary tale on the use of non-comprehensive development planning

Autorentext
Bryan Cheang is Assistant Director of the Center for the Study of Governance and Society, King s College London, UK. His research interests are in the political economy of development and applied economic policy, with a specific focus on the institutional arrangements of the entrepreneurial state and the efficacy of industrial policy interventions.

Inhalt

1. Developmental State and Economic Liberalism.- 2. Economic Freedom, Institutional Arrangements, and Local Context.- 3. State Capitalism vs. Entrepreneurial Capitalism.- 4. Development Requires Freedom.- 5. Hong Kong and Singapore as an Anglo-Chinese Success Story.- 6. Reassessing Relative Economic Performance.- 7. State and the Creative Class.- 8. Conclusion: Reconsidering Developmental State Exceptionalism.