Jose Edgardo Campos - The Key to the Asian Miracle: Making Shared Growth Credible

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title	:	The Key to the Asian Miracle : Making Shared Growth Credible
author	:	Campos, Jose Edgardo.; Root, Hilton L.
publisher	:	Brookings Institution Press
isbn10 | asin	:	0815713606
print isbn13	:	9780815713609
ebook isbn13	:	9780585321097
language	:	English
subject	East Asia--Economic policy--Decision making, Asia, Southeastern--Economic policy--Decision making, East Asia--Economic conditions, Asia, Southeastern--Economic conditions.
publication date	:	1996
lcc	:	HC460.5.C26 1996eb
ddc	:	338.95
subject	:	East Asia--Economic policy--Decision making, Asia, Southeastern--Economic policy--Decision making, East Asia--Economic conditions, Asia, Southeastern--Economic conditions.

Page iii The Key to the Asian Miracle Making Shared Growth Credible Jose Edgardo Campos Hilton L. Root

Page iv About Brookings The Brookings Institution is a private nonprofit organization devoted to research, education, and publication on important issues of domestic and foreign policy. Its principal purpose is to bring knowledge to bear on current and emerging policy problems. The Institution was founded on December 8, 1927, to merge the activities of the Institute for Government Research, founded in 1916, the Institute of Economics, founded in 1922, and the Robert Brookings Graduate School of Economics, founded in 1924. The Institution maintains a position of neutrality on issues of public policy. Interpretations or conclusions in Brookings publications should be understood to be solely those of the authors. Copyright1996 THE BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W., Washington, D.C. 20036 All rights reserved Library of Congress Cataloging-in-Publication data Campos, Jos Edgardo The key to the Asian miracle: making shared growth credible / Jose Edgardo Campos, Hilton Root. p. cm. Includes bibliographical references and index. ISBN 0-8157-1360-6 (cloth : alk. paper) 1. East AsiaEconomic policyDecision making. 2. Asia, SoutheasternEconomic policyDecision making. 3. East Asia Economic conditions. 4. Asia, SoutheasternEconomic conditions. I. Root, Hilton L. II. Title. HC460.5.C26 1996 338.95dc20 96-428 CIP 9 8 7 6 5 4 3 2 The paper used in this publication meets the minimum requirements of the American National Standard for Information SciencesPermanence of Paper for Printed Library Materials, ANSI Z39.48-1984 Typeset in Palatino Composition by Monotype Composition Company, Inc. Baltimore, Maryland Printed by R. R. Donnelley and Sons, Co. Harrisonburg, Virginia

Page v To our parents: Marita, Peping, Rosaline, Stanley

Page vii Preface Three explorers, Ken, Doug, and Rebecca, reached a planet that resembled earth only to find themselves trapped in a broad crater, twenty feet deep and six feet wide. The soil in the crater was rich enough for small wild plants bearing edible berries to grow during the spring and summer. But the cold months had just arrived, and although the explorers had enough clothing to keep warm, they had saved barely enough berries to last a few days. Thus death by starvation awaited them if they failed to climb out. To solve their problem, Rebecca, an applied neoclassical economist, suggested that Ken stand on Doug's shoulders and she on Ken's. Doug was the tallest of the three, and Rebecca was the shortest. Their combined height would enable Rebecca to reach the shoulder of the crater and climb out. Ken, an economic theorist, argued that the plan was flawed. He asked what would prevent Rebecca from simply abandoning the remaining two once she got out. Hence, he opposed the solution. Doug, an institutional economist, concurred with Ken but then countered with a variant. He agreed to be the bottom person and thus the last one out. But then he required both Rebecca and Ken to surrender their clothes to him. That way, he argued, they would have to pull him out, because without clothes they could not survive more than a few hours in the cold. Rebecca and Ken recognized the validity of Doug's argument. Without clothes the two explorers who went first had an incentive to pull the third one out. The solution to the problem required an agreement or bargain among all three parties. The task of climbing out of poverty and underdevelopment is similar to the dilemma of the three explorers. The appropriate policies are well known, but mechanisms must be designed to gain the support of those parties whose cooperation is necessary for the policies to work. Rebecca's solution for getting the three out of the crater was ideal. But making it work required a mechanismsurrendering the clothes to the bottom personthat guaranteed all three a reasonable chance to

Page viii escape. Each individual had to believe that the solution could be successfully implemented, which implied that each one would share in the benefits. Like Rebecca's solution, the successful East Asian rulers designed special institutions to address a general feature of most development policiesthe benefits generally accrue in later periods while the costs are incurred earlier. The nonsimultaneity of benefits and costs makes the potential gains from a new policy or policy change largely promissory. East Asia's high performers developed institutions to make policies credible to the polity. Their leaders understood that policies would not work unless individuals and groups believed that the policies could be sustained and that they would enjoy some of the benefits. In the hope of providing concrete lessons for the rest of the developing world, this book explores the rationality of the structure and performance of characteristic institutions found among the high-performing East Asian economies. These institutions helped solve coordination problems that would have otherwise disrupted the implementation of growth promoting policies. Although these institutions might not be directly transferable to other countries, understanding how and why they work can guide others as they address the same problems and develop similar mechanisms to solve them.

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