Global economy

MANDATORY LENGTH OF ASSIGNMENT: 3000 WORDS, (+/- 10% tolerance ) WITHOUT REFERENCE Harvard Referencing Required Q: Is the so-called Asian Miracle best explained by protectionism? If so, why protectionism worked in East Asia but failed in other countries? What are the main differences and similarities between the three “waves” of the miracle, in terms of policies, factors influencing success and outcomes. This discussion should analyse to what extent protectionism (trade restrictions, industrial policy) is enough to explain the miracle and whether there is a more comprehensive range of factors that made protectionist policies work in the “East Asian Miracle” despite the failures of protectionism in other parts of the world and history. Elaborate with examples given. Countries: First wave: South Korea, Taiwan, Hong Kong, Singapore Second wave: Malaysia, Indonesia, Philippines, China Third wave: Vietnam, Laos, Myanmar, Burma. ***This is NOT an essay about Japan. If you use examples from Japan you will be penalised.