The Rise of “The Rest”: Challenges to the West from Late-Industrializing Economies. By Alice H. Amsden. Oxford: Oxford University Press, 2001. 416p. $35.00.

Extract

Alice Amsden is one of the founders of the “statist” or “revisionist” school of East Asian economic development. Her earlier book, Asia's Next Giant (1989), refuted claims that growth in South Korea and other Newly Industrialized Countries was simply a function of high investment rates and correct prices, based in turn on the small-government fundamentals of stable, private property rights, macroeconomic stability, and trade liberalization. Amsden, along with others, emphasized the benefits of sector-specific state interventions distinctly at odds with neoclassical prescriptions.