The visible hand and the industrialization of East Asia

Among the many different growth experiences in the postwar period, those of a number of economies in East Asia, which have earned the appellation of "miracle", stand out above all others. The fast pace of development in this region has been reflected in the steeply rising trends of both output and living standards, and has gone hand-in-hand with swift industrialization. The process has been driven by an impressive pace of capital accumulation, without which it would have been impossible so rapidly to improve methods of production and the quality of output, to diversify the range of goods and services produced and to compete successfully in world markets for manufactured products.

Sustainable Development Goals:

Decent Work and Economic Growth

Partnerships for the Goals