Asia's Journey to Prosperity: Policy, Market and Technology over 50 Years.

• Jurisdiction: Singapore
• Date: 01 April 2021
• Author: McCawley, Peter

Asia's Journey to Prosperity: Policy, Market and Technology over 50 Years. Manila: Asian Development Bank, 2020. Pp. 555.

Fifty years ago, at the end of the 1960s, most of Asia was still very poor. At the time, feeding a large and growing population and promoting agriculture were key challenges for the region. Half a century later, Asia has emerged as a centre of global dynamism. This important book, produced by the Asian Development Bank (ADB), surveys the reasons for the region's success.

The study was written with the strong support of the president of the ADB, Takehiko Nakao, who finished his seven years leading the bank in early 2020. In his Foreword, Nakao explains why he thought of taking up the subject: "I have long felt that discussions about Asian economic success were often too simplistic. Many scholars, especially from outside Asia, tend to overemphasize the role of strong state intervention and guidance. But Asia's success essentially relied on markets and the private sector as engines of growth. Economies started to grow faster when policies shifted from state intervention to market orientation, while governments continued to play some proactive roles".

The book provides...