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The West and the East approach economic development differently. The Europeans and Americans stress free and fair business climate, promoting private activities generally without picking winners, and improving governance. East Asia is interested in achieving concrete results and projects rather than formal correctness, prioritizing a few sectors for industrialization, and eventual graduation from aid. The West mostly shapes shifting strategies of the international donor community while the East has in reality made remarkable progress in industrial catch-up. The two approaches cannot be...

This is an easy-to-read book that explains how and why Japan industrialized rapidly. It traces historical development from the feudal Edo period to high income and technology in the current period. Catch-up industrialization is analyzed from a broad perspective including social, economic and political aspects. Historical data, research and contesting arguments are amply supplied. Japan's unique experience is contrasted with the practices of today's developing countries. Negative aspects such as social ills, policy failures, military movements and war years are also covered.