How Asia Works: Success and Failure in the World's Most Dynamic Region
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- Create Date：2021-04-12 11:57:16
- Update Date：2025-09-06
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- Author：Joe Studwell
- ISBN：1846682436
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Summary
Until the catastrophic economic crisis of the late 1990s， East Asia was perceived as a monolithic success story。 But heady economic growth rates masked the most divided continent in the world - one half the most extraordinary developmental success story ever seen， the other half a paper tiger。
Joe Studwell explores how policies ridiculed by economists created titans in Japan， Korea and Taiwan， and are now behind the rise of China， while the best advice the West could offer sold its allies in South-East Asia down the economic river。 The first book to offer an Asia-wide deconstruction of success and failure in economic development， Studwell's latest work is provocative and iconoclastic - and sobering reading for most of the world's developing countries。 How Asia Works is a must-read book that packs powerful insights about the world's most misunderstood continent。
Joe Studwell explores how policies ridiculed by economists created titans in Japan， Korea and Taiwan， and are now behind the rise of China， while the best advice the West could offer sold its allies in South-East Asia down the economic river。 The first book to offer an Asia-wide deconstruction of success and failure in economic development， Studwell's latest work is provocative and iconoclastic - and sobering reading for most of the world's developing countries。 How Asia Works is a must-read book that packs powerful insights about the world's most misunderstood continent。
Reviews
Jerre Mcquinn
，
This is a very clear and easy-to-follow description about three economic processes that were applied well in northeast Asia （Japan， Korea， and Taiwan） and not so well in southeast Asia （Malaysia， Indonesia， Philippines）。 The author makes the case why policies for developing countries are necessarily different from those for economies that are already developed。 The author advocates for the development of small farming （gardening）， technological learning （automobiles） to include export requiremen This is a very clear and easy-to-follow description about three economic processes that were applied well in northeast Asia （Japan， Korea， and Taiwan） and not so well in southeast Asia （Malaysia， Indonesia， Philippines）。 The author makes the case why policies for developing countries are necessarily different from those for economies that are already developed。 The author advocates for the development of small farming （gardening）， technological learning （automobiles） to include export requirements， and financial assistance （banking） for both。 And he notes that the IMF and the WTO expert advice need to be managed by each country to align with their own development goals and policies。 Finally， he applies these to China and maps its current and project development， as of 2013。 。。。more
Clémentine
，
Well structured book with 3 major parts resuming the decisions which contributed to the development of Asia economic : -Land reform to produce high yield household farming-Manufacturing focus oriented in export discipline -Financial repression and manipulation to these ends Overall， in a post Second World War context， North-East-Asian Governments did a pretty good job with effective land reform Programs。 Banks were kept under close control。 International inflows or outflows of capital were limit Well structured book with 3 major parts resuming the decisions which contributed to the development of Asia economic : -Land reform to produce high yield household farming-Manufacturing focus oriented in export discipline -Financial repression and manipulation to these ends Overall， in a post Second World War context， North-East-Asian Governments did a pretty good job with effective land reform Programs。 Banks were kept under close control。 International inflows or outflows of capital were limited so domestic capital stays under state control and development couldn’t be disrupted。 They set the need for industry to defer profit until adequate learning process。 Then， they deregulated with precaution。Unfortunately for South-East-Asia， land policy dysfunction， premature deregulation and absence of export discipline leaded to failure in development。 。。。more
Nathan
，
An excellent economic study of Asia – a lot can be learned。 Often， economic thought diverges in Asia compared to the West， and even from the IMF imperative of complete free market。 There is more emphasis on state financing， which is a double edged sword depending on whether the capital is used effectively or not。 Capital used to fund development of infrastructure， manufacturing; and analogously - land reform （to crack down on despotic land ownership） is ideal。 These factors help ensure a nations An excellent economic study of Asia – a lot can be learned。 Often， economic thought diverges in Asia compared to the West， and even from the IMF imperative of complete free market。 There is more emphasis on state financing， which is a double edged sword depending on whether the capital is used effectively or not。 Capital used to fund development of infrastructure， manufacturing; and analogously - land reform （to crack down on despotic land ownership） is ideal。 These factors help ensure a nations human capital is widely deployed， wherein it leads to frenetic output: such as in a country the size of China。 Overarching this environment is a cohesive public and private sector; which is interlinked by shared emphasis on achieving a nation's developmental goals。 Lastly， banks should be encouraged not just to lend high margin domestic loans， but also to industrial firms that meet one condition - export discipline。 Firms that can compete globally with efficient margins can further grow when given capital for vertical scaling: this has worked well for industry heavyweights such as: Taiwan Semiconductor， and POSCO Steel which in infancy were State firms。 。。。more
Grzegorz
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Great book to review the recent history of a few Asian countries - Japan， China， South Korea， Indonesia， Malaysia， the Philippines。 The author describes how these countries were developing for the decades after WW2 and gives opinions on what policies and circumstances made some of the countries work better than others。Key aspects according to Joe Studwell that made the difference:1。 Household farming2。 Export oriented manufacture3。 Closely controlled financial sector supporting the above。And add Great book to review the recent history of a few Asian countries - Japan， China， South Korea， Indonesia， Malaysia， the Philippines。 The author describes how these countries were developing for the decades after WW2 and gives opinions on what policies and circumstances made some of the countries work better than others。Key aspects according to Joe Studwell that made the difference:1。 Household farming2。 Export oriented manufacture3。 Closely controlled financial sector supporting the above。And additionally as one of one other reviewer described it "Don't let the cronies take control"。Household farming - the author suggests that moving from collective or landlord farming to household farming on smaller plots led to productivity increases which allowed the countries that adopted it （Japan， South Korea， later China） to put more energy and resources to other industries， mainly manufacturing。Export oriented manufacture - governments which successfully focused the country's entrepreneurs on export oriented manufactured products got richer， learned on the job and improved their products。 Other countries focused randomly on internal real estate， export farming （low value added enterprise）。Closely controlled financial sector supporting the above - Japan and South Korea used the financial sector to support the farmers and later the export oriented manufacturing companies。 The sector was not deregulated but closely controlled by the government to support the state policies。And in all those activites "don't let the cronies take control"。 Bad actors， corrupt politicians and land owners took over the control of the resources in Malaysia， Indonesia， the Philippines which delayed and dampened their growth。 These countries have still a larger poverty population than Japan， South Korea。I had zero knowledge about the development of Asian countries and the author makes a compelling argument for his theses。 His recommendation （household farming， export oriented manufacture， financial control） seem sensible yet， I feel there are still some other aspects missing to make a generalized theory of country development。 Still this is a great book to begin exploring the Asian economies。 。。。more
Lukasz
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recommended: asian culture [Patrick Collison — CEO of Stripe （#353） – The Blog of Author Tim Ferriss]（https://tim。blog/2018/12/20/patrick-c。。。） recommended: asian culture [Patrick Collison — CEO of Stripe （#353） – The Blog of Author Tim Ferriss]（https://tim。blog/2018/12/20/patrick-c。。。） 。。。more
Junaid
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Interesting alternative perspective on developmental economics。 However， underestimated China's ability to build global leading private companies over the last decade。 Interesting alternative perspective on developmental economics。 However， underestimated China's ability to build global leading private companies over the last decade。 。。。more
Arjuna
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An eye-opening account on the industrialization of the so called 'Asian Tigers' More comparative analysis of India and it's failures could have shed more light on the success in NE Asia。 Certainly， an important work that challenges the neo-liberal free market consensus and serves as an important defense of Listian infant industry economics。 An eye-opening account on the industrialization of the so called 'Asian Tigers' More comparative analysis of India and it's failures could have shed more light on the success in NE Asia。 Certainly， an important work that challenges the neo-liberal free market consensus and serves as an important defense of Listian infant industry economics。 。。。more
Pamela
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If you want to know how Japan， Taiwan， Korea and China became such super powers in such a “short” time， this is the book to read。 And it tells what is wrong with the rest of Asia that hasn’t made it yet。It is a good read and very clear with lots of pertinent details。
Lily
，
This book is not a page-turner。 It's a meticulously thorough， impassioned yet dry defense of export discipline。 It's broken down into four parts:1。 land reform is important in preparing your poor country for export discipline2。 your poor country must have export discipline， and it helps to do this through manufacturing3。 your country can mess up finances completely， but if you have export discipline， you'll be okay。 also never， ever， ever listen to the World Bank or any neo-liberal rich country This book is not a page-turner。 It's a meticulously thorough， impassioned yet dry defense of export discipline。 It's broken down into four parts:1。 land reform is important in preparing your poor country for export discipline2。 your poor country must have export discipline， and it helps to do this through manufacturing3。 your country can mess up finances completely， but if you have export discipline， you'll be okay。 also never， ever， ever listen to the World Bank or any neo-liberal rich country tell you to drop protectionist policies and participate in free-trade。 you should lie if you have to， or give them the finger like mao zedong did4。 China's economic growth will not last because its a crushing authoritarian regime （we shall see）Overall， I found it very informative！ 。。。more
Cyrus
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Pretty great read， a little repetitive but I guess when you're telling the IMF they've been wrong for decades you really have to beat the horse consistently well after it is deceased。 Title was a little misleading but good for Joe Studwell for finding the perfect title to sell a zillion copies。 Pretty great read， a little repetitive but I guess when you're telling the IMF they've been wrong for decades you really have to beat the horse consistently well after it is deceased。 Title was a little misleading but good for Joe Studwell for finding the perfect title to sell a zillion copies。 。。。more
Jacob Emrey
，
Not easy but worth itThis is an academic look at the economic successes and failures in Asia。 Considering the complexity of the topic this is a very concise yet informative book。 I wouldn’t necessarily recommend it to someone who has a very basic understanding of economics but rather for individuals who have at least a foundation in Macro/ history and are interested in diving a little deeper into a complex world。
Mbogo J
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I read a tweet sometime back that "development experts" peddle their wares in Africa while real development occurs in Asia。 You will never hear any of the Asian tigers in need of Sachs or any of those hot air peddlers。 That tweet being nothing but truth itself， its understandable why I read this; to see how real development comes about。 The short answer？ Its rough。 Forget your pet economic theory， real development comes about through land repossessions， Korea at some point caned and jailed waywa I read a tweet sometime back that "development experts" peddle their wares in Africa while real development occurs in Asia。 You will never hear any of the Asian tigers in need of Sachs or any of those hot air peddlers。 That tweet being nothing but truth itself， its understandable why I read this; to see how real development comes about。 The short answer？ Its rough。 Forget your pet economic theory， real development comes about through land repossessions， Korea at some point caned and jailed wayward entrepreneurs， capital controls， basically the opposite of what you've ever heard from someone who talks about some invisible hands。 Off course this book did this with more tact than what my opening paragraph has put out there， but its strength lies in the fact that Joe Studwell told it like it is。 Long ago I came to discover research reports from the "big" institutions were mostly propaganda， trying to shape reality through publications rather than fidelity to the truth。 It's all about agenda and your view point。。。This review should not turn into a diatribe。 This is a good book。 I feel it should be read in tandem with Ha-Joon Chang's Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism if you haven't read it already and see how the economy really operates。 。。。more
Timothy Luong
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“EXPORT DISCIPLINE”
Leonardo Tukiman
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While interesting read and definitely worth the read， I was looking for ways to enhance my understanding of economic shocks。 This does provide useful samples but i think the book Manias was much more educational for the number of pgs read
Alex Rhee
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TL;DR - Asia is powered by bubble tea and ramen and land reforms
胡疾
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First recommended book since my started working。 Didn’t manage to finished it continuously， but broke into different periods。 Largely a highly recommended book for those who are interested in the history of major Asia countries。 I particularly enjoyed the first part， where the authors diligently covers how gardening-agriculture plays a crucial role into a national’s economic success。 Not easy to digest everything in my opinion， but it definitely provides you with a broad enough perspectives to d First recommended book since my started working。 Didn’t manage to finished it continuously， but broke into different periods。 Largely a highly recommended book for those who are interested in the history of major Asia countries。 I particularly enjoyed the first part， where the authors diligently covers how gardening-agriculture plays a crucial role into a national’s economic success。 Not easy to digest everything in my opinion， but it definitely provides you with a broad enough perspectives to dig deport into interested sub sectors。 。。。more
Dmitry Or
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Essential book for people doing business in Asia。 More cultural background would be useful - 4+
Robert Morris
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Brilliant。 I feel like I learned more from this book than any I have read in years。 The breadth of history and geography it covers in a very short， approachable package is very impressive。 The book has insights on China， but more importantly it provides an easily digestible summary of the past half century+ of economic development in Japan， Taiwan， South Korea， Malaysia， Indonesia and the Philippines。 It situates China within that framework of success and failure。 For somebody like myself， who h Brilliant。 I feel like I learned more from this book than any I have read in years。 The breadth of history and geography it covers in a very short， approachable package is very impressive。 The book has insights on China， but more importantly it provides an easily digestible summary of the past half century+ of economic development in Japan， Taiwan， South Korea， Malaysia， Indonesia and the Philippines。 It situates China within that framework of success and failure。 For somebody like myself， who had only the slightest grasp on the history of East Asia beyond Japan and China， this book was super useful。 Studwell is very clear in his analysis， recommendations and judgements。 Perhaps a little too clear。 He sees Japan， Taiwan， South Korea， and China using the same development model successfully， and he sees Malaysia， Thailand， Indonesia and the Philippines as failures。 This was a little surprising for me， as someone who thinks of Malaysia and Indonesia as fairly successful countries。 These two countries have had a good decade， but when you look at the GDP per capita figures， today and historically， you can see Studwell's point。 At mid-20th century， the countries Studwell sees as failures were all at the same level as， or significantly richer than South Korea。 South Korea is now a fully developed country， South-East Asia's champions are not。 Studwell's recipe for success is simple: 1。 Solid Land Reform2。 Industrial policy disciplined by export performance3。 A financial system that supports bothOf course there's a lot more to it than just that。 The book gets into it。 The governments in question must be committed to their path， pragmatic， and focused on their long-term goals rather than short-term riches， for the public or their political cronies。 Perhaps most importantly， a government that wants to develop needs to develop its own competing sources of expertise， and be willing to ignore， and outright lie to institutions like the IMF and the World Bank who want them to adopt policies that aren't helpful。There was a lot I absolutely loved about this book。 It's gleeful trashing of political orthodoxy， left， right， neoliberal and socialist was delightful。 As somebody who knows a lot more about history than economics it was fun to be told that history is the more useful discipline for economic development。 It was great to finally get some solid case studies on the uses and misuses of economic orthodoxy。 So much criticism of multi-lateral banks is based in vague left wing insistence that they are evil。 Studwell has the receipts on multi-lateral stupidity， and lays them out forcefully and dispassionately。 He makes a convincing argument that IMF and World Bank policies make sense for countries that have reached a certain level of development。 After the 1997 financial crisis a range of countries were forced into a multi-lateral straitjacket of "Anglo-Saxon" economics。 This was disastrous for South-East Asian countries， but it may have hit South Korea at exactly the right time。 South Korea's industrial policies and Chaebol champions had served their purpose， and become too powerful。 "Free Trade" orthodoxy applied to the already mostly developed South Korea at the turn of the century may have helped the country beat the stagnation that Japan's model fell into。 Korea's economic performance in the seven years since this book has been published seems to support that thesis。 My only quibble is more a suspicion than a problem。 Is the story Studwell tells too compelling？ It all seems to hang together too perfectly。 Are there things being left out that don't fit the story？ seven years after publication， it seems more on point rather than less， which is no mean feat。 I'd love to read a good solid critique of this book。 My suspicion is that they are thin on the ground。 Studwell may be too unorthodox in his approach for folks to know how to answer his critiques。 Whether the picture presented is entirely accurate or not， we need more books like this。 The history of these developmental models is vitally important， and more interesting than you'd think。 What's even more important is the willingness the author demonstrates to dismantle orthodox thinking。 There aren't one or two or even three ways of looking at economic development。 Human potential is limitless。 We need more books that present alternative theories of development。 Not more additions to heavy bookshelves full of support for the "Washington Consensus" or Marxist alternatives。 。。。more
Madikeri Abu
，
One of the very informative and interesting books on macroeconomics of ASEAN countries I read in recent times， How Asia Works: Success and Failure in the World's Most Dynamic Region by Joe Studwell examines and investigates the successful economic policies pursued by countries like Taiwan， South Korea， Japan and China and the middle performers like Malaysia and Thailand and at the same why and how countries like Indonesia and Philippines faltered and failed to achieve the same level of success。 One of the very informative and interesting books on macroeconomics of ASEAN countries I read in recent times， How Asia Works: Success and Failure in the World's Most Dynamic Region by Joe Studwell examines and investigates the successful economic policies pursued by countries like Taiwan， South Korea， Japan and China and the middle performers like Malaysia and Thailand and at the same why and how countries like Indonesia and Philippines faltered and failed to achieve the same level of success。 He exposes the double standard and hypocrisy of international monetary agencies like International Monetary fund and World Bank and of advanced countries like the USA and UK which initially grew under protection of trade tariff but became the voracious supporters of globalization and free trade when it suited their economies but again recently turned protective behind the wall of tariffs when their interest are threatened。This book also emphasizes how land reform is a sine-qua-non for any country to advance from an agrarian society to industrial one and contrary to widely accepted concept， why small land holding farmers generate better yield per acre than large ones be it in rice， sugar， banana or rubber and why no country has ever climbed the ladder of economic success without massive exports。In brief this book looks into and analyses how North East Asia and South East Asia diverged in its economic growth since the end of second world war and finally the last chapter describes how China has successfully been able to achieve an average GDP growth of 10 percent per annum for an incredibly long period of 30 years thereby lifting a mind numbing population of 700 million out of abject poverty by pursuing the Japanese Meiji and Prussian model。This is a well researched and comprehensive economic non-fiction book and is recommended to those who are interested to know more about the macroeconomic development currently taking place in a region with 500+ million population called ASEAN countries and/or a region with more than 2。3 bilion+ population and a GDP of more than 28 trillion US dollars called RCEP countries。3。5 Stars。Favorite quote:“Deininger’s two big conclusions are that land inequality leads to low long-term growth and that low growth reduces income for the poor but not for the rich。” 。。。more
Ngo Quang Dao
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Sách khá dày nhưng mình đọc trong thời gian khá ngắn có lẽ vì mình yêu thích nội dung cuốn sách này。 Nội dung sách là góc nhìn toàn cảnh về nền kinh tế của các nước Đông Bắc Á và Đông Nam Á trong thế kỷ qua。 Tuy nhiên không biết bản dịch tiếng việt có cắt bỏ nội dung nói về Việt Nam hay không mà mình thấy nhắc đến rất ít。 Có lẽ mình sẽ tìm bản tiếng Anh để đọc。
Mervyn Teo
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This review has been hidden because it contains spoilers。 To view it， click here。 Was recommended this book by a close friend， wasn't disappointed。 The good: The author painstakingly pieced together histories of countries and their development paths and tried to provide a balanced view （western versus non-western）。 Plenty of info/data on North versus South Asia as well。 A lot of it would have been tough to glean if your not a local， old enough to live through the developments。 Also， the take on China is fairly interesting and forward looking despite the book's age。 Most Asian Was recommended this book by a close friend， wasn't disappointed。 The good: The author painstakingly pieced together histories of countries and their development paths and tried to provide a balanced view （western versus non-western）。 Plenty of info/data on North versus South Asia as well。 A lot of it would have been tough to glean if your not a local， old enough to live through the developments。 Also， the take on China is fairly interesting and forward looking despite the book's age。 Most Asian political party/ think-tank folks should take a read， I think most of them would have underestimated the risks they are getting into。 The bad: Seems like author was purposely avoiding discussing some nations/ topics。 For example Singapore， Vietnam etc。 Would be great if could hear more about expectations and predictions of some sort on development paths based on current or then-current shift in environments such as government， China rising assertiveness etc。 Discussion on China future and expectations is also rather short given the long dry ramble on agriculture and China in the first part of the book。 。。。more
Jason
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The book was paced well， builds its main point with tangible examples， and balanced between using narrative storytelling and conceptual elaboration。 It ties together agricultural， manufacturing， and fiscal policy in Asia。 It was a topic I knew very little about going into the book and gave me a much stronger understanding of the recent history of the Asian region。
Pete Vech
，
I like the book。 I use it in my East Asian Economic Development class as one of the main textbooks， and I will surely use it again in the future。 The title of the book is a bit misleading。 It should be named "Industrial Policy in East Asia。" But I understand that that name will never sell to the audience。 The book delves into industrial policies that Korea， Taiwan， Japan， and more or less China executed and made them successful。 The book also described how the government in those countries impl I like the book。 I use it in my East Asian Economic Development class as one of the main textbooks， and I will surely use it again in the future。 The title of the book is a bit misleading。 It should be named "Industrial Policy in East Asia。" But I understand that that name will never sell to the audience。 The book delves into industrial policies that Korea， Taiwan， Japan， and more or less China executed and made them successful。 The book also described how the government in those countries implemented those policies， what they faced， and how each government reacted to the problems。 The author also juxtaposed the experience and success for the Northeast and Southeast （mainly Thailand， Malaysia， Indonesia， and the Phillippines） Asia。 The book contains several anecdotes that make the book as fun as possible to read （I need to put it in this way because the subject itself--industrial policies--is naturally boring for people who are not interested in economics）。 The author concludes that three things are important for Northeast Asia: agricultural boom with land reform， manufacturing sector with export discipline， and controlled/closed financial sector aimed primarily to support the two sectors （agriculture， manufacturing）。 This conclusion is very well overlapped with several heterodox economists that highly criticize the role of the IMF and World Bank among other international institutions that abandoned what they did during the 1960s-1970s。 A star is deducted here because of my personal evaluation， and I might misread the book。 The author tackled a conundrum that some writers on East Asia had before: How to fit China into this picture？ The author chose to spend the first three chapters talking about industrial policies in Northeast and Southeast Asia。 Then he chose to put a separate chapter on China and discusses how China is similar or different。 I might not fully agree with this strategy。 I feel that if the author leaves China out and only talks about Northeast/Southeast Asia， the book will be more coherent and solid。 （Of course， I'd love to read another book solely on China by Mr。 Studwell。 I know he already had one。 But why not another？） My guess is that after the 2000s you cannot publish any book easily about East Asia without mentioning China。 So， the author might already calculate the risk and choose this route。 Also， if the part of China is cut out， the author can spend more on some parts that I think need more elaboration。 For example， I think that book needs more discussions （or "Journey） from Thailand。 Before the Asian Crisis， Thailand grew very fast and was predicted to be the Fifth Asian Tiger。 Why the country failed to do so is something other developing countries should learn from。 I believe that the case of Thailand is more unfortunate than the case of Malaysia （the author discusses in detail how Malaysia fails， which I really like）。 I wish he could do more with some case studies， in the same amount that he extensively investigates Malaysia。 。。。more
Jeffreyalpert
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One of the best history books I've ever read。 Extremely clear and compelling thesis regarding how an economy develops。 Involves agriculture， industrial policy， markets， leadership， and beyond。 Really fantastic， even if the lessons are not 100% applicable elsewhere。 Made me think far more deeply about what a government can accomplish if it has the will and the competence。 One of the best history books I've ever read。 Extremely clear and compelling thesis regarding how an economy develops。 Involves agriculture， industrial policy， markets， leadership， and beyond。 Really fantastic， even if the lessons are not 100% applicable elsewhere。 Made me think far more deeply about what a government can accomplish if it has the will and the competence。 。。。more
Ria
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Informative， but dry read。
Farhan Sadeed
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Well， its a good book。 The ideals of western policymakings have been widely acclaimed in Taiwan， Japan and Korea。 It also discovers why southern states of Asia like Thailand， Indonesia and Malaysia couldn't thrive like the northern ones（Japan and Korea） due to its policy mistakes。 Had more financial regulation been imposed and household farming promoted， South Asian countries could have been more richer。The only criticism I have is that there are many factors responsible for a country's develope Well， its a good book。 The ideals of western policymakings have been widely acclaimed in Taiwan， Japan and Korea。 It also discovers why southern states of Asia like Thailand， Indonesia and Malaysia couldn't thrive like the northern ones（Japan and Korea） due to its policy mistakes。 Had more financial regulation been imposed and household farming promoted， South Asian countries could have been more richer。The only criticism I have is that there are many factors responsible for a country's developement。 Just a few worthy points can't do the judgement。 For example， lets talk about Indonesia。 A country whose regime was hijacked from Sukarnko by the autocratic general Suharte。 His decades of family corruption and bureaucratic misdeeds have resulted to inefficiency and widespread poverty of Indonesia。 。。。more
John Curtice
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Excellent macroeconomic overview。 Would be nice to see this happen for other areas。
Sandip Roy
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A must read for anyone living and working in Asia 。 This book explains in a simple yet very insightful way as to why some countries have progressed while some others have fallen behind after having started with a level playing field post 2nd world war。
Robert
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