An Asian Miracle

To this was added the ‘entered’ Philippines (Billington, 1997). Japan experienced year after year of economic growth for 30 years while the other countries could sustain it only up to the mid-1990s.Each of these countries had adopted strategic macroeconomic management disciplines. Rather than allow their country to be ‘colonized’, by foreign capital, they preferred to take their own initiative. The state played a key role in each case by way of mobilizing resources, supporting technology transfer, and inviting Foreign Direct Investment from developed countries. South Korea, Taiwan, Thailand, Indonesia, and Malaysia also received support from International economic agencies like the IMF, World Bank, ADB, and the WTO. The central banks in these countries also guided the commercial banks to extend the loan to such projects. Once the projects reached a certain stage, they were handed over to private parties to develop further. Private firms were also given loans to develop entirely new industries. Thirty percent shrinkage of the gross domestic product of Indonesia, Malaysia, the Philippines, South Korea, and Thailand in one year prompted one to reconsider the roles of the government, the market, and the industry (Barton, 2000).The three European economic miracles namely, the French, the Italian and the German economic miracles immediately after the Second World War have a basis. they were well planned, funded, and followed definite strategies. The growth in the Russian economy was a result of military-backed dictatorship, regardless of human costs and the prime objective.