The East Asian Miracle: Economic Growth and Public Policy

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Title: The East Asian Miracle: Economic Growth and Public Policy
Author Name: The World Bank Group
Publisher: Oxford University Press
ISBN Number: 9780195209938
Number of Pages: 408
Intended Audience
The book's intended audience includes economics policymakers interested in creating programs to attain upward economic mobility and economic security as part of inclusive development. The low- and middle-income economies seeking to eradicate poverty and enhance economic growth via policy development should consider deriving insights from this book. More importantly, the book sheds light on the constraints to the general population's capacity to attain upward mobility in the economy. The critical problem for the economically disadvantaged communities entails the inability to attain movement or mobility up the distribution. It is crucial to improve the economic security of the vulnerable populations to ensure they do not fall below the poverty line. In addition, the book targets audiences seeking to enhance access to quality public services, especially for economically secure populations or those that constitute the middle class in different economies.
Author's Background
The book is authored by the World Bank Group (WBG), one of the most significant sources of knowledge and funding for developing nations globally. The mission of the WBGs is twofold: (a) to end extreme poverty and (b) to enhance shared prosperity. The body seeks to end poverty by reducing the share of the global populace living within extreme poverty to 3%. It promotes shared prosperity by improving the earnings potential of the poorest 40% of the population in every country. WBG comprises five instructions, including the International Bank for Reconstruction and Development [IBRD], the International Development Association [IDA], the International Finance Corporation [IFC], the Multilateral Investment Guarantee Agency [MIGA], and the International Center for Settlement of Investment Disputes [ICSID] (World Bank Group). While all the institutions named above have their respective country membership, articles of agreement, and governing boards, the WBG operates as one to serve partner countries.
Objectives and Main Ideas
The World Bank sought to conduct a primary comparative investigation of East Asia's economic growth and public policy. The objectives were derived from developing nations' discussion concerning whether they could copy East Asia's success. In this vein, the objectives of the book are threefold. First, the study sought to determine the source of success for East Asia. Second, WBG sought to point out the role of public policy in enhancing economic growth. Third, it is was paramount to establish whether other economies could apply policies that proved successful in East Asia. In seeking to establish these objectives, the WBG noted that East Asia's success was anchored on successful economic policy implementation. The countries' macroeconomic performance remained relatively stable, thus proving an impetus for sound private investment decisions (The World Bank Group 105-106). The financial savings thresholds also increased due to policies tailored to enhance the banking system integrity to reac...