Economic Liberalism and the Developmental State: Hong Kong and Singapore’s Post-war Development - Softcover

Cheang, Bryan

Softcover

ISBN 10: 3031081021 ISBN 13: 9783031081026

Publisher: Palgrave Macmillan, 2023

Synopsis

This book provides a fresh perspective on the debate over the role of the state in East Asia’s development history. Comparing the post-war development policies of Singapore and Hong Kong, it argues that their strong economic performances preceded and persisted despite, not because of, developmental state policies. While both nations are not pure free markets, the Hong Kong economy comes closer to that ideal and exhibited clear advantages over state-driven Singapore, in terms of greater levels of indigenous entrepreneurship, productivity and innovation.

The book highlights the complex ways in which states penetrate markets, which are often neglected in liberal accounts of Hong Kong and Singapore as ‘free-market success stories’. At the same time, it also stands as a cautionary tale on the use of non-comprehensive development planning in the twenty-first century, where an unprecedented degree of complexity complicates economic policy and industrial upgrading. The book renews the case for economic liberalism in development policy through a unique Asian cultural lens.

About this title

About the Author

Bryan Cheang is Assistant Director of the Center for the Study of Governance and Society, King’s College London, UK. His research interests are in the political economy of development and applied economic policy, with a specific focus on the institutional arrangements of the entrepreneurial state and the efficacy of industrial policy interventions.

From the Back Cover

“Singapore and Hong Kong are often used as examples of successful government economic development policies. Bryan Cheang offers a comparative analysis of both countries to show that the case for a state-led development model has been overstated. Creative and entrepreneurial activities generate long-term economic development, and Cheang shows how government policies have often stood in the way of economic development. This book is highly recommended for those interested in Singapore & Hong Kong, as well as implications on East Asia and the role of the state in development”.

- Randall Holcombe, DeVoe Moore Professor of Economics, Florida State University, USA.

This book provides a fresh perspective on the debate over the role of the state in East Asia’s development history. Comparing the post-war development policies of Singapore and Hong Kong, it argues that their strong economic performances preceded and persisteddespite, not because of, developmental state policies. While both nations are not pure free markets, the Hong Kong economy comes closer to that ideal and exhibited clear advantages over state-driven Singapore, in terms of greater levels of indigenous entrepreneurship, productivity and innovation.

The book highlights the complex ways in which states penetrate markets, which are often neglected in liberal accounts of Hong Kong and Singapore as ‘free-market success stories’. At the same time, it also stands as a cautionary tale on the use of non-comprehensive development planning in the twenty-first century, where an unprecedented degree of complexity complicates economic policy and industrial upgrading. The book renews the case for economic liberalism in development policy through a unique Asian cultural lens.

Bryan Cheang is Assistant Director of the Center for the Study of Governance and Society, King’s College London, UK. His research interestsare in the political economy of development and applied economic policy, with a specific focus on the institutional arrangements of the entrepreneurial state and the efficacy of industrial policy interventions.

Edition details

• Publisher: Palgrave Macmillan
• Publication date: 2023
• Language: English
• ISBN 10: 3031081021
• ISBN 13: 9783031081026
• Binding: Paperback
• Edition number: 1
• Number of pages: 375