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By Howard Stein

Drawing on case-studies from the industrialization of East and Southeast Asian international locations, this article severely examines the structural adjustment rules utilized in Africa because the Eighties. The Asian kingdom reports comprise Singapore, Malaysia, Taiwan, South Korea, Hong Kong and Meiji Japan.

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Additional info for Asian Industrialization and Africa: Studies in Policy Alternatives to Structural Adjustment

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There are some interesting cases of the private sector prospering in industry without the state's support of even basic public goods. Deborah Brautigam (1993) provides a fascinating case study of the development of mostly auto part manufacturing in the Nnewi Township in Eastern Nigeria during the 1980s. The industrial entrepreneurs substituted their own private goods such as water and power for the public goods the Nigerian state failed to provide . In the absence of financial intermediaries, they financed their operations from well-developed trading operations.

This led to a race for empire-building and the development of the Korean Chaebo/s. To the Korean government, large-scale production was necessary given the minimum plant size to capture economies of scale in areas 18 Policy Alternatives to Structural Adjustment in Africa like automobiles, steel and shipbuilding. The government also viewed the Chaebols as the most effective means to compete in international markets against large foreign multinationals as well as a means of strengthening the Korean side of joint ventures with foreign partners.

Thailand had per capita GDP growth of two-thirds while its M2/GDP ratio doubled. However, Korea's M2/ GDP ratio grew by only a quarter while its per capita GDP tripled. Yet Taiwan had similar GDP per capita growth as Korea but its M2/GDP ratio increased by two and one-half times over the period (Lindauer and Roemer, 1993, pp . 121, 136, 137)! Inflation also seemed to have little correspondence to performance and money supply growth. 4 per cent per annum between 1961 and 1991. 2 per cent per annum over the same period.

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