Decision and change in Thailand : three studies in support of the seventh plan
Dollar, David | Dahlman, Carl J. | Brimble, Peter | Jee-Peng Tar
This paper reviews industrialization policies that have been employed in developing economies, especially the Asian NICs (newly industrialized countries). The paper assesses which policies have worked and which have not, and tries to draw some lessons that may be useful to Thailand as it formulates its Seventh Economic and Social Development Plan. The paper falls into two broad parts, with the first part somewhat general, and the second one more specifically concerned with Thailand's situation and what Thailand can learn from the experiences of Korea and Taiwan. The general part, Sections II and III, presents a framework for analyzing government's role in promoting industrialization and then documents how industrial growth is associated with accumulation of physical and human capital, using data from 28 developing economies in the 1980s. It is argued in that section that general incentives to save, invest, and become educated are likely to accelerate industrial development. Evidence is also presented that export-oriented economies tend to industrialize more rapidly than inward-oriented economies. The second half of the paper is concerned with what specifically Thailand might learn from the experiences of Korea and Taiwan. It begins in Section IV by examining Thailand's manufacturing sector--in terms of value added, employment, and trade--and showing that the nation's industrialization is roughly 10-15 years behind that of the more advanced NICs.
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