Abstract With the economic crisis in East Asia and a continuing boom in the US, American triumphialism is in the air. The latter is perhaps not unexpected and probably does no harm. But what is more questionable is the view held in the highest circles in the US Government and international...

Abstract: The extraordinary growth of the East Asian economies during the last fifty years has drawn attention of the economists worldwide. This paper provides a commentary on this epic story. This paper explores the reasons for the extraordinary growth and analysis specific changes which have...