By Mario Augusto Bunge
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33 percentage point increase in GDP growth. Second, each of the high-achieving Asian economies relied on exports of manufactures generated by the development of competitive industries—which were quick to exploit international market opportunities. Manufactured goods composed as much as 90 percent of the exports of the Philippines during 1996–2006 and about 50 percent of the exports of Indonesia and Vietnam. The other countries ranged in between, with the East Asian economies clustered near the upper end (Asian Development Bank 2009).
7 Expansion Multiples of GDP, 1950–99 ratio of GDP in 1999 to GDP in 1950 Country Ratio Korea, Rep. 50 Source: Fogel 2009. 30 The off-shoring of production by firms in the advanced countries along with China’s own capacity to reinvent itself as an open, quasi-capitalist economy in a matter of years have greatly magnified its impact on the global economy in general—and Asian countries in particular. China has emerged as a formidable competitor for other industrializing Asian nations across a wide range of manufactured products, straddling the full span of technologies and labor intensities.
Comin, Diego, and Bart Hobijn. 2010. ” In NBER Macroeconomics Annual 2010. Cambridge, MA: National Bureau of Economic Research. DeLong, J. Bradford, and Barry Eichengreen. 1993. ” In Postwar Economic Reconstruction and Lessons for the East Today, ed. Rüdiger Dombusch, Wilhelm Nolling, and Richard Layard, 189–230. Cambridge, MA: MIT Press. Desker, Barry. 2004. ” Pacific Review 17(1): 3–26. Ding, Sai and John Knight. 2008. “Why Has China Grown So Fast? ” Economic Series Working Paper 415, University of Oxford, Department of Economics, Oxford, UK.
Causality: The Place of the Causal Principle in Modern Science by Mario Augusto Bunge
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