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W4 Growth w Equity.docx

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ECON 255
Ashok Kotwal

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Week 4: Growth with Equity by K.S Jomo Context − Jomo compares between SEA against Taiwan and South Korea and found that Taiwan and SK are better in terms of: growth, industrialization, structural changes and most importantly: inequality was lower − Possible factors: 1) better economic performance – due to effective government intervention, 2) lower inequality – asset redistribution before the high growth period Gist of Journal − Will focus on the effects of liberalization in East Asia: South Korea, Taiwan, Malaysia, Thailand and Indonesia  these 5 managed to reduce poverty  manufacturing is one of the main factors  overall, the approach in 4 of these focus towards a more egalitarian society [Poverty Alleviation and Redistribution] − Period of the decline of poverty in Asia: 1976 – 1985 − Policy in East Asia focuses on Poverty Alleviation. However, the impact to each differs:  Policy #1 (Land Reforms in 1940s): 1947 was the period of the Korean War  Inclusive system occurred when: 1) the US army distributed from Japanese colonials by charging low rents, 2) Government intervention: SK government acquired land from landlords and resold it at subsidized prices and Taiwan: the Kuomintang government seized lands from the landlords in exchange for shares
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