ECO362H1 Chapter : summary of krugman article
Document Summary
A summary of paul krugman s the myth of asia s miracle. In this article paul krugman addresses the belief that rapid asian economic growth is sustainable over the long term and that the west can mimic their practices to increase growth. Krugman believes that this belief is highly over rated and uses comparisons of the current situation in asia with that of the soviet union in the 1950 s. Although, there are many differences between these two economies krugman believes that the hype over the soviet economy is much like that over the asian s today. The economic might of the soviet empire is discussed in order to show that in the. 1950 s it was widely believed that their growth was superior to westerners. It was true that the growth rate was high, and consequently, the conclusions were widely believed.
