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ECO362H1 (2)

summary of krugman article

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Michael Denny

A summary of Paul Krugmans The Myth of Asias 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 1950s Although there are many differences between these two economies Krugman believes that the hype over the Soviet economy is much like that over the Asians todayThe economic might of the Soviet empire is discussed in order to show that in the 1950s it was widely believed that their growth was superior to westerners Calvin B Hoover determined that the soviets were achieving a growth rate twice as high as any capitalistic country that the Soviet economy might catch up to the American economy by the 1970s and even further that an authoritarian state may be inherently better achieving a strong growth rate It was true that the growth rate was high and consequently the conclusions were widely believed The conclusions were evidently not trueOne reason why miss calculations were made about the Soviet economy was that its growth was dependant alm
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