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    Asia’s Industrial Transformation: The Role of Manufacturing and Global Value Chains (Part 1)

    Felipe, Jesus | July 2018
    Abstract
    This paper argues that the single most important factor that explains East Asia’s development success was its fast structural transformation toward industrialization, manufacturing in particular. Workers moved out of agriculture into manufacturing, and the sector diversified and upgraded its structure. Manufacturing activities are subject to increasing returns to scale, and many manufacturing goods have high income elasticities of demand. For these reasons, manufacturing is referred to as the “engine of growth.” It is in the context of industrialization that openness played an important role in East Asia’s success, i.e., the connection between “export-led growth” (the relaxation of the balance-of-payments constraint on foreign exchange) and industrialization. Part 1 of the paper documents the extent of structural transformation in developing Asia. Second, it analyzes the relationship between the export led growth model (i.e., the relaxation of the balance-of-payments constraint on foreign exchange) and industrialization. Finally, it reviews the industrialization experiences of Japan and the Republic of Korea , and discusses the recent deindustrialization debate.
    Citation
    Felipe, Jesus. 2018. Asia’s Industrial Transformation: The Role of Manufacturing and Global Value Chains (Part 1). © Asian Development Bank. http://hdl.handle.net/11540/8518. License: CC BY 3.0 IGO.
    ISSN
    2313-6537 (print)
    2313-6545 (electronic)
    Keywords
    Telecommunication Companies
    Rural Rehabilitation
    Biotechnology
    Interindustry Trade
    Industrial Policy
    Industrial Investment
    Industrial Development
    Small Scale Industry
    Medium Scale Industry
    Local Industry
    Transport Infrastructure
    Trade regulations
    Telecommunications Industry
    Computers
    Trade data interchange
    Access to markets
    E-Commerce
    Trade And Development
    Large Scale Industry
    Regional Trade
    Commerce and Industry
    Trade Negotiations
    Merchandise Trade
    Domestic Trade
    Computer Industry
    Trade Regulation
    intellectual Property Rights
    Rural development
    Unfair competition
    Supply and demand
    Energy policy
    Developing countries
    Industrial organizations
    Creative industries
    Investment banking
    Microfinance
    Financial planning industry
    Infrastructure
    Manufactures
    Business failures
    Wages and labor productivity
    Microelectronics industry
    Electronic industries
    Digital electronics
    Microelectronics
    Electronic commerce
    Business enterprises
    Digital
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    Citable URI
    http://hdl.handle.net/11540/8518
    Metadata
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    ewp-549-asias-industrial-transformation-part1.pdf (811.4Kb)
    Author
    Felipe, Jesus
    Theme
    Industry
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise