The spectacular success of the Newly Industrializing Economies (NIEs) of Korea, Taiwan, Hong Kong, and Singapore has prompted debate on whether an East Asian growth model exists. This success has been the subject of much discussion in the development studies profession and the already voluminous literature continues to grow rapidly.
In one of the first books to synthesize work on the region, Anis Chowdhury and Iyanatul Islam discern two competing paradigms in the literature: the neoclassical approach which interprets the East Asian economic miracle as the predictable outcome of "good" economic policies, and the statist perspective which draws attention to the central role of the government in guiding East Asian economic development. The book blends studies of country-specific experiences with an examination of fundamental themes in development studies. The authors identify the deficiencies in current knowledge of such issues as trade and financial liberalization, the appropriate role of the state in late industrialization, and the future evolution of the East Asian NIEs in an era of democratization.

The phenomenal success of the East Asian Newly Industrializing Economies (NIEs) of Korea, Taiwan, Hong Kong, and Singapore is now well-known and documented. Their success has been discussed to such an extent that it has become entrenched as part of the folklore of development economics.
The Newly Industrializing Economies of East Asia takes a fresh look at the relevant literature and sifts the rhetoric from the reality. In the course of surveying the vast range of writing two competing paradigms become clear: the neo-classical approach which interprets the East Asian economic miracle as the predictable outcome of good' policies; and the statist perspective which draws attention to the central role of the government in guiding East Asian economic development. Throughout the book the authors mix country-specific experiences with broader trends.