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Abstract
The phenomenal growth rates of many economies in East and Southeast Asia have been documented, dissected, analyzed, and discussed in countless economic research papers, as well as in books and newspapers and at conferences. There is not much purpose in repeating the full set of stylized facts regarding these growth rates. It is enough to mention that many of these economies have continued, even in recent years, to grow at rates that exceed by far the normal historical and geographical experience. During 1980–95, for example, four ASEAN economies (Indonesia, Malaysia, Singapore, and Thailand) more than doubled their real income per person, compared with an increase of only 20 percent in the United States and other industrial countries and even less than that in many other regions of the world.1
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