How Asia Works
A provocative look at what has worked - and what hasn't - in East Asian economics. It explores how policies ridiculed by economists created titans in Japan Korea and Taiwan, and are now behind the rise of China, while the best advice the West could offer sold its allies in south-east Asia down the economic river.
Stats for nerds
36recommend
85mentions
51people
2016–2026years
71% recommend29% neutral
Mentions per year
What Hacker News says
- I try to read fiction and non fiction in parallel, so my current pairing is How Asia Works by Joe Studwell and Piranesi by Susanna Clarke. Enjoying both so far!
Other books I’ve enjoyed recently:
The Mountains of Madness by H.P. Lovecraft - I read Endurance by Alfred Lansing last year so it was fun having a real Antarctic adventure in my mind while reading it.
The Road by Cormac McCarthy - I actually started this a couple of years ago and quit part way through deciding I couldn’t put myself through it anymore. I kept thinking about it though, until I finally picked it back up and finished it this summer. Horrifying, but quite a masterpiece.
If Anyone Builds It Everyone Dies by Eliezer Yudkowsky - I was about a year late to the party on this, but it still holds up. I would recommend it.
The Infinity Machine by Sebastian Malaby - Excellent! Fascinating seeing a glimpse inside of the companies currently eating the world.
- You’re wrong and I can quote a number of economic histories to show so. The industrialisation push in Latin America was successful - to a degree. It followed the UN plans for developing a country under the Bretton Woods system. And it worked. But all that work was unwound by the Nixon shock and then the Volcker shock.
The only way to develop a major industrial economy under the Western system post 1945 seems to have been - be a reliable and essential US ally - be given privileges to survive the occasional systemic shock. “Kicking away The Ladder” and “How Asia Works” are good books about this.
That was true of Nixon-Volcker and it was true of 2008-COVID periods. The truth is that under the dollar monetary zone the rules are what they are, until they get changed. Those who survive relatively unscathed are generally given a permissive path to do so.
- > The authoritarianism of China allows it to undertake generational projects of immense scale with mass popular support through propaganda.
Other countries were able to successfully develop with less authoritarianism than China (Japan did it twice: Meiji Restoration and post-WW2), and were able to move to more democratic systems.
See the book How Asia Works by Joe Studwell for various case studies on what works and what doesn't:
* https://profilebooks.com/work/how-asia-works/
* https://bookshop.org/p/books/how-asia-works-success-and-fail...
* https://www.goodreads.com/book/show/16144575-how-asia-works
- Agreed. I learned much from Joe Studwell's book "How Asia Works" (2013), where he argues that among countries in the Asian region, those whose economies flourished were those with protectionist trade policies and export discipline, leading to the creation and honing of domestic industry.
- Tariffs and protectionist policies are unfairly maligned. They are effectively the only way countries build and rebuild industries. The idea that they are bad is an invention of bad economists who don't study history. See the book "How Asia Works" for an accurate economic history of the growth of industrial power in Asia, how it was based on Germany's ascension before it, and how it was al built on the RIGHT kind of policies. https://www.gatesnotes.com/How-Asia-Works
Successful Asian powers studied history, not Milton Friedman. https://en.wikipedia.org/wiki/Historical_school_of_economics
- > I don't particularly like Noah Smith (he's also in favour of protectionism and 'industrial policy'), but his https://www.noahpinion.blog/p/the-polandmalaysia-model has some good points also about Malaysia.
Yeah:
> On a trip to Turkey in 2018, I read How Asia Works, by Joe Studwell. Despite the fact that it didn’t get everything right, it’s probably the best nonfiction book I’ve ever read.
* https://www.noahpinion.blog/p/the-developing-country-industr...
> As any longtime reader of mine will know, my favorite book about economic development is Joe Studwell’s How Asia Works. If you haven’t read this book, you should definitely remedy that. In the meantime, you can start with Scott Alexander’s excellent summary.
* https://www.noahpinion.blog/p/what-studwell-got-wrong
The book goes over what actually happened: it's not theory, it's history. What worked in each country (often the same/similar things), the variations, and where things were tried but went badly (often with analysis on why).
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