Southeast Asia's Misunderstood Miracle

Southeast Asia's Misunderstood Miracle assesses the sources and nature of growth, structural change and industrialization in Malaysia, Thailand and Indonesia. In particular, it considers the role of government intervention, market forces and foreign investment in these Southeast Asian second-tier newly industrializing countries. The role of selective industrial policy in the three countries is critically examined.

The book qualifies, contradicts and challenges some of the conclusions and policy recommendations of other work such as the World Bank's Influential East Asian Miracle (1993) volume, which suggests that other developing countries should seek to emulate the second-tier Southeast Asian NICs, rather than the first-tier East Asian NIEs.