Institution(s): The Hong Kong Centre for Economic Research

Date: Apr 17, 2003 (Thursday)

Time: 12:00 noon - 02:00 pm

Venue: JW Marriott Hotel, Salon 4

Fee: HK$450 per person

Medium: English




Globalization reigns supreme as a description of recent economic transformation and it carries many meanings. In a technical sense, it is usually associated with an increasing percentage of national income devoted to international trade, the host to or source of larger amounts of foreign direct investment (FDI), and being the recipient or the source of portfolio investment. At the same time, there are less precise, yet nevertheless important connotations, relating to loss of national control, sovereignty, or identity in the organization of economic and cultural life.


In the policy realm, the orthodox terms of engagement have been enshrined in the "Washington consensus." However, disappointing results in Latin America, lackluster performance in the transitional economies, and the Asian financial crisis, have all contributed to an ideological crisis of faith in Washington and elsewhere. One response has been to harken back to the more statist policies that the consensus marginalized. In this regard, Japan, Korea, and Taiwan are promoted as exemplars that have derived great benefits from increasing integration with the international economy, without surrendering national autonomy in the economic or cultural spheres, in effect, beating the West at its own game.


The fundamental questions to be addressed in this talk, based on the newly released monograph Industrial Policy in an Era of Globalization: Lessons from Asia are whether industrial policy was indeed a major source of growth in these three economies, and if so, can it be replicated under current institutional arrangements, and if so, is it worth replicating, or, would developing countries today be better off embracing the suitably refined orthodoxy.


Dr. Noland was educated in Swarthmore College and the Johns Hopkins University. He is currently Senior Fellow at the Institute for International Economics and an Associate of the International Food Policy Research Institute. He was a Senior Economist at the Council of Economic Advisers in the Executive Office of the President of the United States, and has held research or teaching positions at the Johns Hopkins University, the University of Southern California, Tokyo University, Saitama University, the University of Ghana, the Korea Development Institute, and the East-West Center. Dr. Noland had written numerous books and scholarly articles on international economics, US trade policy, and the economies of the Asia-Pacific region. He has served as an occasional consultant to organizations such as the World Bank and the National Intelligence Council, and has testified before the US Congress on numerous occasions.