Patterns of Economic Development among the Asian Countries

Abstract

The purpose of this paper is to identify different patterns of economic development among the Asian countries (52 countries). The economic development was based on economic growth (quantitative) and quality of life (qualitative) respectively. There are several patterns of economic growth: globalized free market-oriented; oil/resource-rich economy; demographically-affected; ethnically-affected, and religious/culturally affected. For the quality of life, three patterns were identified: egalitarian-poor, relative deprivation, and conflict-stricken. The globalized free-market was found to be the dominant pattern of the economic growth, while the egalitarian-poor the dominant pattern of the quality of life. The globalized free-market economic growth was found less egalitarian in the midst of its rather successful economic growth. Those countries are 'rich' with a higher PPP (GDP), yet their distribution of income is not as egalitarian as those egalitarian poor-oriented countries with a lower PPP. Neither the oil-rich nor the demographic, ethnic and religious-cultural ingredients were found significant in determining the economic growth. Globalization, foreign direct investment (FDI), economic freedom, import as well as export alike, global competitiveness, transparency with low corruption, and urbanization were found significant ingredients in patterning the globalized free market economy, which Asian countries with low economic growth should follow suit to catch up with the economically advanced and successful Asian countries when/if they pursue a higher economic growth.