By Pradeep Agrawal
This publication offers a comparative photo of the restructuring stories of 5 Asian economies: South Korea, Singapore, Indonesia, Thailand and India. on the subject of Indonesia and Thailand, the point of interest is on short-run structural adjustment measures, and with regards to South Korea and Singapore, the emphasis is on long term commercial, exchange, labour and monetary region guidelines. The bankruptcy on India perspectives the country's fiscal improvement within the gentle of the above research. The political financial system of the policy-making method is tested in every one case.
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Extra resources for Economic Restructuring in East Asia and India: Perspectives on Policy Reform
Thus, efficient use of the labour available in the country is crucial for rapid economic growth Agrawal, Gokarn, Mishra, Parikh and Sen 17 (see, for example, Sala-i-Martin, 1990; Lucas, 1988; Rebelo, 1991). For efficient use of labour, it is important to: (i) make labour as productive as possible by providing suitable work incentives through wage, bonus and promotion policies and through appropriate education and training; (ii) maintain smooth industrial relations by creating proper mechanisms for resolution of conflict between labour and management so that loss of working days due to strikes etc.
Labour costs were rising, eroding the competitiveness of traditional exports. The USA, in the process of establishing friendly relations with China, was no longer viewed as a completely reliable source of basic intermediate and capital goods. In order to achieve this transformation of the industrial structure, the government introduced a number of policy instruments (preferential credit allocation, Subir V. 3 Source: Amsden (1989) .. preferential treatment of intermediate and capital goods, and so on) aimed specifically at the HeI group.
If not, then what are the supplementary programmes that the government must design and implement for poverty reduction? Agrawal, Gokarn; Mishra, Parikh and Sen 19 Political Economy The New Political Economy is, to paraphrase Srinivasan (1991), the application of the tools of neoclassical economics to the analysis of political decisions. In contrast to the classical version, which emphasised outcomes regarding the distribution of income, the new version is concerned with the processes by which different groups in an economy seek to influence policy making in order to maximize their own objective functions.