Asian-style export-led growth and the role of law

Abstract

This paper analyses the growth of Asian economies through its export-led industrialisation policies. Such growth has been uniquely achieved without greater reliance to law, which the neoliberal approach considers integral to development. Among others, this approach relies on private laws for the protection of property and contractual rights for the efficient and smooth functioning of the market where the state has little or no intervention. In this regard, the paper discusses the role of law in development and economic growth. It is submitted that the instrumental use of law and active state intervention in the Asian examples considered in this paper raises significant doubts on the necessity of law for economic growth.

Keywords

• law; neoliberal theory; development; economic growth; state intervention; asian tigers