The Asian tigers can be seen as test cases for the future, from how to manage rapid ageing to how to cope with disruptive technology
prime, the tigers had their detractors. Twenty-five years ago this month, Paul Krugman, an economist, wrote an article in, an American policy journal, entitled “The Myth of Asia’s Miracle”. He argued that Asia’s seemingly dynamic economies displayed, on closer inspection, “startlingly little evidence of improvements in efficiency”. Their growth relied instead on rapidly increasing inputs of labour, capital and so on. It was a miracle based on “perspiration” not “inspiration”.
Emulating Japan’s drift would not be a total disaster: many countries, worried about a supposed middle-income trap, would dearly love to fall into the Japan-income trap. But the tigers can still aspire to do better. Despite their parallels with Japan, they are different in many respects. Singapore’s carefully managed political system has come under more strain, and a backlash against immigration shows that it is not immune to the populism that has reared its head throughout the world. Hong Kong, sadly, is the tiger most at risk of going backwards. Its people, successful and sophisticated, understandably want to make big decisions for themselves. Yet their rulers will have none of it.
France Dernières Nouvelles, France Actualités
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