Abstract
Divergence in the development of East Asian and Latin American NICs is catching the attention of a growing number of political economists. This divergent development has sparked debates over theory between advocates of neo-liberal and neo-dependency approaches1 in accounting for the regional divergence: does the East Asian success confirm modernisation theory (neo-liberalism) or does each region require its own theory?2 East Asian ‘miracles’ have led to controversies over practice with regard to policy recommendations for third world nations: is the East Asian model exportable and is this desirable?3
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