Economic thoughts from an East Asian perspective: a conceptual framework of viability and development strategy

Abstract

This paper attempts an analytical framework centred on the relationship between the concept of viability and choice of development strategy. On the basis of a critical review on the mainstream literature in economic development, it presents the conceptual framework with an emphasis on elaborating the dichotomy of ‘comparative advantage defying (CAD) strategy’ versus ‘comparative advantage following (CAF) strategy’. Empirical experiences of economic development in China and other East Asian economies in the contemporary era are discussed in the context of the conceptual framework.