Many Ways to Grow: How Taiwan's History of State Intervention Should Inform the International Financial Institutionss Response to the New Global Balance of Power

Abstract

This paper argues that the major international financial institutions (World Bank, IMF, and WTO) should consider accepting various alternative strategies for economic growth. Shifts to the global balance of power brought by the rise of state-driven economies may require a more pluralistic attitude toward economic development. It looks at Taiwan's history of growth in the 1950s and 1960s in the midst of state intervention as a case study.