Abstract
This chapter aims to draw some policy lessons from the experiences of three major East Asian economies — namely, Japan, South Korea, and Taiwan — for the reform in the formerly centrally-planned economies of Eastern Europe and the former Soviet Union (hence-forth Eastern Europe for shorthand). However popular it may have become among developing countries to ‘learn from East Asian experience’, in the current political mood in Eastern Europe, where the ‘return to Europe’ (Lipton and Sachs, 1990, p. 75) is a favourite slogan, this attempt is unlikely to go down very well. However, we believe that there are some critical lessons which Eastern Europe, or any other ‘reforming’ economies, should draw from the East Asian experience, and embark on this project hoping that it does not end up falling on deaf ears.
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