It was compensated in the newly industrializing countries
of Asia by a (indirect) subsidy to additional export workers paid for by the rest of the local economy.
Put differently, the industrialized countries determine the Fund's policies, the effects of which are almost exclusively felt by developing and newly industrializing countries
. Although industrialized countries provide the IMF's capital, the Fund does not spend that money but borrows against it.
Foreign workers have flowed in recent years into the newly industrializing countries
in East and Southeast Asia.
This suggests that in newly industrializing countries
, great opportunities may remain in infrastructure and basic industries.
The first-generation theory, espoused by neoclassical economists and the World Bank, attributes East Asia's dynamic development to the "magic of the market"--laissez faire and an open economy (Bela Balassa, The Newly Industrializing Countries
in the World Economy, 1981).
Preparations for war continue apace in the Persian Gulf and South Asia, and military expenditures are still growing among the newly industrializing countries
of the Far East.
Even in this post-Communist world with countries in transition (CITs) and the newly industrializing countries
(NICs) hell-bent on fast-growth capitalism, current data and our forecasts suggest that there is now, and there is there likely to continue to be, adequate liquidity to finance both growing trade and investment.
It also could have assessed the role that foreign aid played in the economic success stories of the East Asian tigers (Singapore, South Korea, Taiwan, and Hong Kong) as well as newly industrializing countries
such as Chile, Malaysia, Indonesia, and Thailand.
Although because of lower labour costs, lax environmental regulations, and tax concessions, it may appear advantageous for developed country firms to implement manufacturing facilities in newly industrializing countries
, negative attitudes towards a country of origin can adversely affect the perceived quality and purchase value of products made there.
This volume analyzes the phenomenal growth of the last few decades in the newly industrializing countries
(NICs) in East Asia.
The second goal was to undercut the growing economic power of the Newly Industrializing Countries
(NICs) of Asia, especially South Korea and Taiwan.
In sum, notwithstanding its limitations--including the omission of two tables from Levin's article-this book is a valuable source of information and analysis, especially for academics and advanced students of labor economics and labor relations interested in developing and newly industrializing countries
. More important, perhaps, is its potential to stimulate new ways of conceptualizng and researching microeconomic activity in countries where western norms and institutions are largely absent or do not yet exert important influence.