Democratization, Globalization and Policy Trend

Since the early 1980s, when Asian countries began to fall into economic shortcomings and crisis from which most of them are yet to recover, a considerable amount of scholarly and policy attention has been devoted in attempting to improve what has been broadly described as the “policy environment” on the continent. The aim has been to overcome perceived shortcomings and crisis in the policy formulation and implementation with a view to making it more “effective” from a managerial and delivery point of view. The dominant assumption underlying the mainstream focus on the Asian policy environment is simple: Asia’s economic crisis was, in origin, primarily the product of accumulated policy distortions built up since their timely changes. Overcoming the crisis required a wholesale revisiting of the policy environment to eliminate the distortions that hampered economic growth and discouraged private initiative. This perception is of the root of the Asian economic crisis and shortcomings was soon to be codified into the ubiquitous structural adjustment programmes which the International Monetary Fund (IMF) and the World Bank encouraged the Asian countries to adopt throughout the 1980s, 1990s and after that design and implementation in particular.
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