What this lesson teaches
I can judge the outcomes of economic change in Southeast Asia for growth, equity and economic nationalism.
Syllabus 9174, Paper 2, Theme II, Learning Outcomes. evaluate the outcomes of economic change across different contexts and over time
Make a guess
Southeast Asian governments aimed for growth, equity and economic nationalism. Which aim do you think they achieved most fully?
- Economic nationalism, as they cut foreign ties.
- Equity, as wealth was shared evenly everywhere.
- Growth, more fully than equity or independence.
Show the answer
Growth, more fully than equity or independence.
Growth was widely achieved. Equity was partial, and most economies stayed dependent on foreign capital and markets.
Most governments achieved growth more fully than equity or economic independence. The aims often had to be traded against each other.
Growth was the aim most widely achieved, especially in Singapore, Malaysia, Thailand and Indonesia.
Equity was achieved in part. Poverty fell steeply in the fast-growing economies, but inequality between regions and within groups often grew.
Economic nationalism was achieved least. Most economies remained dependent on foreign capital and markets, and the 1997 crisis showed how much outside forces still mattered.
The aims involved trade-offs. Singapore gave up local ownership of much of its manufacturing in exchange for fast growth. Burma put self-reliance first and lost growth. Malaysia tried to balance growth with ethnic equity, with partial success.
Outcomes changed over time. Most gains came between the late 1960s and 1997. The crisis then reversed part of them, before recovery began in 1999.
- Most achieved
- Growth.
- Partly achieved
- Equity.
- Least achieved
- Economic independence.
Worked example: Ranking the aims
Which aim was most fully achieved?
- Growth: most fully, in the miracle economies.
- Equity: in part; poverty fell, inequality persisted.
- Nationalism: least; dependence on foreign capital remained.
- Judgement: trade-offs explain the pattern.
Watch out for this
A country that grew fast achieved all its economic aims.
Fast growth often came with greater inequality and dependence on foreign capital. Judge each aim separately.
Check your understanding
Which aim did Singapore trade away for fast growth?
- Fast economic growth
- Political stability and order at home
- Local ownership of much of its manufacturing
Show the answer
Local ownership of much of its manufacturing
Right. It relied on multinational companies.