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In Industrial Policy in East Asia: Lessons for Malaysia, Tan Kock Wah considers the economic history of Japan and the major first generation newly industrializing economies, namely South Korea and Taiwan. It considers the role of both state and market in the rapid late industrialization of these economies to draw industrial policy lessons for others aspiring to 'catch up'.
Chin Kok Fay discusses the nature and role of the financial sector in accelerating late industrialization in post-war Japan, Korea and Germany. In the spirit of really 'looking East', specific lessons for Malaysia from Northeast Asia are drawn in four chapters in the second part of the volume by Jomo K. S. and Chris Edwards. These emphasize the need to look critically at Malaysia's actual industrialization experience as well as policy heritage in identifying the new strategic reforms needed.
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