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“If you are interested in how Asia became an economic tiger, read The Miracle.”
—New York Times
An international bestseller, The Miracle by business journalist Michael Schuman offers a fascinating exploration of the most meaningful and far-reaching global event since World War II: the economic ascent of the Asian continent. CNN’s Wolf Blitzer calls The Miracle, “An amazing story and it’s all true,” while the New York Times praises Schuman for being, “not just a skilled reporter [but] also a gifted journalistic storyteller.” The Miracle is essential reading for anyone who truly wants to understand today’s—and tomorrow’s—world.
- Sales Rank: #1330232 in Books
- Published on: 2009-06-30
- Released on: 2009-06-30
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.11" w x 6.00" l, 1.10 pounds
- Binding: Hardcover
- 464 pages
From Publishers Weekly
The dynamic Asian tiger economies, with their export-focused, state industrial policies, defy laissez-faire economic orthodoxies; this insightful history sheds light on their controversial achievements. Time magazineÖs business correspondent Schuman surveys behemoths China, Japan and India, middleweight powerhouses like Taiwan and Korea and oft-neglected developing countries like Malaysia and Indonesia, examining their economies through profiles of the government and business leaders. His evenhanded treatment of the Asian model notes both its successes—spectacular growth and technological progress—and failings—crony capitalism and sometimes stifling government regulation—while exploring the complexities and effectiveness of its various national versions. The clearest policy message is the authorÖs not entirely convincing endorsement of globalization and free trade, which, he insists, benefit South Carolina as much as South Korea. To reassure readers that free market verities still hold, Schuman includes stories about scrappy Asian entrepreneurs who built startups into world-class corporate juggernauts, sometimes helped and sometimes hindered by government economic planners. Schuman writes in the same vein of anecdotal pop-economic analysis as Thomas Friedman, with less grandiosity and more nuance; the result is a thoughtful, reader-friendly look at the crucial economic developments of our age. (July)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
“Well told tale of the most extraordinary economic saga of the past century. Read this and you will quickly grasp that the current slowdown in Asia, at worst, will be very temporary.” (Steve Forbes)
“The Miracle tells an amazing story, and it’s all true. Michael Schuman has done some world-class reporting in putting together this truly timely account. Everyone has a stake in Asia’s economy, and we need to appreciate and understand that, especially at this time of global economic uncertainty.” (Wolf Blitzer)
“Schuman writes in the same vein of anecdotal pop-economic analysis as Thomas Friedman, with less grandiosity and more nuance; the result is a thoughtful, reader-friendly look at the crucial economic developments of our age.” (Publishers Weekly)
“If you are interested in how Asia became an economic tiger, read The Miracle... Schuman is not just a skilled reporter — he is also a gifted journalistic storyteller.” (New York Times)
“A rollicking good yarn.” (Far Eastern Economic Review)
“Should be read by anyone who imagines that there is an easy answer to the debate between laissez-faire and interventionist economics.” (The Wall Street Journal)
“For readers unfamiliar with the story of Asia’s rise, Schuman provides an engaging and readable account of some of Asia’s key policy makers, national leaders and business tycoons. It is economics as biography, character as developmental destiny.” (Washington Post)
From the Back Cover
In little more than a generation, Asia has emerged from centuries of stagnation to become the rising force of the global economy. This transformation has been so spectacular that some have called it a miracle. How did it happen? Taking the reader from the docksides of Korea to the halls of India's finance ministry, The Miracle details the courageous decisions and heroic self-sacrifice that made Asia's ascent possible. Spanning nine countries and probing major historical currents, this account illuminates not only Asia's extraordinary economic rise but also how its causes might emancipate the developing world from poverty and guide the developed world to further prosperity.
Using more than a decade of reporting and analysis, Time magazine and former Wall Street Journal reporter Michael Schuman uncovers how outsourcing to Asia began; how Asia's most famous companies, such as Sony and Honda, became global corporations; and how technological changes and global economic shifts made Asia's boom possible. He reveals the compelling human side to this economic story, introducing readers to the political strongmen, entrepreneurs, and policymakers who made the Miracle a reality. This engaging historical narrative brings to life the ideas and actions of a diverse group of Asians—dictators and democrats, generals and technocrats, economists and engineers.
Some of the characters in the book have captured the global imagination for years, such as China's reformer Deng Xiaoping and Sony founder Akio Morita. Others are less well known, including Park Chung Hee, Korea's tightfisted nation builder; Liu Chuanzhi, the risk-taking founder of PC maker Lenovo; and Azim Premji, the mastermind behind Wipro, one of India's technology giants. All of them shared a dream—to elevate Asia to its proper place of influence in the world and eradicate the poverty around them.
The Miracle not only offers profound insight into Asia and its increasing wealth and power; it also reveals how these seismic shifts continue to reverberate through the global economy. The implications of Asia's economic ascent for the rest of the world are surprising, promising, and inspiring. Readers of The Miracle will gain a deep understanding of Asia's place in the global economy—and of their own.
Most helpful customer reviews
10 of 10 people found the following review helpful.
Insightful and thoughtful analysis of Asia's rise
By Houman Tamaddon
Right after WWII many Asian countries such as Korea were some of the poorest countries in the world. Devastated by war and years of bad government, these countries were not expected to rise. Unlike many African countries they also were relatively poor in natural resources such as oil and diamonds. Sixty years later many of these Asian countries accomplished incredible growth and in the process elevated many of their citizens from poverty. Schuman examines the many factors that contributed to their rise. What has been the role of culture? Or government? Could unfettered free markets without government intervention have produced similar results? The answer to these questions and many more turns out to be more complicated. Schuman has chapters on China, India, Japan, South Korea, Hong Kong, Taiwan, Singapore, Indonesia, and Malaysia. Each of these countries employed different strategies to grow and succeed. Schuman does an outstanding job analyzing each of the countries. His open-mindedness and lack of ideology give readers a well balanced picture of the region.
Schuman's writing is easy and enjoyable to read. You will learn about the countries' politics, history, economic systems and in general the benefits and pitfalls of globalization. In the process you will also learn about key figures that were instrumental to the rise. This is an outstanding book and a delightful read. I highly recommend it and as you can see from my other reviews I am not a generous Amazon reviewer - I do not give many 5 star reviews!
11 of 12 people found the following review helpful.
Must-Read Economics and Development Material!
By Loyd Eskildson
Asia has emerged from centuries of stagnation to produce the most sustained economic boom in modern history - all in little more than a generation. Shuman's expertise and openness combine to produce one of the most important books on economic development - "The Miracle." South Korea leads the group, with a 15,046% growth in GNP/capita from 1965 - 2007; Japan's was "merely" 4,133%, China's 2,260%, and India's 764%. East Asia's 1981 poverty rate (surviving on $1.25/day, or less) led the world at nearly 80%; this fell to 18% by 2005. (During the same period sub-Saharan Africa remained at 50%.) Goldman-Sachs predicted in 2003 that by 2050 the Indian and Chinese economies together would double that of the U.S.
Shuman's focus is on both reporting how each economy blossomed, and then synthesizing underlying potentially explanatory factors. Five theories are most prominent:
1)"There is something special about Asians" - eg. Confucianism's stress on societal order and devotion to a strong work ethic (early Hyundai shipbuilders working 17-hour-days; Chinese factory workers working 12-hour-days for 28 or so days/month), savings (up to 50%) and education. (Akin to earlier studies crediting Protestantism's "The Lord helps him who helps himself" for the success of capitalism in the West.") Shuman also could have referenced politically-incorrect yet credible studies concluding that Asians benefit from about a ten IQ-point lead over average Caucasians. Regardless, Shuman challenges this theory, asking "Why not earlier?"
2)A second theory is that Asian leaders did a superior job of planning - despite contradicting seemingly superior U.S.-backed laissez-faire ideology. Examples include selecting particular industries to promote (eg. steel, shipbuilding, chemicals, electronics, metals, machinery - Japan, South Korea), assisting them with government funds, protection from foreign competition on their home turf, discounts on energy, lowered local taxes on their products, and wresting foreign assistance with new technology and patents. Other aspects include sometimes picking leaders of the new industries, forcing them to succeed vs. international competition in other lands, and forcing out corporate leaders who failed to succeed. Another important strategic dimension involves horizontal vs. vertical integration - a 7/13/09 WSJ column by Andy Grove points out that the Chinese government is supporting auto battery development (horizontal integration), vs. the U.S. supporting G.M./Chrysler (vertical), and that the Chinese may be making the better choice. Finally, it was also particularly interesting to note that some aspects correlated with strategic thinking by U.S. leaders. South Korea, for example, seemingly deliberately planned that every new plant had to be one of the largest in the world, and most efficient - very similar to Jack Welch's dictate that G.E. must be #1 or #2 in every area it competed in - guaranteeing it would not suffer scale dis-economies.
3)A third theory is that Asians simply took advantage of American-supported free-trade and military support for stability, while also boosting the education of their peoples and infrastructure (eg. transportation, power networks). Again, however, Shuman challenges such thinking with "Why not eg. Africa as well?"
4)Shuman sees nationalism as a fourth explanatory theory. The transformational Asian leaders sought strong growth to lift their people's standard of living, as well as a defense against the Communist or U.S. threat (eg. South Korea, Taiwan; China). Ironically, part of Deng's motivation in China was also to favorably impress citizens in Taiwan and Hong Kong in hopes of later peacefully re-uniting with them. These leaders also often set demanding goals for themselves - Ikeda, Japan's PM beginning in 1960, set a goal of doubling national income by 1970 - not only did Japan succeed, but confidence in his goal led many Japanese to boost the economy by spending on basic appliances (B&W TVs, refrigerators, washers), and later upgrading to color TVs and buying cars. Similarly, China's Deng supported a 1982 goal of boosting output in 2000 to levels 4X those then current.
Deng, like Obama's assistant, Rahm Emmanuel, was of the "let no crisis go to waste" school. He and his supporters took advantage of failing harvests to encourage and support radical thinking - eg. "privatizing" the collective farms. (Six months after Deng's approval, this spread to 75% of its farms.) Shuman also points out that China's approach differed from its Asian neighbors, with considerable government withdrawal from business areas formerly dominated - eg. government-owned enterprises. However, readers mush not make too much of that distinction - China still kept core actions of selecting and assisting new industries.
The author also notes that, with one exception, (Singh, in India) the leaders were not economists, but were quick to borrow from nations demonstrating early success (Japan was first). (Similarly, many leading American business leaders had no economic/management training - eg. Gates, Welch, Jobs, etc.)
Shuman also is quite impressed by the creativity of innovative and driving early Asian business leaders - eg. Morito (Sony), those involved in developing the Toyota Production System (TPS) that turned "Fordism" on its head, China's head of Leveno, Hyundai's founder, etc. China's recent battery and solar power entrepreneurs, not mentioned, are nonetheless also supportive of Shuman's thinking. Finally, "The Miracle" also quotes Asian leaders with crediting the U.S. for providing security and stability to the region.
5)A fifth potential explanatory theory is that strongman or single-party rule throughout much of Asia, did away with divisive arguments and interminable decision-making delays (think U.S. politics). Interestingly, South Korea's strongman Park, most credited with its economic transformation, was also posthumously selected in 1996 as the "dictator they' most like to clone." (Economic benefit trumps political freedom.) Clearly China's Deng, Suharto, and Japan functioned similarly - especially at the onset of their transformation.
Which theory is correct? My opinion is that each has truth; reality is probably a combination of them all.
My only criticism of "The Miracle" is that Shuman's thinking about long-term consequences for the U.S. are superficial. He believes, correctly, that continuation improves relations between the U.S. and Asia - but this is likely only up to a point. China's increasing concerns over holding U.S. financial assets is evidence that things may get tougher.
More importantly, however, Shuman fails to realize that what's good for Asia (more free trade) may not be good for the U.S. Further, he misses the significance of Sony's Morito refusing a major manufacturing contract to build transistor radios with Bulova's name on them - Morita's point was to give Sony greater control of its destiny, and gain access to the bulk of profits accruing to non-manufacturing activities (eg. China receives only 25-35% of the consumer price for items it manufactures). Similarly, Lenovo has acquired IBM's PC business, and various other new Chinese firms in China (eg. autos, solar and battery power) are following the same logic.
Countless American "experts" have told us we benefit from off-shoring manufacturing and its sweaty, brainless jobs - Shuman certainly isn't concerned. Reality, however, is that manufacturing experience, even involving simple plastic toys, also provides an irreplaceable foundation for related product and tool design, and process management. (The "Toyota Production System," obviously developed to support auto manufacturing, has proven generalizeable to countless industries, and is now also being applied in hospitals and white-collar work.) Meanwhile, CRT-tube outsourcing has been followed by ceding industry-related R&D jobs and even participation in the industry's increasingly technological direction - CRT and plasma screens, and most likely OELDs as well.
Finally, I can't help wondering what Russia's economic fate would have been if it had followed the Asian model.
2 of 2 people found the following review helpful.
very entertaining and informative account
By A. Menon
The Miracle takes a different approach to most literature on asian growth. It looks at the individuals involved and tries to describe their backgrounds, motivations and perspectives and motivates the growth as a function of those uniquie perspectives. This is not an academic work in its intent but it serves a very important role of exploring the "original conditions" of the people who helped start asias miraculous growth and the book draws the reader into the characters perspectives on what was required and the solutions to the problems that were pondered.
The book explores most south east asian nations across the region. It starts with post world war japan and the start of Sony and the trajectory of the company from nothing to being a pioneer, it describes national MITI policy and the help and hinderance it could be. It goes into Korea and the story and vision of Park Chung Hee. The story of Singapore is discussed with the focus on Lee Kuan Yew. Hong Kong and its position is then discussed, discussing the rise or Li Ka-Shing and the eventual transfer of Hutchison. Taiwan is then discussed discussing Shih from Acer as well as some taiwanese historical background. China is explored and the journey of Deng Xiaoping is the center, the journey of liberalization within the party is focused on and the pragmatism of its leaders as well as the dogmatism of some of the older order. Indonesia is then moved onto with Suharto as the center, it is fairly flattering with focus on his use of the Berkeley team rather than the emergence of cronyism. The book then jumps back to Japan and Honda with his energy and vision and is used an example of how entrepreneurial Japan could be. India is then discussed, a little late to the party, Mannmohan Singh was the man who worked on fixing the situation along with Prime Minister Rao. Malaysia is described next with Mahathir's story being told. He is credited with avoiding the troughs of the asian crisis experience by pegging of the ringgit when presented with IMF bailout or his approach. We return to Korea over the asian crisis, with the most international precense at that time and the dismantlingh of Daewoo and the change in political sympathy and focus. We return to China through the eyes of the businessman and focus on Lenovo and its ascent. To conclude the author explores the story of one of india's largest IT sevices company, Wipro.
Usually when one reads a book on asia and its growth of recent decades, the focus is on trying to decompose the factors that were at work for success. Economists tend to look for the principal components of growth to make both better predictions and perscriptions for other similar situations. The author takes the view that economies are at heart built from individuals and it is their story in which insight can be gleaned and thus focuses on the narrative rather than aggregate statistics. The result is very entertaining and a very interesting read. Often some characters who could be portrayed in a very poor light are contextualised so as to describe the good rather than bad that they helped foster, but this is only natural given the goal of the book- to describe asia through the eyes of the people making the growth happen. I recommend reading this as it describes the uniqueness of each asian country and how they saw themselves relative to others both locally as well as globally. Too often do people consider asian growth a singular phenomenon born of the same factors, this book helps dispel this, doing it entertainingly as well as insightfully.
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