Explain the export-driven model of economic development. What are the major criticisms
of this model?
The period from about 1970 to 1985 saw the adoption of the export-led growth paradigm by the East Asian Tigers—South Korea, Taiwan, Hong Kong and Singapore—and their subsequent economic success. While an undervalued exchange rate was used to make their exports more competitive, these countries realized that there was a much greater need for foreign technology acquisition in order to compete in auto manufacturing and electronics industries. Much of the success of the East Asian Tigers has been attributed to their ability to encourage the acquisition of foreign technology and to implement it more efficiently than their competitors. Their ability to acquire and develop technology was also supported by foreign direct investment (FDI).
A number of newly industrializing nations in Southeast Asia followed the example of the East Asian Tigers, as well as a number of countries in Latin America. This new wave of export-led growth is perhaps best epitomized by Mexico’s experience that began with trade liberalization in 1986, which later led to the inauguration of the North American
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