"East Asian economies of the 1980s and much of the 1990s occupy a special place in the recent history of development. They were among the most competitive exporters of manufactured products and were able to sustain growth rates far higher than those of other countries, developing or industrial. Then came the crisis of 1997-98, and even though recovery began fairly quickly in some countries, several have yet to regain their growth momentum, in part because the institutional weaknesses uncovered by the shock have proven refractory.". "Future competitiveness will rest upon much greater innovative capability in manufacturing and services, innovativeness that is firmly grounded in stronger institutions, better macroeconomic policies, and closer regional coordination. By succinctly defining the development context for East Asia in the early 21st century, the challenges for middle- and high-income economies, and the options for policymakers, this volume provides a comprehensive guide for the interested reader as well as the specialist."--BOOK JACKET.