The integration of the newly emerging economies (NEEs) into the global economy not only raises major challenges for OECD Member countries, which must adapt to new sources of competition, it also forces emerging economies to equip themselves with the policies and structures necessary to operate successfully in the global marketplace. That these challenges have still not been adequately taken up has been amply demonstrated by the financial crisis which struck Asian NEEs in mid 1997. Hence the need for more dialogue, on both the domestic and international levels, to reform policies and to avoid policy failures and crises in emerging economies, with ensuing impact on the industrialised countries.

This book moves in that direction by dealing with issues as varied and complementary as: the perspectives for an integrating world economy; the financing of economic reform; employment generation and poverty alleviation; or the role of institutions in economic development. These themes are tackled in the light of the experience of Asian newly industrialised countries, namely Korea, China and India. This publication offers a stimulating, well-informed tour of the issues which policy makers will have to resolve if the integration of the NEEs into the world economy is to be facilitated. [This book brings together the presentations made during a conference organised jointly in Seoul by the OECD Development Centre, the Korean Development Institute and the International Center for Economic Growth.]