1Political Economy of South East Asia The economic development in the pacific region in the last twenty years is much visible now. The four original members of ASEAN (Association of Southeast Asian Nations), that are, Indonesia, Malaysia, Philippines and Thailand, have achieved a considerable account of economic growth since they included political re-structuring in their approach. The neoclassical economists have referred to the growth as the success of the government. They viewed the recent policies if the government of free market based price to regulate the allocation of resources, as a positive contribution to the existing economy of the countries. The inclusion of open economy processes in the approach of the government reduced the extra incentives that are to be spent and paved the way for variety of newer articles to step into the market (Rodan, Hewison & Robinson, 2006). Although, it limited the role of government in the economy of the country, but the economic policymaking processes have influenced the economic growth and expansion of the countries (Beeson, 2014). Further, the dependency policy included by the government have given rise to participation in external economic events which enabled the countries to get included in the world and regional economy. Moreover, the institutional approach taken by the private bodies, also plays and important role in the growth of the economy (Rodan, Hewison & Robinson, 2006). Thus, the political approach of the country has contributed to the economic growth of the ASEAN countries.
2Political Economy of South East Asia References: Beeson, M. (2014).Regionalism and globalization in East Asia: politics, security and economic development. Macmillan International Higher Education. Rodan, G., Hewison, K., & Robison, R. (2006). Theorising markets in South-East Asia: power and contestation. Oxford University Press.