The Political Economy of South East Asia: Development and Policy

This essay explores the political economy of South East Asia, focusing on the economic development achieved by the original ASEAN members (Indonesia, Malaysia, Philippines, and Thailand) through political restructuring. It contrasts neoclassical economic views of free market policies with the impact of government policies and dependency policies on economic growth. The analysis also considers the role of private institutions and external economic events in shaping the region's economy, highlighting the interplay between political approaches and economic expansion within the ASEAN countries.

Running head: POLITICAL ECONOMY OF SOUTH EAST ASIA
Political Economy of South East Asia
Name of the University:
Name of the Student:
Author Note:

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.