Evidence from Developed Countries Rule-based Monetary Policy for Developing Countries.

These new modernities are no less original for their hybridity; indeed, their originality lies partly in that phenomenon. Nor will hybridity remain an exclusively Asian or non-Western condition: in the face of the growing success of East Asian societies, the West will be obliged to learn from and incorporate some of their insights and characteristics. In a limited way this is already the case, with the West, for example, employing some of the innovations developed by the Japanese system of manufacturing — although, given that these are very much rooted in Japanese culture, usually with somewhat less success. A key question concerns which elements of the Western model are indispensable and which are optional. Clearly, all successful examples of economic transformation currently on offer are based upon a capitalist model of development, although their economic institutions and policies, not to mention their politics and culture, display very wide variations. However, the proposition that the inheritance must, as a precondition for success, include Enlightenment principles such as Western-style rule of law, an independent judiciary and representative government is by no means proven ...»