Abstract
The success of the Asian Miracles derived from their industrial policies that followed the same key principles, namely, the pursuit of sophisticated sectors, export orientation, and competition with accountability. They also relied on a similar institutional setup, in which a leading agency oversaw the conduct of industrial policy in line with these principles. We illustrate the role of these agencies in the development of semiconductors in Taiwan and the automotive industry in Korea, arguing that their action was characterized by the 4A model: Ambition-Agency to develop sophisticated and export-oriented industries led by domestic firms; Autonomy from undue political or rent-seeking meddling; Accountability, both internally and externally, namely, vis-à-vis the executive, other government agencies, and the private sector; and Adaptability to the changing political and economic conditions.
Keywords: industrial policy, technology and innovation policy, institutions for development, planning agencies, Asian Tigers
