In this thread, I will outline what I respectfully disagree about the East Asian model (respectfully stressed!)
I have been a student of Japanese industry/society for 25 years, starting in 1995.
Why is that a problem? Isn't too much of a good thing a better thing?
Such massive export surpluses have two issues, a) financial and b) real economy.
Financial first.
Such swelling reserves at the central bank, through the money (credit!) multiplier effect, create a domestic credit boom.
The massive credit boom distorts the domestic economy.
Japan has still not recovered fully from that bust!
The trouble is no one has any time for kids and that destroys demographics.
That leaves no time for kids. South Korea now has the lowest birthrate in the world.
East Asia has worked hard to deliver fine products for the rest of the world, piling up paper claims on the rest of the world, with no kids to enjoy that wealth.
That brings up the notion of balance, the foundation of spiritual economics.
India must produce more and export enough to balance trade, but no point being obsessive
East Asia, I am afraid, has gone too far and works it's people too hard. India should not.
At a company level, I ended the culture of extreme work hours in our Japan office years ago.