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The Miracle: The Epic Story of Asia's Quest for Wealth
“If you are interested in how Asia became an economic tiger, read The Miracle.”—New York Times
An international bestseller, The Miracle by business journalist Michael Schuman offers a fascinating exploration of the most meaningful and far-reaching global event since World War II: the economic ascent of the Asian continent. CNN’s Wolf Blitzer calls The Miracle, “An amazing story and it’s all true,” while the New York Times praises Schuman for being, “not just a skilled reporter [but] also a gifted journalistic storyteller.” The Miracle is essential reading for anyone who truly wants to understand today’s—and tomorrow’s—world.
An international bestseller, The Miracle by business journalist Michael Schuman offers a fascinating exploration of the most meaningful and far-reaching global event since World War II: the economic ascent of the Asian continent. CNN’s Wolf Blitzer calls The Miracle, “An amazing story and it’s all true,” while the New York Times praises Schuman for being, “not just a skilled reporter [but] also a gifted journalistic storyteller.” The Miracle is essential reading for anyone who truly wants to understand today’s—and tomorrow’s—world.
464 pages, Hardcover
First published June 30, 2009
53 people are currently reading
671 people want to read
About the author
Michael Schuman
14 books5 followersMichael Schuman has been a foreign correspondent in Asia for 23 years, first with The Wall Street Journal, and then as Time magazine’s international business correspondent based in Hong Kong and Beijing. He writes on a freelance basis for several publications: Bloomberg View, BusinessWeek, New York Times, and Forbes.
(Courtesy of PublicAffairs Books.)
(Courtesy of PublicAffairs Books.)
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Displaying 1 - 30 of 32 reviews
October 11, 2014
Simply a must read for anyone looking to understand how Asia has developed to be such an important economic power in today's world. The author Michael Schuman who is an American author and journalist who specializes in Asian economics has gone through extensive research to produce a great piece of work. Not only does the author provide so much fascinating information , he does it in amazing "story-telling" way which won't put you to sleep. Also it is an easy read =)
Do yourself a favor and pick up this book! Even though you may not agree with everything he says, keep an open mind to the way other people view the success of these Asian economies and you will gain from it!
Do yourself a favor and pick up this book! Even though you may not agree with everything he says, keep an open mind to the way other people view the success of these Asian economies and you will gain from it!
July 30, 2011
Briefly put, anyone who does anything in Asia - whether a native or not - must read some such books to get a perspective on how we got where we got. One may not agree with the theories propounded or rejected here, but anecdotes will prepare everyone with their own historic backdrop. In a world where most written stuff is mostly about the Western economies and financial events, the world's biggest economic story of last few decades is mostly unknown to people who have lived through them.
More importantly, most Asians are not only well aware of their own journey but has little appreciation for successful achievements of others around. Except for some businessmen and statesmen - many talked about in this book - Asians, let alone others, learn few things from each other.
This extremely readable book is a must not for the fact that it discusses an important topic in an interesting way but because trying to gauge where Asia is headed without knowing its history is like watching the sixth Harry Potter movie without ever reading/watching the previous ones.
More importantly, most Asians are not only well aware of their own journey but has little appreciation for successful achievements of others around. Except for some businessmen and statesmen - many talked about in this book - Asians, let alone others, learn few things from each other.
This extremely readable book is a must not for the fact that it discusses an important topic in an interesting way but because trying to gauge where Asia is headed without knowing its history is like watching the sixth Harry Potter movie without ever reading/watching the previous ones.
May 29, 2018
A recommended laymans book for an interesting piece of the global puzzle that is economics. Light on the dense academics and replete with interesting characters and historical anecdotes, so it's an enjoyable read that still provides fascinating insights into economics, especially economic history a Western audience may not be so aware of. What I particularly appreciated was the general lack of bias- sans some more definitive statements in the final chapter, which is where I felt the book's sole glaring flaw lies, the evidence and analysis is a bit too light to be making any definitive statements in terms of command economy versus free market. That aside, the book is well written and presents arguable cases for all manner of economic policy. Enjoyable and thought provoking, definitely recommended for economic novices and veterans alike.
September 28, 2025
Totally loved it. A must-read for those love economics and/or beginners who want to explore Asia's growth.
Shout-out to the journalist, Michael Schuman, to make the knowledge easy to digest and unputdowntable. Besides, those behind-the-scene stories was fascinating to read.
Just one minus point for some oversimplified explanation in some minor parts.
Shout-out to the journalist, Michael Schuman, to make the knowledge easy to digest and unputdowntable. Besides, those behind-the-scene stories was fascinating to read.
Just one minus point for some oversimplified explanation in some minor parts.
April 8, 2022
Nice to understand the success stories of Asia countries like Japan, Korean, Singapore, HongKong, China, Malaysia, Indonesia and India.
Some things I learn:
- In developing countries, it's important for government to control the economy because they need to focus scarce resources on some important industry
- Most successful stories start from an agency, then learn and manufacture good yourselves
Some things I learn:
- In developing countries, it's important for government to control the economy because they need to focus scarce resources on some important industry
- Most successful stories start from an agency, then learn and manufacture good yourselves
November 6, 2024
an insightful read with narrative-style prose detailing the development stories of several asian economies, contrasting their successes and failures.
the author picks a few representative companies (+ officials, CEOs, entrepreneurs, policymakers, etc) for each such as:
- Honda and Sony for Japan
- Hyundai for South Korea
- Lenovo for China
While the development stories for Japan and South Korea were more focused on industrial policy, Taiwan, Singapore, and Hong Kong relied more on foreign investment. Countries like China required a mix of both foreign investment and decentralization, given its unique political and economic structure. India's focus was on developing service industries like IT and consulting. Nonetheless, corruption is one of the biggest factors that limit economic development, leading to inefficient allocation of resources.
Overall a solid, deeply enjoyable read with some oversimplifications.
the author picks a few representative companies (+ officials, CEOs, entrepreneurs, policymakers, etc) for each such as:
- Honda and Sony for Japan
- Hyundai for South Korea
- Lenovo for China
While the development stories for Japan and South Korea were more focused on industrial policy, Taiwan, Singapore, and Hong Kong relied more on foreign investment. Countries like China required a mix of both foreign investment and decentralization, given its unique political and economic structure. India's focus was on developing service industries like IT and consulting. Nonetheless, corruption is one of the biggest factors that limit economic development, leading to inefficient allocation of resources.
Overall a solid, deeply enjoyable read with some oversimplifications.
August 20, 2023
A book gave me a new point of view to the Asia's economic miracle. It showed the role of government's policy and free market to this miracle, though the free market is said to be more important.
It's interesting to see how Asian countries like waves that resurrect one after another, by industrialization to IT service. These stories gave me much inspiration.
It's interesting to see how Asian countries like waves that resurrect one after another, by industrialization to IT service. These stories gave me much inspiration.
December 8, 2020
Interesting. Dated for 2020, but nevertheless an interesting mixtape of successful Asian businesses and technocrats. The chapter-per-country / business style has never struck me as a compelling way to tell a story, but is probably one of the only ways to cover 10-20 stories in one text.
August 2, 2017
random choice from my father's recommend and started read this because there is a story about Lee Kuan Yew.
July 7, 2022
A very interesting book that discusses the economic development of various countries in Asia.
May 13, 2023
A Good book to understand history of post colorial countries after WW2 and its economy.
Read
February 5, 2024Very instructive
Read
June 18, 2012Asia’s emergence as an economic powerhouse is really one of the great stories of history, and it’s a lot of fun to read in such a condensed, coherent narrative. The Miracle looks at why the Asian economic miracle – the extraordinary growth of the Asian “tigers” starting in the latter half of the 20th century – happened, and more specifically, why it happened in Asia. Schuman discusses a number of reasons, but the one he settles on as offering the most explanatory power is the people. And not just the hardworking, well-educated populations of these countries, but the Big Men who led them through critical periods of takeoff. This is not uncontroversial, as many if not most of these men were not Jeffersonian democrats or nice guys, but I happen to believe it. Singapore would not be Singapore today if it hadn’t been led for 30 years by Lee Kuan Yew, and China would look very different if Deng Xiaoping had fallen in a well as a child.
The organization of the book is very simple – Schuman works chronologically through the evolution of the miracle from the early movers (Japan, Korea) through to the later Tigers (Singapore, Taiwan, Indonesia, Malaysia, India, and China) and in each chapter focuses on the pivotal role of a key person or people. In some cases it is the nation-building leader but in other cases it is entrepreneurs or lower-level policy-makers, so there are lengthy discussions of, for example, MITI bureaucrats in Japan, the founders of Sony and Hyundai, and Indonesia’s iconic Suharto crony and tycoon Bob Hassan. It’s a great melding of Political Economy 101 and biography. Throughout, Schuman looks at the way governments and business worked (or didn’t work) together to create the miracle, and hes good at teasing out the differences in approach from country to country. The common thread was a determination by key economic policy-makers to hitch their economies to the forces of globalization (in contrast with import-substitution and autarkic policies in favor in other parts of the world at the time) and to build globally competitive companies. As Schuman shows, there is considerable diversity within the “Asian model” and he isn’t trying to prove a point about whether this or that policy worked best, or whether this or that theory best explains Asia’s success, or whether economic development excuses political repression -- hes just telling a story.
This is definitely a journalistic account and would be unsatisfying and oversimplified to people who want to nit-pick details, but I thought it worked very well and makes for excellent story-telling. I actually think its great for people who work on Asia, because nobody knows the whole region equally well, and I can’t think of any book I’ve read that puts it all in one place so succinctly and so accessibly. Some of it I knew in depth (basically skimmed the China chapter) and some of it – Japan and Korea especially – I didn’t know much at all. And it’s a great reminder for me of why I love working on this region – so much dynamism, drive, and energy.
The organization of the book is very simple – Schuman works chronologically through the evolution of the miracle from the early movers (Japan, Korea) through to the later Tigers (Singapore, Taiwan, Indonesia, Malaysia, India, and China) and in each chapter focuses on the pivotal role of a key person or people. In some cases it is the nation-building leader but in other cases it is entrepreneurs or lower-level policy-makers, so there are lengthy discussions of, for example, MITI bureaucrats in Japan, the founders of Sony and Hyundai, and Indonesia’s iconic Suharto crony and tycoon Bob Hassan. It’s a great melding of Political Economy 101 and biography. Throughout, Schuman looks at the way governments and business worked (or didn’t work) together to create the miracle, and hes good at teasing out the differences in approach from country to country. The common thread was a determination by key economic policy-makers to hitch their economies to the forces of globalization (in contrast with import-substitution and autarkic policies in favor in other parts of the world at the time) and to build globally competitive companies. As Schuman shows, there is considerable diversity within the “Asian model” and he isn’t trying to prove a point about whether this or that policy worked best, or whether this or that theory best explains Asia’s success, or whether economic development excuses political repression -- hes just telling a story.
This is definitely a journalistic account and would be unsatisfying and oversimplified to people who want to nit-pick details, but I thought it worked very well and makes for excellent story-telling. I actually think its great for people who work on Asia, because nobody knows the whole region equally well, and I can’t think of any book I’ve read that puts it all in one place so succinctly and so accessibly. Some of it I knew in depth (basically skimmed the China chapter) and some of it – Japan and Korea especially – I didn’t know much at all. And it’s a great reminder for me of why I love working on this region – so much dynamism, drive, and energy.
July 20, 2010
What are the first impression about this book that I can describe; it was the worth reading book and 'amazing story teller' written by Michael Schuman. The writer have gone thorough in-dept researching and understanding about the background and history that make a big changes and transformation in economies of several Asian countries. The Miracle that claimed by the author are actually has been inspired by some greatest leader from Tun Mahathir Mohamad (Malaysia), Lee Kuan Yu (Singapore), Suharto (Indonesia), Deng Xio Peng (China) and several other leader from Japan industrialist, South Korea politician, entrepreneur from China and ICT expert from India. This leader has make lots of steps and sacrifice to ensure their small business turn into giant that changes the landscape of world business. Some non favorable policy has taken with high risky but successfully fruitful after faced several challenges such as political debuts, bureaucratic and infamous Asian Financial Crisis that hit in 1997.
November 4, 2011
Very much enjoyed this. It serves equally well as a brief historical overview of Asian development in the latter half of the 20th century (comparing the implementation of the developmental state and economic liberalization across Japan, Korea, Singapore, Taiwan, Hong Kong, China, Malaysia, Indonesia, and India), and also as a more in-depth personality-based account of the same events. I found the personal narratives of the politicians, bureaucrats, and entrepreneurs featured in the book fascinating, and also unexpectedly inspiring and moving. In general, it was great to be able to put a human face on vocab terms memorized in undergrad--MITI, keiretsu, chaebol, and the like.
With regard to the people, I was struck by two additional things: 1) the level of technical education of the entrepreneurs (e.g. backgrounds in physics, engineering, etc.), and 2) the strongly expressed nationalism almost all across the board. Also, Park Chung Hee = a dictator, and kind of a bad-ass.
With regard to the people, I was struck by two additional things: 1) the level of technical education of the entrepreneurs (e.g. backgrounds in physics, engineering, etc.), and 2) the strongly expressed nationalism almost all across the board. Also, Park Chung Hee = a dictator, and kind of a bad-ass.
April 23, 2011
As a foreigner living in Taiwan and fascinated by Asia in general, this was a great read. I loved the anecdotes, the insights and that now I can maybe make a better sense of what is going on around me, how did the country get to where it is now...
From the stories I preferred the ones taking place in the earlier ages (maybe the ones in the first half of the book), not sure is it because they are more "historical" and less "news-like" as we are almost still living those stories? Also, so many countries are described, a tremendous undertaking but also leaving me wanting to hear more about different places. Introducing a country's changes through just one or two companies is enough to get me hooked but does not fill me up. Of course it is almost infinite topic - now I wonder where can I know more?
From the stories I preferred the ones taking place in the earlier ages (maybe the ones in the first half of the book), not sure is it because they are more "historical" and less "news-like" as we are almost still living those stories? Also, so many countries are described, a tremendous undertaking but also leaving me wanting to hear more about different places. Introducing a country's changes through just one or two companies is enough to get me hooked but does not fill me up. Of course it is almost infinite topic - now I wonder where can I know more?
May 2, 2010
'The Miracle' is absolutely packed with information. Michael Schuman is magnificently able to summarize the history, politics, personalities, and ideas behind Asia's economic transformation. I find Schuman's analysis of the Asia model to be particularly interesting. Also, 'The Miracle' does a excellent job of describing the financial, political, and economic policies of Taiwan, China, Japan, Malaysia, Singapore, Hong Kong, and India. I think that Michael Schuman does a splendid job of making Asian economic history interesting and understandable.
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September 25, 2010This is one of the most informative, thought-provoking books I've ever read. The author's meticulous research into the lives of Asian businessmen and political leaders is amazing. Schuman managed to take the rather dry topic of economics and write it in such a flowing, novel-like manner that the reader begins to take interest in the personal lives and pasts of the people. If there is one book I ever recommend to even the most uninformed anti-Asia conservative or pro-socialist liberal, it would be this one.
August 23, 2010
The Miracle details and contrasts the various economies of Asia and how each one has risen on its own unique forms of political and economic systems. From the paternal governments of Singapore, Japan and Korea to the mutual concensus of the Berkeley Mafia in Indonesia, each tale of ascension has ample lessons to be harnessed for future generations of leaders.
August 14, 2012
A very informative and readable book. Excellent for anyone who wants to get a handle on the basics of Asian economies in the second half of the 20c. I'll go back to it. After a while though the stories did seem to start to sound the same and the characters a little larger than life, in the 'Forbes profiles self-made-millionaire' style.
April 16, 2013
Schuman presented the confluence of the many factors that contributed to the emergence of the Asian tiger economies in a concise and rather compelling manner. The Miracle is essentially a collection of the stories of the stories of how a group of visionaries lead their respective nations to the forefront of global economic viability against all odds.
February 12, 2016
A very useful and interesting telling of the story of the "miracle" growth of the Asian economies. Shulman's conclusion is that "The continuation of the Miracle will create a freer world, and therefore a world more favorable for American national security and diplomatice interests. It is in the continued creation of prosperity that America can find its future role in the world." I agree!!
March 10, 2021
great detailed account of the “how” behind east asia’s economic explosion in the second half of the 1900s. the chapters are generally broken down to focus on a specific target country, but towards the end they are organized to come to a conclusion and come to the present. an easy read that will introduce readers to many important figures of asia’s recent history
August 2, 2013
Excellent history of the Asian Miracle, written in a concise, yet richly detailed manner. I was rather ill-informed before picking up this book, but I feel I no have a fairly unbiased understanding of the issue.
August 28, 2016
Walks you through the political and economic transformation of Asian countries one by one. Shows how the debate whether Laissez Faire or state intervention is better for economic reformation is really a grey area.
June 12, 2016
Very accessible tour through the twentieth century rise of several Asian economies, with a major focus on Japan, China, Malaysia, Indonesia and Singapore. I enjoyed the mix of personal anecdotes from former presidents as well as corporate leaders.
January 22, 2017
A brief overview of political and economical development of major Asian countries after WW2. Describes how path of Japan was followed by the next wave of Asian tigers.
A great book of inspiration to fans of dirigisme and autocracy.
A great book of inspiration to fans of dirigisme and autocracy.
August 5, 2009
stories about the people who created the economies in asia
May 2, 2015
Excellent analysis of a fascinating part of economic history - I'm just not ultimately into the details of business.
June 5, 2015
One of the best books on the rise of several countries in Asia
Displaying 1 - 30 of 32 reviews