Can East Asia restore its near magical economic performance, or is its competitive strength beginning to erode? This volume argues that East Asian countries have far from exhausted their growth potential. Future competitiveness will rest upon much greater innovative capability in manufacturing and services, innovativeness that is firmly grounded in stronger institutions, better macroeconomic policies, and closer regional coordination. By succinctly defining the development context for East Asia in the early 21st century, the challenges of middle-and high-income economies, and the options for policymakers, this volume provides a comprehensive guide or the interested reader as well as the specialist.