During the last two decades, we have seen a wave of literature on the East Asian Newly Industrializing Countries (NICs). The majority of this literature is oriented towards the superior industrial performance of the East Asian NICs compared with other developing countries. In addressing this issue, the present article focusses on analytical and theoretical issues. It largely leaves out the empirical evidence and is more concerned with questions than answers. The answers that are given try to encapsulate what we already (think we) know, while the questions, hopefully, point out some of the areas where we ought to focus our future research in order to get a better understanding of the East Asian capitalist "miracles". The paper will not cover all possible types and levels of explanation but will concentrate on such factors as political and societal institutions. In the last section, however, a broader variety of determinants, including the external determinants, are discussed.
