This research goes in quest for the answer to the query of what advantages and disadvantages, even hindrances, may the mere existence of economically more developed countries mean to late-comers in their joining and catching up with a world economy determined by the former. To what extent do the periodically varying world economic constraints collide with the historically evolved social and economic endowments of emerging nations? What kind of contradictions and tensions may the following of a previously successful closing-up strategy in a changes world economic environment lead to?

This research scrutinizes the last two decades of economic development in Japan and Southeast Asia, South Korea, Thailand Malaysia and Indonesia are the ones among the Southeast Asian nations that we are especially investigate beside Japan. China us only considered as far as the features of progress in the above countries render it necessary.

The assessment of the recent stages of economic development, and the analyses of the reasons and effects of Japan's decade-long stagnation can provide useful lessons to former socialist countries, for the experiences gained can also show a way of how to avoid the standstills and blind alleys their transition might hide.

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