Asian economic miracle

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The number of dollar billionaires in China - the most in the world, according to Shanghai-based publisher Hurun Report. China's rank as the world's biggest exporter, its economic engine. The value, in billions of dollars, of foreign investment into China inup from virtually nothing in

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Jump to navigation. Once upon a time, Western opinion leaders found themselves both impressed and frightened by the extraordinary growth rates achieved by a set of Eastern economies. Although those economies were still substantially poorer and smaller than those of the West, the speed with which they had transformed themselves from peasant societies into industrial powerhouses, their continuing ability to achieve growth rates several times higher than the advanced nations, and their increasing ability to challenge or even surpass American and European technology in certain areas seemed to call into question the dominance not only of Western power but of Western ideology.

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This paper, divided into seven sections, considers the development of economic growth theory in light of the spectacular advances of the economies of China, India, and Southeast Asia. Section 1 reviews the debate over the sources of technological change and the measurement of total factor productivity that emerged during the second half of the s. Section 2, "Convergence and Divergence," deals with the closing of the economic gap between the U.

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Can the East Asian Miracle Persist? It is a great pleasure for me to be back in Princeton again. As mentioned in the introduction, I spent two formative periods of my life in Princeton, first as an MPA student in the late s, and more recently as a visiting professor in the Woodrow Wilson School.

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Need this be the end of the Asian economic miracle? No, says Pam Woodall; but governments must abandon their bad habits. THE gleaming high-rise buildings that fill the skylines of East Asia's capital cities used to be seen as symbols of the region's economic success.

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The Four Asian TigersFour Asian Dragons or Four Little Dragonsin Chinese and Koreanonly the "dragon" terms are usedare the economies of Hong KongSingaporeSouth Korea and Taiwanwhich underwent rapid industrialization and maintained exceptionally high growth rates in excess of 7 percent a year between the early s mids for Hong Kong and s. By the early 21st century, all four had developed into high-income economies developed countriesspecializing in areas of competitive advantage. Hong Kong and Singapore have become world-leading international financial centreswhereas South Korea and Taiwan are world leaders in manufacturing electronic components and devices.

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To say that its findings were controversial would be an understatement. It was the target of wide-ranging academic comment and sometimes-virulent criticism. Unable to display preview.

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Gereffi Gari. State policies and industrial upgrading in East Asia. The East Asian nations have been labeled "miracle economies" because of their unparalleled record of rapid economic growth and social equity over the past several decades.

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This series appears on an occasional basis. In recent years, the increasingly prosperous East Asian economies of Japan, Hong Kong, Singapore, Korea, and Taiwan have been hailed as models of achievement for other emerging economies. These interventionist aspects of trade policy in East Asia have had great appeal to a number of more recently emerging economies.

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Wilson, The Asia Foundation. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between and Even more impressive is their simultaneous significant reduction in poverty and income inequality.

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