The International Trade of Taiwan

TAIWAN'S ECONOMIC STRUCTURE AND DEVELOPMENT

The Republic of China, typically referred to as either Nationalist China or Taiwan in the west, is one of the world's most rapidly developing economies (The World Bank, 1990). Taiwan pursued economic growth in the 1970s and 1980s primarily through the development of its export trade, and that the country continues this approach in 1990 (Paxton, 1990). While Taiwan sought external capital for its economic development during this time period, the country typically dissuaded direct foreign investment (Anderson, 1983).

In addition to dissuading direct foreign investment, Taiwan also, to a great extent, closed its domestic markets to foreign manufacturers (Boyd, 1986). The dissuading of direct foreign investment, the relatively closed domestic markets, and the growth of the Taiwanese economy combined to create a capital problem for the country in the mid1980s, as available loan capital was insufficient to meet the demands of the rapidly

1 2growing economy, while the country's protectionist policies discouraged foreign investment. Capital scarcity, thus, threatened the continued rapid development of the Taiwanese economy.

Taiwan has a market economy. The Taiwanese government, however, acts

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62% Taiwan (R.C.) 18% 41% 41% Thailand 26% 28% 46% (source: The World Bank, 1990) 206207) =============================================================== Through the use of nuclear power generation, Taiwan has been successful in the development and maintenance of rapid 5 growth in electricity output (Paxton, 1990). Per capita energy consumption at relatively high levels is a necessary prerequisite for industrialization. At a level of 3,275 kilowatt hours, Taiwan ranks fifth among Pacific region countries, and fourth among those countries included in Table 5 (The World Bank, 1990). The country's per capita commercial energy consumption is compared with that of some other Pacific region countries in Table 5, which may be found on page 8. Table 2 Structure of Employment: Selected Pacific Region Countries ============================================================= Country Distribution of Labor Force  Agriculture Industry Services     China (P.R.)
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Approximate Word count = 2212
Approximate Pages = 9 (250 words per page)

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