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East Asian Economic Development

East Asia, a region of the world that at its broadest encompasses Hong Kong, the Republic of Korea, Singapore, Taiwan, Indonesia, Malaysia, and Thailand, is one of the more fascinating global regions in that the economic development activities taking place there have fostered dramatic growth, a reduction in poverty, and improvements in the standard of living. Danny M. Leipziger and Vinod Thomas have stated that if economists in the early 1950s had been asked to predict which countries would be successful in terms of industrialization in the ensuing three decades, only a seer would have chosen the initial East Asian "tigers" รป Hong Kong, the Republic of Korea, Singapore, and Taiwan.

These countries were bereft of natural resources and as of the early 1950s had difficulty providing the basic necessities for their populations. Nevertheless, in relatively short order, the first generation of Asian "tigers" created opportunities which led a second generation of rapidly industrializing Asian "cubs," consisting of Indonesia, Malaysia, and Thailand to move ahead economically. Though they are often spoken of as a single group, the East Asian economies are actually quite diverse and each economy has pursued a diverse mix of policies with varying degrees of government intervention and external assistance.

At issue in the present report is the question of how Japan, China, and the United States affected East Asian economic development. Each of these three countries has clearly played a role of some significance in fostering rapid industrialization and technological growth throughout East Asia. It will be argued herein that of these three external actors, it was Japan that exerted the broadest and deepest impact upon the East Asian region.

Discussion

At the start of the 1990s, the "East Asian Miracle" was in full flower. A little more than a decade later, several of the region's economies were...

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East Asian Economic Development. (1969, December 31). In LotsofEssays.com. Retrieved 17:57, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1693687.html