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The drivers of Taiwan's economic growth between 1949-1990
Finance & Accounting
Pages 30 (7530 words)
TAIWAN'S PROSPERITY - THE UNINTENDED RESULT OF INNUMERABLE EFFORTS ABSTRACT Taiwan’s economic growth has often been referred to as the Taiwan Economic Miracle. To determine the events that led to such phenomenal growth, with the aim to provide the developing countries some guidelines, this study was conducted.
There was nothing supernatural about them. These include the reason for the US aid, the training of the workers for the German optical lens factory and the infrastructure development by Japan to support its war efforts. In addition to these existing benefits, the decisions and actions of the policy makers fetched the unexpected results. While they formulated the policies they themselves were unsure of the consequences. Reforms were made in every sector and most importantly the policies were reviewed with changes in the business environment. Government intervention was gradually reduced as the economy matured. However, two factors that developing nations should be cautious of, include environmental degradation that comes with economic growth and unhealthy nationalism. Besides, it is not possible to replicate the strategy that Taiwan followed as not every country has the same endowments such as natural resources and human capital. Taiwan could experience growth because of the endogenous factors. Local factors have tremendous influence on growth and progress and this is evident from the case of Taiwan. The study concludes that the economic growth in Taiwan was the unintended result of innumerable efforts. ...
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