Industrialization in Taiwan and Korea

Nan Wiegersma and Joseph E. Medley
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Nan Wiegersma: Fitchburg State College
Joseph E. Medley: University of Southern Maine

Chapter 4 in US Economic Development Policies towards the Pacific Rim, 2000, pp 50-70 from Palgrave Macmillan

Abstract: Abstract In the postwar period, both Taiwan and South Korea were able to successfully integrate into the world capitalist economy while experiencing growth with equity (Li 1988: 53; and Amsden 1989: 38 (quoting the World Bank)). They both increased productivity and industrial output and achieved soaring exports, low debt levels, and stable prices alongside dramatically increasing real incomes (in Taiwan, for example, per capita consumption increased 400 per cent between 1952 and 1986 (Li 1988: 52)). In a view widely held among development agencies (USAID, World Bank, IMF) and analysts, primarily economists, Taiwan and South Korea’s examples demonstrated the correct industrialization policies for all less-developed and former socialist nations. These agencies claimed that here were models that demonstrated the bright future of capitalist development throughout the less-developed world.

Keywords: Gross National Product; Trading Company; Overseas Investment; Taiwan Government; World Capitalist Economy (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-98386-7_4

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DOI: 10.1057/9780333983867_4

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