Asian Miracle

In: Business and Management

Submitted By camvannguyen
Words 6857
Pages 28
Asian Economic Miracle: The Wisely Chosen Economic Policies and The Economic Trend of 20th Century Van Nguyen
Keystone College

Abstract: Asian economic miracle refers to three groups of East Asian countries making miracle in transforming their economies from the third world to the first world ranking. There are three generations of Asian miracle. Starting with Japan, the first generation of what called Asian miracle, following with the second generation including South Korea, Hong Kong, Singapore, and Taiwan, and final generation consists of some Southeast Asian countries such as Thailand, Malaysia. This paper is going to talk about the second generation of Asian economic miracle. By showing their economic achievement, illustrating their economic policies, and analyzing how the economic trend of 20th century reflected on those policies, this paper will argue that Asian miracle was the result of the wise choices of how to manage an economy. Furthermore, developing countries should learn the lessons of how to choose the right economic policies to make economic miracle.

Asian Economic Miracle: The Wisely Chosen Economic Policies and The Economic Trend of 20th Century Introduction According to the East Asian Miracle (EAM, World Bank, 1993), “East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990 the twenty-three economies of East Asia grew faster than all other regions of the world.” The eight Asian economies: Japan, the “Four Tigers” including Hong Kong, South Korea, Taiwan, and Singapore, and the newly industrializing countries (NICs) of Southeast Asia including Thailand, Indonesia, and Malaysia, contributed mostly to the above achievement (EAM, World Bank, 1993). Moreover, since 1960, those eight economies had achieved the growth of…...

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