Asian Miracle
Abstract
Asian miracle was the most spectacular period that saw the Asian continent turned into a powerhouse. There were similarities in the factors that led to growth in the economies key among them being innovation, entrepreneurship and good policies adopted the governments in place in ensuring the continuity of the upward trend in economic growth. There were differences especially in strategies adopted by different countries in the region especially on matters pertaining to trade and education, which formed discontinuities in the patterns, and strategies. Changes in the continuity and discontinuity had a significant role in maintain and reducing economic growth rate of the region.
Introduction
The Asian Miracle refers to the spectacular growth in many Asian economies in East Asia from 1960-96. During the period, the economies of Korea, Singapore, Taiwan and Honk Kong were the most successful besides the Japanese whose growth had started earlier. During the period, these and other economies including China, Indonesia, Thailand, Philippines and Malaysia contributes to the fastest growth in a continent. The ten economies had a superior economic growth globally during the time with Philippines being the worst performer at 2 per cent per annum, which was the average growth in the world in per capita terms at the time. The growth rate recorded by Japan, China, Indonesia, Malaysia and Thailand had an average of 3-5 percent. Hong Kong, Singapore, Taiwan and Korea were called “Four Tigers” after recording growth of over six percent and were maintained for over thirty years. There were similarities and differences in the factors that led to this growth in economy. This paper is an analysis of continuities and discontinuities in the factors that led to the Asian miracle. Analysis is also done on the impact of changes of theses continuities and discontinuities to the economy.
Continuities in Factors that Contributed to Asian Miracle
Continued policies on trade
Asian miracle was the most spectacular period that saw the Asian continent turned into a powerhouse. There were similarities in the factors that led to growth in the economies key among them being innovation, entrepreneurship and good policies adopted the governments in place in ensuring the continuity of the upward trend in economic growth. There were differences especially in strategies adopted by different countries in the region especially on matters pertaining to trade and education, which formed discontinuities in the patterns, and strategies. Changes in the continuity and discontinuity had a significant role in maintain and reducing economic growth rate of the region.
Introduction
The Asian Miracle refers to the spectacular growth in many Asian economies in East Asia from 1960-96. During the period, the economies of Korea, Singapore, Taiwan and Honk Kong were the most successful besides the Japanese whose growth had started earlier. During the period, these and other economies including China, Indonesia, Thailand, Philippines and Malaysia contributes to the fastest growth in a continent. The ten economies had a superior economic growth globally during the time with Philippines being the worst performer at 2 per cent per annum, which was the average growth in the world in per capita terms at the time. The growth rate recorded by Japan, China, Indonesia, Malaysia and Thailand had an average of 3-5 percent. Hong Kong, Singapore, Taiwan and Korea were called “Four Tigers” after recording growth of over six percent and were maintained for over thirty years. There were similarities and differences in the factors that led to this growth in economy. This paper is an analysis of continuities and discontinuities in the factors that led to the Asian miracle. Analysis is also done on the impact of changes of theses continuities and discontinuities to the economy.
Continuities in Factors that Contributed to Asian Miracle
Continued policies on trade
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