Asian Economic Growth
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Asian Economic Growth
In his book Asiaís Miracle Economies, Jon Woronoff examines the dramatically
quick economic growth of five Asian countries. The five countries examined are
Japan, Taiwan, Korea, Singapore, and Hong Kong. Through his study the author
demonstrates that there was no miracle involved in these countries growth. They
applied specific strategies that were adapted to their local environment. Some
of these strategies worked some didnít. The author says that by examining these
nations, one may be able to repeat there success. The book is divided into three
parts. In "Part One: Places" the author tells where these countries
started from. Some were poorer than average. Some had little natural resources.
The people of these countries had different outlooks on the world thus different
behavioral tendencies. Part I is divided into five chapters each examining a
countries. Woronoff begins Chapter 1 "Japanís Two Miracles," by
discussing Japanís first industrial revolution. In 1853 when Commodore Perry
opened Japanís ports to foreigners, Japan was feudal society. It was not very
evolved nor very modern. Agriculture was good but not enough for the growing
population. Japan wanted to learn from the West. Japan sent many students to
Europe and the United States. Soon Japan began industrializing. Groups called
zaibatsu formed. These zaibatsu dominated industry and commerce. They
manipulated politics to suit their own needs. Japan soon began concentrating own
building a War Machine. After the Russo-Japanese War, the country went into a
recession. But after the First World War, Imperial Japan began growing up until
the end of the WWII. The war left Japan resouceless and heavily overpopulated.
The victorious Allies gave or rather imposed democratization onto Japan. The
zaibatsu were disbanded. Japan was left weak. The United States provided much
financial support. Japanís economy then began growing very fast. The Japanese
protected themselves by implementing quotas and then non-tariff barriers.
Companies such as Sony, Honda, and YKK improved production methods. Businessmen
and bureaucrats worked together. Many firms formed keiretsu. Keiretsu was a sort
of lateral conglomeration of banks and companies loyal to each other. The author
concluded that the 1980ís, Japanís economy had surpassed those of France and
Britain and rivaled the United Statesí economy. The Japanese could now purchase
many luxury consumer goods, but at what price. Their obsession with prod...
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