Asia miracle

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- THE RECIPE for East Asia's "miracle" certainly varied from country to country, but a set of country studies demonstrates that a core of sound economic policies laid the necessary foundation for all (Leipziger & Vinod, 1994)

- If asked in the early 1950s to predict the successful industrializers in the ensuing three decades, only a seer would have chosen the EastAsian "tigers "--Hong Kong, the Republic of Korea, Singapore, or Taiwan Province of China. All were bereft of natural resources and were having difficulty providing the basic necessities for their populations. Today, no other group of developing countries has performed as well in sustaining rapid growth, reducing poverty, or raising standards of living. The success stories of the first generationAsian "tigers" have led to a second generation of rapidly industrializing Asian "cubs"--Indonesia, Malaysia, and Thailand. (Leipziger & Vinod, 1994)

- Although often spoken of as a single group, the East Asian economies are, in fact, remarkably diverse. The region includes some of the richest and the poorest of the world's developing countries, some of the most populous and some of the least,some with a store of natural resources and some with virtually none. Further, these economies have pursued a diverse mix of policies with varying degrees of government intervention (Leipziger & Vinod, 1994)– diversity

- Major changes also occurred within East Asia including a remarkable increase in the relative importance of machinery and electronics products in intra-regional trade, and arapid expansion of international production sharing as reflected in trade in parts and components.(Ng & Yeats, 2003)

- Dynamic region: “East Asian regional trade and cooperation initiatives. Since the mid-1980s regional intra-trade has grown at a rate roughly double that of world trade, and at a rate far higher than the intra-trade of the North America Free Trade Agreement (NAFTA) membercountries or the European Union” (Ng & Yeats, 2003)

- Dynamic region: “East Asia (excluding Japan) originates 19 percent of world trade, which isapproximately the same share as the NAFTA member countries.”(Ng & Yeats, 2003)

- Dynamic region : “From 1975 to 2001, East Asia's share of global exports expanded more than three-fold (to just under 19 percent), anddoubledfrom 1985 to 2001.The regionpresently originatesabout the same share of global exports as NAFTA. Intra-regionalexports, expressed as a share of world trade, experienced an even sharperexpansion rising more than six-fold during 1975-2001” (Ng & Yeats, 2003)

- Negative aspects / difficulties faced by E. Asia: Regional trade arrangements (RTAs) like NAFTA, MERCOSUR, or the extended European Union give membercountries preferential (discriminatory) access to each other's markets, which may displace East Asian and other nonmembers' exports. Similarly, the Uruguay Round's reduction of most-favored-nation (MFN) tariffs lowered, or eliminated, preferences some East Asian exporters received under some industrial countries' GSP programs. The phase-out of the MFA may have negative implications if East Asiancountries are not fully competitive in what promises to be a drastically altered trading environment for textile and clothing products.

- China alone accounts for 43 percent of regional GDP (Ng & Yeats, 2003)

- During the 1970s and an important part of the 1980s advocates of the neoclassical model argued that growth in East Asia was the result mainly of the market mechanism and theemphasis on export promotion in these countries. Especially since the mid-1980s the neoclassical approach was criticised by economists who stressed that government intervention played a crucial role in the process of economic growth. (Hermes, 1997)

- DATA = Gross national product of the East Asian countries2 increased by more than five per cent per year in the period 1965-1990, which is...
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