Miracle Economics
In his book Asiais 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 specificstrategies that were adapted to their local environment. Some of these strategies worked some didnit. The author says that by examining these nations, one may be able torepeat 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. Somehad 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 eachexamining a countries. Woronoff begins Chapter 1 "Japanis Two Miracles," by discussing Japanis first industrial revolution. In 1853 when Commodore Perry opened Japanisports 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 tolearn from the West. Japan sent many students to Europe an
Companiessuch as Sony, Honda, and YKK improved production methods. " In "Part III Prospects," the authors tells of the economic conditions throughout the world since the Second World War. Under Parkis leadership the economy grew rapidly, yet heoverstayed his welcome and was assassinated in 1979. Singapore sought foreign investors. After the Second World War, the islandis economywhich had been based on exporting food and raw material to Japan was now greatly weakened. The West once had unchallenged access to the Asian market for sales as wellas the allocation of raw material. After the war, Korea was left in bad shape. The Japanese protected themselves by implementing quotas and then non-tariff barriers. The United States providedmuch financial support. They each had different political situations as well as different resources to work with.
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