Over the past decade, there has been rapid long-te
This essay Over the past decade, there has been rapid long-te has a total of 525 words and 3 pages.
Over the past decade, there has been rapid long-term economic growth for East Asian countries. These newly industrialising countries are experiencing growth rates in GDP per head at around 6% to 7% compared to the 2% to 3% for most industrial economies. If this growth continues, South Korea and Taiwan might take away America’s distinction as the world’s richest country. This rapid economic growth is a result of several economic and political factors. The pace of economic development, growth in world trade and communications, and the investment in physical capital and education have all played a role in the sudden rise of the East Asian economies.
One factor which has helped the long-term economic growth of South Korea and Taiwan is the pace of economic development. The pace has accelerated over time. As time progresses, countries seem to be able to grow at a much more rapid rate. From 1780, it took Great Britain 58 years to double its real income per head. It took America 47 years to double in the 1800’s while Japan took 34 years from the late 19th century. Finally, South Korea was able to double its real income per head in an amazing 11 years from 1966. It would seem that the later a country has industrialised, the faster it has been able to do so. Another important factor is the degree to which a country is behind the industrial leaders. In the case of the East Asian countries, South Korea and Taiwan, both started out with an extremely low income per head. This allowed much faster growth when copying the leaders. It is important to realize that these growth rates should slow as the countries catch up.
An area in which East Asia is investing much of its GDP is in physical capital and education. Compared to the industrial leaders, the East Asian countries have sustained a much higher investment in these areas. South Korea invests 35% of its GDP which is more than double America’s capital spending. The East Asian countries have placed much emphasis upon education. Education is the key to mastering the technologies which they have been borrowing from the economic leaders of the world. The standards of education for these countries have improved as rapidly as their economies.
Another factor which has helped the long-term economic growth of these East Asian countries is the global market. No longer is a country’s economy hurt by a small domestic market. World trade has grown tremendously over the past few decades. Exports account for about 30% of South Korea’s GDP and 40% of Taiwan’s. This growth in world trade has allowed technology to become more available today than in the past. The growth in international communications has helped spread new technology throughout the world.
South Korea and Taiwan should continue to experience long-term economic growth in the next several years. Both countries are investing heavily in education and physical capital; areas which are key for economic development. They also are benefiting from world trade and the diffusion of new technologies. All of these factors should help continue their recent economic success.
Topics Related to Over the past decade, there has been rapid long-te
Economic booms, Economic growth, Tiger economies, Economy of East Asia, Economy of Asia, South Korea, Economic development, Four Asian Tigers, Convergence
Essays Related to Over the past decade, there has been rapid long-te
Exxon Valdez Oil SpillExxon Valdez Oil Spill ABSTRACT In March of 1989, the Exxon Valdez oil tanker ran aground on Bligh Reef in Prince William Sound, Alaska. An eighteen foot wide hole was ripped into the hull, and 10.9 million gallons of crude oil spilled into the ocean. In the following weeks, many things transpired. This paper will discuss the cleanup, the damage, and the results of the biggest oil spill in United States history. On March 24, 1989, in Prince William Sound Alaska, the Exxon Valdez was moving South
The Economy of Japan had experience a tremendous growth since the end The Economy of Japan had experience a tremendous growth since the end of the Korean war. The growth of GNP in 1967 and 1968 was above 10 % (double digit growth period) which exceed countries such as Britain, France and Germany. The economy experienced a boost is due to many reasons, such as: enlargement of industrial facilities, massive adaptation of western technology and education, lower the military expense to 1% of GNP, relation with power nation, human resources and their spirit to achieve
The Japanese Market has become vital to the US Economy Japan is the nu The Japanese Market has become vital to the U.S. Economy. Japan is the number one export market for the United States. In 1993, Japan accounted for 37.6 percent of the total growth in U.S. value-added exports. U.S. food products, in particular, are a huge market in Japan. American agricultural exports to Japan in 1993 were $8.7 billion. About one-third of Japanese agricultural imports come from the United States. However, there is sometimes a mixed reception in Japan regarding products from the
Prologue of History Prologue of History Until statehood, Hawaii was ruled economically by a consortium of corporations known as the Big Five: C. Brewer and Co., sugar, ranching, and chemicals, founded in 1826; Theo. H. Davies & Co., sugar, investments, insurance, and transportation, founded in 1845; Amfac Inc. (originally H. Hackfield Inc.-a German firm that changed its name and ownership during the anti-German sentiment of WW I to American Factors), sugar, insurance, and land development, founded in 1849; Castl
Darren Atlee Darren Atlee Economics January 13, 1995 Topic: Restaurants Specific Topic: Failure of Restaurants Question: What are Five factors which contribute to the failure of new restaurants? Definition of Business Failure: Business that ceased operation following assignment or bankruptcy; ceased operation after foreclosure or attaching; voluntary withdrawal leaving unpaid debts. It is a common assumption in the restaurant industry that restaurants fail at an exceedingly high rate, the highest failure ra
Budget 2003 Budget 2003 Everyone Benefited? Contents Page 1 - Front Cover Page 2 - Contents Page 3 - Introduction Page 4 - Background information Page 5 - Primary and secondary research Page 6 - Results from questionnaires Page 7 - Results from questionnaires - New Child Trust Fund Page 8 - Results from questionnaires - Smoke duty - up 8p per packet Page 9 - Results from questionnaires - Increase Winter fuel payments Page 10 - Results from questionnaires - Beer duty – up 1 p per pint Page 11 - Results from
Maritime IndustryMaritime Industry Ships construction, stability, and trim Ships characteristics In the Maritime industry today there are many different kinds of ships that are made to do very different things in this paper I will discuss the more common of the types of ships and tell how they operate and ultimately what makes them the most popularly used in such a wide range of variety of ships the world sees today. BREAK BULK CARRIERS The cargo spaces and holds are separated by transverse bulkheads and the kee
Dependency TheoryDependency Theory Essay #1 POLS 2210 6.0 B Tutorial Period: Thursdays, 12:30 – 1:30pm Similar to Marxism, Dependency Theory was an activist project that did not just analyze. However, in becoming political actors and advisors, there was an irony that the best way for a country to be more like the developed city was to actually join the ranks of exploiting countries. I think the strategies of Dependency Theory jump from the approach of developing into a core country. This would result in experime
JAPANS BOOMBUST ECONOMY JAPAN’S BOOM/BUST ECONOMY INTRODUCTION Today, Japan is faced with many economic challenges. Japan's economic woes ultimately lie with their population and land problems, import and export ratio, failing financial industry, falling stock market prices, and issues within their government. In fact, many of these challenging problems can be considered a chain reaction, an overflow from one area of their economy to the next. To fully understand their current economic condition, it is important to br
Many peoples have contributed to the development of the United States Many peoples have contributed to the development of the United States of America, a vast nation that arose from a scattering of British colonial outposts in the New World. The first humans to inhabit the North American continent were migrants from northeast Asia who established settlements in North America as early as 8000 BC and possibly much earlier (see NORTH AMERICAN ARCHAEOLOGY). By about AD 1500 the native peoples of the areas north of the Rio Grande had developed a variety of different c
Southern ContinuitySouthern Continuity Cari Sobczynski HST 319 April 20, 1998 Final Essay Just the words ‘Southern way of life' conjures up a timeless image of gentlemen planters and Southern belles. A time of aristocratic rule that centers itself on plantations and the institution of slavery. The antebellum era echos themes of white supremacy, democracy, unity, tradition, nobility, and honor. While some of these themes seem to be immortalized by such classic works as Gone with the Wind and Roots they still seem t
The Bubble Economy of JapanThe Bubble Economy of Japan The Economy of Japan had experience a tremendous growth since the end of the Korean war. The growth of GNP in 1967 and 1968 was above 10 % (double digit growth period) which exceed countries such as Britain, France and Germany. The economy experienced a boost is due to many reasons, such as: enlargement of industrial facilities, massive adaptation of western technology and education, lower the military expense to 1% of GNP, relation with power nation, human resources
What Are Five Factors Which Contribute To The Failure Of New RestauranWhat Are Five Factors Which Contribute To The Failure Of New Restaurants? Darren Atlee Economics January 13, 1995 Definition of Business Failure: Business that ceased operation following assignment or bankruptcy; ceased operation after foreclosure or attaching; voluntary withdrawal leaving unpaid debts. It is a common assumption in the restaurant industry that restaurants fail at an exceedingly high rate, the highest failure rates in the U. S. economy. In researching this topic, statistics numbe
Theoretical – EngelsTheoretical – Engels In this paper an excerpt titled “Theoretical” from Engels’ Anti-Dühring will be examined in reference to Engels’ ideologies regarding materialism, the social work order, and the fundamental problems confronted in the clash between the social production and capitalist appropriation. In the chapter titled Theoretical, Engels lays out the basic conflict between what we know as socialism and capitalism, doing so by first examining what he calls the “Materialist conception of his