Description
The article discusses the success of the "engine of growth" in East Asia, which includes Taiwan, South Korea, Hong Kong, and Singapore. The article uses modern economic theory and sophisticated quantitative techniques to identify factors that contributed to the success of these countries. The article contrasts the development of the NICs with Japan and with "next tier NICs." The article provides a clear understanding of the East Asian models of growth and will help scholars, students, policymakers, and professionals in understanding these models.
The New Industrializing Countries (NICs) of the Pacific Basin--Taiwan, South Korea, Hong Kong, and Singapore--differ in many ways such as their languages, cultures, political and economic systems. What is interesting is what economic characteristic they hold in common. Each has succeeded in defying in what Chow and Kellman define as a "vicious circle of poverty" following World War II. They provide a comprehensive analysis of the economic factors which fueled the "engine of growth." The authors combine a detailed body of empirical data with an unusually broad theoretical framework to highlight the factors in each industry and market which contributed to the success of these countries. The work examines and forecasts potential competition from the surrounding geographic area in specific markets. It contrasts the development of the NICs with Japan, with "next tier NICs," and with each other in markets, including those of the United States and the forthcoming united Europe. Using modern economic theory and sophisticated quantitative techniques, Trade - The Engine of Growth in East Asia will clearly help scholars, students, policymakers, and professionals in understanding these East Asian models of growth.
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