Week 12.1 East Asia and the Rise of Economic Power - East...

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East Asia and the Rise of Economic Powers Dr. WANG Jinping November 4, 2014
Outline: East Asian Economic Miracles The “Flying geese pattern” Japan The “Four Tigers”--South Korea, Taiwan, Hong Kong, Singapore The“Chinese model” Red capitalism
Japanese Economic Miracle (c. 1950-75) The Korean War boom (1950-54) U.S. military expenditure 1950-53: $ 2.3 billion High demand for iron and steel Large companies revived and restructured--Keiretsu 序列 Descended from Zaibatsu Enterprise grouping consisted of affiliated companies, each centered around one bank Sumitomo, Mitsubishi, Mitsui, Toyota Group
High-Speed Growth (1955-73) Features State-guided capitalism MITI-Ministry of International Trade and Industry Support prioritized industries and companies Stimulate export-oriented economy Low FDI--foreign direct investment Importation of foreign technology High quality of human capital Achievements 10% annual growth rate World’s No. 2 economy after 1968 Nissan B10
Showcase: 1964 Tokyo Summer Olympic Games Shinkansen: the national symbol of Japan as a rising economic power and a technological leader
The Four Tigers (c. 1960-90s) South Korea Taiwan Hong Kong Singapore 7.5% average annual growth rate

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