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East Asia and the Rise of Economic PowersDr. WANG JinpingNovember 4, 2014
Outline: East Asian Economic MiraclesThe “Flying geese pattern”JapanThe “Four Tigers”--South Korea, Taiwan, Hong Kong, SingaporeThe“Chinese model”Red capitalism
Japanese Economic Miracle (c. 1950-75)The Korean War boom (1950-54)U.S. military expenditure•1950-53: $ 2.3 billionHigh demand for iron and steelLarge 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)FeaturesState-guided capitalismMITI-Ministry of International Trade and IndustrySupport prioritized industries and companies Stimulate export-oriented economyLow FDI--foreign direct investment Importation of foreign technology High quality of human capitalAchievements10% annual growth rateWorld’s No. 2 economy after 1968Nissan 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 KoreaTaiwanHong KongSingapore7.5% average annual growth rate