econ251 task new - 2 Discuss in detail the key features of...

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2. Discuss in detail the key features of the East Asian development model as adopted by South Korean or Taiwan. The East Asian model (sometimes known as state-sponsored capitalism) is an economic system where the government invests in certain sectors of the economy in order to stimulate the growth of new (or specific) industries in the private sector. It generally refers to the model of development pursued in East Asian economies like Singapore, Japan, Taiwan and South Korea. When we consider South Korea’s and Taiwan’s development experiences, three important characteristics of the East Asian development model stand out. First of all, the state plays an important and sometimes decisive role in each country’s economic development. In Johnson’s words, they are developmental states characterized by three features of the developmental state (Johnson 1987). First, economic development is the foremost priority of state action. The state emphasizes economic
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