ECON STUDIES - 10/12/07 Answers to Review Econ 387 1. A....

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10/12/07 Answers to Review Econ 387 1. A. They have achieved high absolute level s of economic development , B. these levels and rates of growth are significantly higher then in most other parts of the developing world, real income gap between the developed industrial countries including japan as narrowed dramaitically. C. income inequalities are low, particularly in those countries with the highest per capita incomes. 2. Myth that these countries that they have been successful in raising per capita income but, its only true for rates of growth. Income per capita still remains low. Also myth exist that there is a uniform experience in all Asian NIC in the industrialization which is a product of laisse faire capitalism and that many other countries are following suite. (income inequalities are reducing rather then increasing) 3. The relationship is an inverse relationship (negative), there more mineral resources a county has the lower their income per capita. 4. Countries that have a high average level of population densities have the highest per capita income. Countries with a small medium sized populous are more prosperous. Population migration does not substantually affect economic growth Economies depend not on how much minerals a country has or large population but the skills and energies of the people. Very strong link between primary education and economic growth There is significant gap between quality of life among the pacific rim. 5. U.S. and Japan are the two main trading partners and export in commodities leading in tin, rubber, and palm oil. 6. The first generation was japan The second generation of exporters of labor intensive manufacturing goods was the 4 NIC , south Korea, Hong Kong, Taiwan, and Singapore. They were all very guided market economies (especially Singapore). In contrast Hong Kong plays a very subtle but strong role in their economy. Economic changes in Japan Allowed for 3 rd generations are Thailand, Indonesia, Philippines, and Malaysia. (70’s) 4 th generation (today) consists of Vietnam, Cambodia 7. Taiwan and south Korea have proven that they are guided economies, Had four groundings for this belief,
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A. The government want to project an image as liberal as possible to prevent other countries from increasing trade restrictions. B. Many studies look at external trade regimes and not at the internal economic and social structure. C. Writers confused limited degree of liberalization with a liberal trade policy. D. There was vested interest in world agencies to promote the Asian economies as miracles of a free market capitalism. 8. It started in Thailand, then moved to Indonesia, and then Malaysia and Philippines these countries experienced major investment from the four NIC (Hong Kong, Taiwan, Singapore, South Korea). Thailand and the rest of the ASEAN 4 have predominantly rural population that has not benefited.
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ECON STUDIES - 10/12/07 Answers to Review Econ 387 1. A....

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