Understanding East Asia's Economic "Miracles"

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  • December 30, 2011 at 10:16 am #26362
    Anonymous
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    Another point I found interesting point in the book is the question of whether hosting the Olympics can help countries deocratize and become fully integrated into the international political and economic system. Zhu indicates that the 1964 Tokyo Summer Olympics provided Japan to flaunt it's industrial and technological achievements to the world. The 1988 Seould Summer Olympics, as with the Tokyo Olympics, served as a catalyst for South Korea's economic development. China also staged a successful event in the summer of 2008, he ends with the thought provoking question will this event do the same for China as it did for Japan and South Korea? I think it has with all the current events regarding China in the news within the last couple of weeks. It's an interesting concept to think that the Olympics would have the effectivess to create an economic indicator.

    January 1, 2012 at 4:32 am #4511
    Rob_Hugo@PortNW
    Keymaster

    In reading the text, I have a much better understanding of what has made East Asian countries the number one growing economy in the world even though they were not favored to become economic power houses in the 1950's, too many people without enough natural resources. This point has been suggested in other readings that would make East Asia not considered a popular candidate however proves that developing countries can overcome the obvious obsticles and develop into emrging wordly economies. The fact that analysts agree that the most successful or "real miracle" of East Asia is the fact that the government has intervened and has played a critical role in East Asia's economic success. The governments actively participated and used indistrial policies to affect the allocation of resources in ways that woud stimulate economic growth. They created an environment in which markets could thrive, they promoted exports, education, and technology; encourgaed cooperation between government and industry and between firms and workers; and at the same time, at least in some important sectors as automobiles and electronics, encourgaed competition. Just think if some of the developing African nations or any developing nation could develop a plan as the East Asian countries have done how successful their countries would become. I know their is a growing concern for government to "stay-out" of economics but with the success and the continual rise of East Asia one has to consider the overall success of the Asian economy and in this case appropriate government intervention is good!

    January 1, 2012 at 4:32 am #26363
    Anonymous
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    I just read the majority of this book on my flight back from holiday in Ohio. I really enjoyed learning about the Japanese economic history. When i was growing up in the 1980s/1990s Japan was the popular language to learn. Also, as a child I was obsessed with anything Sanrio and Hello Kitty. But i had no idea that at the same time Japan was losing it's economic stability. I am still confused on what caused the 1997s Asian financial crash, but I will be using this short chapter in my econ class to understand how markets and trends change over decades, and how they affect nations and their world influence on such a drastic scale. Of course, I was thinking of the earthquake that occurred post-publication of this book and how that has also slightly hindered Japan from moving forward.

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