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Sustainable Economic Development: The Case Of Taiwan

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  • SORIN-GEORGE TOMA

    (FACULTY OF BUSINESS AND ADMINISTRATION, UNIVERSITY OF BUCHAREST, BUCHAREST, ROMANIA)

Abstract

After the end of the Second World War Taiwan ranked among the poorest countries of the world. In spite of its limited natural resources, it has succeeded in building a dynamic and open free market economy that is driven by industrial manufacturing and reached a gross domestic product per capita at purchasing power parity of more than $50,000 in 2017. In a relatively short period of time, Taiwan achieved impressive industrialization and high economic growth. The aim of the paper is to identify and analyse in brief the key factors that conducted Taiwan towards sustainable economic development. The methodological approach was based on a quantitative method and a case study. The paper shows that the role of state in economy, the rapid industrialization and the importance of education are among the key factors that enabled Taiwan’s sustainable economic development. The “state and market” approach proved to be highly beneficial for Taiwan.

Suggested Citation

  • Sorin-George Toma, 2019. "Sustainable Economic Development: The Case Of Taiwan," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 206-212, June.
    • Handle: RePEc:cbu:jrnlec:y:2019:v:3:p:206-212
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    References listed on IDEAS

    as
    1. Lin, Tin-Chun, 2004. "The role of higher education in economic development: an empirical study of Taiwan case," Journal of Asian Economics, Elsevier, vol. 15(2), pages 355-371, April.
    2. Pan-Long Tsai, 1999. "Explaining Taiwan’s Economic Miracle: Are the Revisionists Right?," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 6(1), pages 69-82.
    3. Laura Routley, 2012. "Developmental states: a review of the literature," Global Development Institute Working Paper Series esid-003-12, GDI, The University of Manchester.
    4. Fen‐May Liou & Cherng G. Ding, 2007. "Trust and economic growth in a democratic power shift: an empirical study of Taiwan," International Journal of Development Issues, Emerald Group Publishing Limited, vol. 6(1), pages 63-78, February.
    5. Yeun-wen Ku, 1997. "Welfare Capitalism in Taiwan," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37787-5, December.
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    Cited by:

    1. Catalin GRADINARU & Sorin-George TOMA & Stefan CATANA, 2021. "Sustainability And Competitiveness At The Global Level: An Analysis Of The Top 10 Countries In The Period 2018-2020," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 6(3), pages 121-128.

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