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Industrialization in Taiwan and Korea

In: US Economic Development Policies towards the Pacific Rim

Author

Listed:
  • Nan Wiegersma

    (Fitchburg State College)

  • Joseph E. Medley

    (University of Southern Maine)

Abstract

In the postwar period, both Taiwan and South Korea were able to successfully integrate into the world capitalist economy while experiencing growth with equity (Li 1988: 53; and Amsden 1989: 38 (quoting the World Bank)). They both increased productivity and industrial output and achieved soaring exports, low debt levels, and stable prices alongside dramatically increasing real incomes (in Taiwan, for example, per capita consumption increased 400 per cent between 1952 and 1986 (Li 1988: 52)). In a view widely held among development agencies (USAID, World Bank, IMF) and analysts, primarily economists, Taiwan and South Korea’s examples demonstrated the correct industrialization policies for all less-developed and former socialist nations. These agencies claimed that here were models that demonstrated the bright future of capitalist development throughout the less-developed world.

Suggested Citation

  • Nan Wiegersma & Joseph E. Medley, 2000. "Industrialization in Taiwan and Korea," Palgrave Macmillan Books, in: US Economic Development Policies towards the Pacific Rim, chapter 4, pages 50-70, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98386-7_4
    DOI: 10.1057/9780333983867_4
    as

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