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Global Economy Essay

2837 words - 12 pages

The ‘secret recipe’ for the ‘Asian Miracle’ was simply the systematic exploitation of workers by authoritarian governments. Discuss using country examples The most prominent word used by economists, to describe the significance of an economic growth of South-East Asian countries during the period (1965 – 1980) and (1980-1990) is a “miracle’’. Japan, Malaysia, South Korea, Indonesia, China and others from that region are delight in economic growth which is approximately 9 percent per annum or virtually several times greater beyond the average of Western economies and America. The Asian Economic Miracle seems to be an extraordinary achievement which reflects recent attention to its early ...view middle of the document...

According to World Bank Report (1993), ‘’the relationship between the growth of gross domestic product (GDP) per capita between 1965 and 1990 and changes in the Gini coefficient, a statistical measure of the inequality of income distribution. The HPAEs enjoyed much higher per capita income growth at the same time that income distribution improved by as much or more than in other developing economies, with the exceptions of Korea and Taiwan, China, which began with highly equal income distributions. The HPAEs are the only economies that have high growth and declining inequality’’. By a contrast the East Asian Tigers are the most operated with equity. What is more, statistics have shown that by the rapid change in the economic growth life expectancy and living standard changed significantly particularly in Indonesia where there is a sharp decrease from 58 percent in 1960 to 17 percent in 1990, and from 35 percent by a less than 5 percent in Malaysia at the same stage. [The World Bank, 1993] The impressive growth of South Korea, Taiwan, Hong Kong, Singapore, Malaysia and Thailand establish a new kind of mythology that the capital economy of growth will prove lastly that can be universalized. Popular evidence in this field suggests that global wealth and manufacturing is oriented from the West to East Asia. The new mythology is based in the fact that the annual average level of GDP of the ‘Asian Tigers’ is significantly greater than those of capital developing countries. In fact, the average growth in the particular countries (excluding Taiwan) is almost 3 times higher than those of capital developing countries. So that in 1993 the GDP of South Korea is one third, in Malaysia – 1/7, in Thailand 1/10 from the GDP of capital developing countries which means that even though to keep these impressive results for future it will takes time the gap between East and West to be lived down. Recent studies have shown that, this growth is in consequence of mobilizing of unused human resources as well as tremendous foreign investments. [Hirst and Thompson; Carley. M., Christie, T.,1993; Leung, H., 2007] In other words, the growth of these countries is first of all by extensive rather than intensive character, something which is more related to the East European economies. The first depends on the increased usage of existent resources, whereas the latter depends on the increased level of productivity. It is not surprising that the policy of laissez-faire does not generate such impressive growth. Recent evidence suggests that the respectful success of the’ Asian Tigers’ is due to a large scale state intervention, which stimulates the exports of the trade policy, as well as strong protectionism. Furthermore, it reflects on shifting market prices by purpose in order to attract more investments and expand the level of commerce. [Hirst and Thompson; Leung, H., 2007] There is no doubt that Asia is a unique continent by its natural, demographic and economic scales. It...

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