The Economic Growth Of Asia


World War 2 in the mid-90's drew a hard blow and left a serious and lasting effect to many Asian countries. This however, did not hamper the growth of countries such as China, Japan and Vietnam as their government were taking serious steps to recover economically. Thus, the global market cannot deny a place for these 'Asian Dragons', because these countries are growing at a tremendous pace to the extent of being capable in emerging as global market leaders.
China's capitalism and boom was born when their president, Deng Xiaoping permitted the provinces to dismantle their communes and collective farms. This led China to venture into free-market economics, although they were still under ...

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countries. ( Moise 171 ) While there were great variations in income between different villages, and between different jobs in the urban sector, the overall averages showed a clear pattern: the cities were much richer than the countryside. Most capital investments were going into urban industries. The urban workers, using considerable amount of heavy machinery, had a much higher average level of productivity compared to the rural workers. The natural consequences was for the city people to arrange themselves an average income level twice as high as that of the people in the countryside.
The most obvious way to attack this poverty problem was to increase production, in all sectors of the economy. Though the easiest way to increase production was to increase capital inputs, China could only afford a limited amount of capital construction. In accordance to this, China went on a construction binge. Whole factories were purchased from abroad while others were built with local resources. ...

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a year.( 53 ) The Chinese now are going home with fat wallets, stocks, bonds and large bank accounts. Banks are reporting that savings have increased sixty-fold and is still growing. This has led China to join the world economic community and has become the globe's third largest economy. China is now ranked 11th in the world in exports of trade goods. (54) Of the coast of China, there was another growing country. Japan recovered tremendously well after the bombing of Hiroshima in World War 2. Under post war conservative governments, Japan made a remarkable economic recovery. American aid of $2 billion gave an initial boost and then the Korean War acted as a further stimulant by creating ...

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PAPER DETAILS
Added: 7/17/2004 03:06:21 PM
Category: Economics
Type: Premium Paper
Words: 1830
Pages: 7

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