Economy of East Asia
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The economy of East Asia is one of the most successful regional economies of the world.[1]
Major positive factors have ranged from favorable political-legal environments for industry and commerce, through abundant natural resources of various kinds, to plentiful supplies of relatively low-cost, skilled and adaptable labor.
In modern societies, a high level of structural differentiation, functional specialization, and autonomy of the economic system from government is a major contributor to industrial-commercial growth and prosperity. Currently in the Far East, trading systems are relatively open; and zero or low duties on imports of consumer and capital goods etc. have considerably helped stimulate cost-efficiency and change.
Free and flexible labor and other markets are other important factors making for high levels of business-economic performance.
East Asian populations have demonstrated rapid learning capabilities – skills in utilizing new technologies and scientific discoveries – and putting them to good use in production. Work ethics in general tend to be highly positive.
Finally, there are relatively large and fast-growing markets for consumer goods and services of all kinds.
Contents |
[edit] Share of Global GDP (%)[2]
| Region | 1950 | 1960 | 1970 | 1980 | 1990 | 2000 |
|---|---|---|---|---|---|---|
| West Asia (15 economies) | 2.0 | 2.3 | 3.0 | 3.8 | 3.4 | 3.7 |
| East Europe (7 economies) | 3.5 | 3.6 | 3.4 | 3.4 | 2.4 | 2.0 |
| Africa (57 economies) | 3.8 | 3.6 | 3.6 | 3.6 | 3.3 | 3.2 |
| Latin America & Caribbean (47 economies) | 7.8 | 8.1 | 8.3 | 9.8 | 8.3 | 8.4 |
| East Asia (10 economies) | 10.4 | 12.6 | 15.2 | 17.5 | 22.5 | 26.5 |
| Rest of the World | 64.4 | 61.9 | 58.5 | 53.3 | 50.7 | 45.4 |
[edit] The East Asian Miracle
(see Four Asian Tigers)
[edit] See also
- Economies
- Economy of China
- Economy of Taiwan
- Economy of Macau
- Economy of Hong Kong
- Economy of South Korea
- Economy of Japan
- Economy of Singapore
- Economic integration
- Free trade area
- Common currency
- Asian Currency Unit
- Monetary regime
- Asian Bond Markets
- Intra Regional Trade
- Japanese post-war economic miracle
- Taiwan Miracle
- Miracle on the Han (S Korea)
- Heavy-Chemical Industry Drive S Korea
- 1997 Asian Financial Crisis
- Economy of Asia
- Four Asian Tigers
- Related organizations
- East Asia Summit
- East Asian Community
- Pacific Economic Cooperation Council
- Association of Southeast Asian Nations
- ASEAN Plus Three
- Chiang Mai Initiative
- Asia-Pacific Economic Cooperation
- Asian Development Bank
[edit] Notes
- ^ ^ "Industry and Enterprise Development in the Far East", in Industry and Enterprise: An International Survey of Modernization and Development, ISR Publications/Google Books, 2nd edition, 2003. ISBN 978-0-906321-27-0. [1]
- ^ http://www.ggdc.net/maddison/Historical_Statistics/horizontal-file_03-2007.xls
