The secret to success of East Asian economies

Since the end of World War II, many East Asian economies have experienced "magical" growth. As many other countries are still in poverty, economists and leaders are turning to 'East Asian tigers' to see if they can reproduce their results. The facts facing the countries of East Asia are, in fact, very different from the situation faced by today's countries. However, in addition to these differences, countries of the third world today can utilize loose East Asian miracle models and considering the high success rate of so many East Asian economies, it is positive There is a possibility of seeing the result.

China's Trade and Economic Success China has been at the forefront of international finance for two reasons after the financial crisis in East Asia. First, the reformed Chinese economy is very similar to other East Asian countries. China has experienced a remarkable growth rate led by exports and labor intensive exports have expanded rapidly in the early stages of development. Rapid growth is accompanied by rapid growth of domestic savings and massive influx of foreign capital (Perkins, 1986).

The most successful developing countries in the past half century came from East Asia. The rapid economic growth of the eight Asian economies, often referred to as "East Asia miracle", raises two major problems. (Ii) Can other developing countries replicate these policies and encourage the same rapid growth? Based on many analyzes of success, and based on case studies, econometric data and economic theory, a set of factors contributing to success are provided (Kwon et al., 32). Researchers have summarized questions about models used in the economies of East Asian countries and how countries respond to the economic crisis. The World Bank and financial institutions introduced the applicability of 'East Asia Miracle' to developing countries. How do you record such records? What lessons can you learn from that?

Neo-liberal theory is trying to explain the role of governments and markets in the economic success of East Asian countries (He, 2008). According to neoliberalists, East Asian governments observe economic success and the limited ability to realize economies not affected by functional markets. The government promotes exports, carries out market-oriented policies, and emphasizes the needs of private companies in the market. Government investment in public infrastructure and social infrastructure has brought about a competitive business environment that enhances competitiveness in terms of quality and price of export goods and enhances competitiveness in international markets (Chang, 2006). Therefore, the market has played an important role in the development and success of East Asian economies.