Global Economy - the Asian Miracle

Question No. & Title: |     1. The ‘secret recipe’ for the ‘Asian Miracle’ was simply the systematic exploitation of workers by authoritarian governments. Discuss using country - examples |

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 origins. The rapid development of the Asian region was related by an extremely low level of unemployment and almost diminished in diversity social and financial status among population. The so called ‘’Four Tigers’’ – Hong Kong, the Republic of Korea, Singapore, and Taiwan, China industrialized in late 60’s and attract significant amount of international and foreign capitals; Later   three newly industrialized economies appeared of South East Asia - Indonesia, Malaysia, and Thailand. Despite of their success, the first four countries overcome an economic crisis in 1997-1998, the reasons are mainly based on lack of full responsibility to meet service debts and the distribution of wealth.   Nevertheless, nowadays the economic potential is in process of recovery and East Asian Tigers are again active participants in the Global market. This essay will explore the role of ‘’the Asian Miracle’’, its success and fundamental factors which play a major role on the Global Economy. [The World Bank, 1993; Stiglitz, J., 2002]
                      Recent studies have shown that...