Taiwanese Economic Development

Examines the reasons behind the success of Taiwan’s economy in the latter half of the twentieth century.

During the forty years between 1952 and 1991 Taiwan exhibited phenomenal economic growth. Along with South Korea, Hong Kong and other ‘Asian tigers’, its annual growth rates led the world. The roots of this phenomenal success are primarily related to successful self-reinforcing promotion of exports and avoidance of the ‘import substitution trap.’ Other factors including the preceding period of Japanese occupation and American involvement for geopolitical reasons played subsidiary roles.