Taiwan has grown over the last half century from a poverty stricken nation to an economically-stable country and this has seriously caught the attention of some developed western countries. The country has had one of the largest populations lavishing in poverty over the years but through hard work from its people as well as the government’s commitment, its economy boasts as one of the fastest growing not only in Asia, but also globally. To achieve this economic and business growth, Taiwan has concentrated mostly in two sectors: agriculture and industrial growth. It’s therefore important to evaluate the strategies adopted by this country to achieve this economic stability and shift from a poverty stricken nation to a modern and growing economy.
The strategies adopted by the Taiwan government that contributed significantly to its growth include available labor, resources and creation of a conducive environment for investment.
Changing the industries from light to heavy
The light industries mostly concentrate on the production of goods for the day-to-day use while the heavy industries concentrate on the production of exports and long-term products that are beneficial to the economy (Booth 29). After the privatization of some government-run industries, the private sector embarked on developing the heavy chemical industries by slowly increasing the funding offered to them while reducing the money allocated for the light machinery. This resulted into increased funding to education institutions to encourage for innovation and originality in production (Yusuf and Nabeshima 99).
Opened doors for investment
Only the self-sufficient and self...
... middle of paper ...
...adopted to maintain stability and social ethics for observing law and order (Ash and Greene 61). Through the legislative governance, the investors became free to invest as restrictions for trade were eliminated and this catapulted the revenues in foreign exchange to match that of developed countries. Although it encountered some problems during its transition, the investment opportunities it bore helped project the economic growth to its current position of among the fastest growing economy (Chakrabarti 71).
In conclusion, the success of this country was influenced by the external environment as well as the domestic stability. The international communities created options for free trade and it’s these options that helped in Taiwan’s economic growth. The domestic influences include social stability and harmony, education for all, hard work and, stable government.
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