Taiwan, South Korea, Hong Kong and Singapore made up what was known as the four little dragons. Along with Japan these five societies “represented less than 1 percent of the world’s land mass and less than 4 percent of the world’s population.” (Vogel) Since the 1960s Japan and the five little dragons dominated the world’s textile and electronics industries. Additionally the domination of these industries lead these nations to be a part of the worlds top seventeen trading nations. Japan and Taiwan also was the largest foreign currency holding in the world. Furthermore the East Asian economy was the fastest growing economy in the world.
The East Asian miracle was a result of unity of industrialization that took place between Japan and the dragons.
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Most of this achievement is attributable to seemingly miraculous growth in just eight economies"(World Bank) Additionally this growth is known as the East Asian Miracle.
My answer was similar to all three offered by Vogel, the World Bank, and Balassa. I agreed with Vogel that there was alliance that was necessary to take place because of situation and culture. The situation that was taking place in East Asia forced all the counties to come together in a united front for the sake of survival. Additionally the shared culture and history of each nation helped to bring all the nations of the same accord with one another. Confucianism justified the industrialization of the nations and all of the nations shared the same views in regards to Confucianism.
The World Bank was very valid in the states combining their funds to be able to afford the industrialization of each nation. The World Bank allowed the nation to develop political strategies to keep the money local while inventing in foreign industries. Lastly Balassa helped to establish the more exports and less imports strategy, which was important to the economic major growth that took,