Rapid Economic Growth In East Asian Countries :: essays research papers

Rapid Economic Growth In eastmost Asiatic Countries over the past decade, there has been rapid long-term frugal emergencefor East Asiatic countries. These newly industrialising countries areexperiencing growth rates in gross domestic product per full point at around 6% to 7% compared to the 2%to 3% for most industrial economies. If this growth continues, South Korea andTaiwan might take away(predicate) the Statess short letter as the military mans richest country.This rapid economic growth is a result of several economic and political factors.The pace of economic development, growth in world mess and communications,and the investment in physical capital and education have all played a role inthe sudden rise of the East Asian economies.One factor which has helped the long-term economic growth of South Koreaand Taiwan is the pace of economic development. The pace has accelerated over date. As time progresses, countries reckon to be able to grow at a much more rapidrate. Fr om 1780, it took Great Britain 58 years to double its real income per engineer. It took America 47 years to double in the 1800s while Japan took 34years from the late 19th century. Finally, South Korea was able to double itsreal income per head in an amazing 11 years from 1966. It would seem that thelater a country has industrialised, the smart it has been able to do so.Another important factor is the class to which a country is behind theindustrial leaders. In the case of the East Asian countries, South Korea andTaiwan, both started out with an extremely low income per head. This allowedmuch faster growth when copying the leaders. It is important to realize thatthese growth rates should slow as the countries catch up.An area in which East Asia is investing much of its gross domestic product is in physicalcapital and education. Compared to the industrial leaders, the East Asiancountries have sustained a much higher investment in these areas. South Koreainvests 35% of its gross dom estic product which is more than double Americas capital spending.The East Asian countries have placed much emphasis upon education. Educationis the key to mastering the technologies which they have been acceptance from theeconomic leaders of the world. The standards of education for these countrieshave improved as rapidly as their economies.Another factor which has helped the long-term economic growth of theseEast Asian countries is the world(prenominal) market. No longer is a countrys economyhurt by a small domestic market. World trade has grown tremendously over theRapid Economic Growth In East Asian Countries essays research papers Rapid Economic Growth In East Asian CountriesOver the past decade, there has been rapid long-term economic growthfor East Asian countries. These newly industrialising countries areexperiencing growth rates in GDP per head at around 6% to 7% compared to the 2%to 3% for most industrial economies. If this growth continues, South Korea andTaiwan migh t take away Americas distinction as the worlds richest country.This rapid economic growth is a result of several economic and political factors.The pace of economic development, growth in world trade and communications,and the investment in physical capital and education have all played a role inthe sudden rise of the East Asian economies.One factor which has helped the long-term economic growth of South Koreaand Taiwan is the pace of economic development. The pace has accelerated overtime. As time progresses, countries seem to be able to grow at a much more rapidrate. From 1780, it took Great Britain 58 years to double its real income perhead. It took America 47 years to double in the 1800s while Japan took 34years from the late 19th century. Finally, South Korea was able to double itsreal income per head in an amazing 11 years from 1966. It would seem that thelater a country has industrialised, the faster it has been able to do so.Another important factor is the degree to which a country is behind theindustrial leaders. In the case of the East Asian countries, South Korea andTaiwan, both started out with an extremely low income per head. This allowedmuch faster growth when copying the leaders. It is important to realize thatthese growth rates should slow as the countries catch up.An area in which East Asia is investing much of its GDP is in physicalcapital and education. Compared to the industrial leaders, the East Asiancountries have sustained a much higher investment in these areas. South Koreainvests 35% of its GDP which is more than double Americas capital spending.The East Asian countries have placed much emphasis upon education. Educationis the key to mastering the technologies which they have been borrowing from theeconomic leaders of the world. The standards of education for these countrieshave improved as rapidly as their economies.Another factor which has helped the long-term economic growth of theseEast Asian countries is the global market. No lon ger is a countrys economyhurt by a small domestic market. World trade has grown tremendously over the