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Kiril Tochkov

In: 21st Century Economics: A Reference Handbook

Chapter 47: East Asian Economies

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East Asian Economies
East Asian economies

Over the past 50 years, the economies of East Asia have attracted intense attention because of their rapid growth, which transformed them from relatively poor countries lacking modern technology to economic powerhouses with dynamic export-oriented industries and living standards similar to those in the richest countries of the Western world. Because of their rapid development, they have been referred to as “Asian miracles,” which is justifiable especially if their transition is compared to the experiences of other countries. Initially, many East Asian economies were not very different from underdeveloped African countries in terms of gross domestic product (GDP) per capita, but their phenomenal growth enabled them to surpass the relatively wealthy South American economies and get close to the living ...

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