Answer to Question #142240 in Economics for Hera Agonin

Question

Choose one out of the Economic Growth theories we’ve already discussed to be implemented in a country of your choosing of which first you shall mention its problem\s and suggest the Economic Growth Theory you have chosen and the steps to solve such country problem\s they got.

Answer 1

The specific features of Taiwan's economic and social development deserve close attention, primarily in the context of the economic reforms being carried out in Russia today. Over the course of five decades (1949-2000), the leadership of Taiwan has convincingly demonstrated the effectiveness of the centralized principle in creating and organizing the economic system, its internal structure, and its integration into the world economy.

The Taiwanese economy followed the Japanese model of state-led economic development. Japanese colonial heritage, an influx of refugees from mainland China, and US support played an important role in this process. Most importantly, the United States facilitated the decolonization process and land reform that eliminated large landholdings and helped create a disciplined army.

As the economy grew more dependent on the state of world markets and the economic policies of major trading partners, including the United States and Japan, the government assumed increasingly broader institutional responsibilities in response to changing internal and external development conditions. The political elite and bureaucracy have shown the ability to manage the internal situation, constantly adapting economic policy to these conditions.