explain how Asian economies have grown.
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Growth of Asian Economies
Of the top three economies in the world in terms of GDP, two economies are in Asia (China USD15,653 billion and Japan USD8250 billion). Chinese GDP is forecasted to grow to USD26,882 billion by 2017, a growth rate of 60%, double that for the rest of the world.
Answer:
Asian Economy
Asian economies do not enjoy the kind of rescue from neighboring economies as in the European Union where stronger members could come to the rescue.
From: Redefining Capitalism in Global Economic Development, 2017
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East Asia
Kui-Wai Li, in Redefining Capitalism in Global Economic Development, 2017
I Introduction
The success of all East Asian economies can best be explained by neoclassical economic analysis, the application of market economy and capitalism. Having been considered as the “newly industrializing economies” since the early 1970s, the growth of the East Asian economies, typically South Korea, Taiwan, Singapore, and Hong Kong, have gone through a process of industrialization, though the type of export-oriented industries differed among these economies. Beginning from light manufacturing and labor-intensive industries, South Korea and Taiwan have ventured into heavy industries, such as shipping. The strong exports of the four East Asian economies have earned them a new status since 1979, namely graduation from the Generalized System of Preference (GSP) which specified that exports from developing countries were allowed to enter the United States and European markets without import tariffs (Kwok and Li, 1992). Effectively, this graduation changed the status of the four East Asian economies to “developed economies,” and their exports would no longer be tariff-free.
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