East Asian Economies

The economy of East Asia is one of the most successful regional economies of the world. It is home of some of the world's largest and most prosperous economies: Mainland China, Hong Kong, Macau, Taiwan, Japan and South Korea.

Major positive factors have ranged from favorable political-legal environments for industry and commerce, through abundant natural resources of various kinds, to plentiful supplies of relatively low-cost, skilled and adaptable labor.

In modern societies, a high level of structural differentiation, functional specialization, and autonomy of the economic system from government is a major contributor to industrial-commercial growth and prosperity. Currently in East Asia, trading systems are relatively open; and zero or low duties on imports of consumer and capital goods etc. have considerably helped stimulate cost-efficiency and change.

Free and flexible labor and other markets are other important factors making for high levels of business-economic performance.

East Asian populations have demonstrated rapid learning capabilities and high intelligence – skills in utilizing new technologies and scientific discoveries – and putting them to good use in production. Work ethics in general tend to be highly positive.

In conclusion, there are relatively large and fast-growing markets for consumer goods and services of all kinds.

Its success has led to it being dubbed "An East Asian renaissance" by the World Bank.

East Asia became an area of economic power starting with the Meiji Restoration in the late 19th century when Japan rapidly transformed itself into the only industrial power outside Europe and the United States. Japan's early industrial economy reached its height in World War II when it expanded its empire and became a major world power. After its defeat and economic collapse after the war, Japan's economy recovered in the 1950s with the post-war economic miracle in which rapid growth in the Japanese economy propelled the country into the world's second largest economy by the 1980s.

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Wikipedia