Economy of East Asia
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The economy of East Asia is one of the most successful regional economies of the world. In its study Industry and Enterprise: An International Survey of Modernization and Development, Industrial Systems Research scrutinized the various factors that have facilitated industrial modernization and enterprise development in East Asia.[1]
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 the Far East, 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 – 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.
Finally, there are relatively large and fast-growing markets for consumer goods and services of all kinds.
[edit] Notes
- ^ Lewis F. Abbott (ed.) (2003). Industry and Enterprise: an International Survey of Modernization and Development, 2nd edition, Manchester: Industrial Systems Research. ISBN 978-0-906321-27-0.
