Question

• What are the Key Ingredients in Taiwan’s Development Success? •What are the Key Ingredients in South Korea’s Successful Entry into World Markets? •What lessons learned from their experiences should other developing countries seek to apply in today’s global economic environment?

Answer 1

The main key ingredients or reasons for success of Taiwan are:

• Prioritizing education as one of the important basic need for both the sexes.
• Having a successful democratic political system with many parties.
• Heavy investment in infrastructue
• High saving rate leading to good availability of loanable funds for investment.
• Effective land reforms

The main key ingredients or reasons for successful entry of Souty Korea into world markets are:

• librelization of economic policies which is the most improtant reason..
• Making policies which boosted exports.
• More investment into technology,
• limiting imports
• Supporting and helping in formation of large corporations and conglomerates.

The learning that other develepoing nations can take from experience of these countries, to become successful are that investment in human capital is important, followed by investment in infrastructure and technology which help them produce goods and services comparable to world standard, having political stability and strong regulations is also important which help build trust with foreign partners. They also show importance to economical openness and fair international trading policies.