The economy of East Asia is
one of the most successful regional economies of the world. It
is home of some of the worlds largest and most prosperous economies: China, Japan, Hong
Kong, Taiwan 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 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.
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.
Definition
Various organizations and disciplines define "East
Asia" in different ways. The United Nations classifies South-east Asia
(the 10 ASEAN members plus East Timor) as a distinct region, but other sources
add North-east and South-east Asia together, which is the practice in this
article.
The economic entities of East Asia are thus Japan; the
Democratic People's Republic of (North) Korea; the Republic of (South) Korea;
the People's Republic of China and its special administrative regions Hong Kong
and Macau; Republic of China (Taiwan); and the 10 ASEAN members: the
Philippines, Vietnam, The Kingdom of Cambodia, Laos, The Kingdom of Thailand,
Myanmar, Malaysia, Singapore, Brunei, and Indonesia. The lack of useful statistical
data makes including East Timor problematic, and so unless otherwise indicated,
it will be omitted.
Modern History
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.
In the early 1960s, the British
colony of Hong Kong became the
first of the four Asian Tiger economies by developing strong textile and
manufacturing industries and by the 1970s, had solidified itself as a global
financial center and was quickly turning into a developed economy. Following in the footsteps of Hong
Kong, the nations of South Korea, Taiwan, and Singapore soon quickly
industrialized thanks to government policies. By 1997, the four Asian Tiger
economies joined Japan as East Asia's developed economies. Additionally, the
economy of Macau, then a Portuguese
colony, was also experiencing rapid growth during this period through textile
manufacturing and the development of a gambling industry, which resulted in
high levels of foreign investment into the territory. Macau replaced Las Vegas as the world's largest
gambling center in 2007.
Present growth in East Asia has now shifted to China and the Tiger Cub Economies of the Southeast Asian countries of
Thailand, Indonesia, Malaysia, and the Philippines. As of early 2013, Japan,
Hong Kong, and Singapore are the only East Asian nations that are considered developed markets by all economic indexes. Since the end
of the 20th century, Japan's role as the principal economic power in the region
has shifted to the Four Asian Tiger economies and more recently, China, which
became world's second largest economy in 2010. Furthermore, a 2012 report by The Economist noted that South Korea is expected to
overtake Japan in terms of GDP per person at power purchasing parity by 2017, a
feat already accomplished by Macau (2010), Taiwan (2010), Hong Kong (1997), and
Singapore (1993).
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