Challenging Neoliberalism

Challenging Neoliberalism

Globalization and the Economic Miracles in Chile and Taiwan

Cal Clark and Evelyn A. Clark

Neoliberalism, which advocates free markets without government interference, has become increasingly utilized and controversial over the last three and a half decades. This book presents case studies of Chile and Taiwan, two countries that seemingly prospered from adopting neoliberal strategies, and finds that their developmental histories challenge neoliberalism in fundamental ways.

Chapter 4: An overall model of development in Taiwan

Cal Clark and Evelyn A. Clark

Subjects: asian studies, asian development, asian economics, development studies, asian development, development geography, economics and finance, development economics, geography, economic geography, human geography, development geography, politics and public policy, political economy

Abstract

This chapter presents an overall model of economic and social development in Taiwan. In particular, we identify four stages in the country’s postwar development: (1) a stage-setting period during the 1950s that created the foundation for (2) the export-led boom based on light industry during the 1960s and early 1970s, which created the resources for (3) industrial upgrading from the late 1970s to the late 1980s, which was followed by (4) slower growth as economic maturity was achieved but also a “political miracle” in the form of a fairly rapid democratic transition and consolidation over the last 25 years. As we shall see, there are strong but complex linkages among these four stages. For the first three stages and for the democratization in the fourth, resources that were created in one period helped promote the transformation to the next. During the last period, in sharp contrast, the legacies of past successes have contributed to economic and political problems.

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