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A Century of Economic Development in Taiwan

Author

Listed:
  • Jong-Shong Lin

    (E. Sun Commercial Bank, No.77, Sec. 1, Wu-Chang St., Taipei, Taiwan, R.O.C.)

  • Stewart K. C. Leung

    (Pruman Corporation, 9 Kung-Kuang Road, 1F, Peitou, Taipei, Taiwan, R.O.C.)

  • David M. Chen

    (Department of Accounting and Graduate School of Finance, Fu-Jen Catholic University, 510 Chung Cheng Road, Hsin Chuang, Taipei Hsien, Taiwan, R.O.C.)

Abstract

This paper provides a brief summary of Taiwan's economic development in the past century in three broad stages: colonial foundations (1895-1940), dark ages (1941-1960), and reforms to miracle (1961-1994) .The historic perspective adopted here clearly indicates the strength and weakness of an export-led economy built on low-tech manufacturing. Though domestic savings and foreign reserves are high, Taiwan is short of an updated technological infrastructure and an effective financial system. Corporate strength is also rare. With a well-defined government policy allowing appropriate funds to be channeled to long-term finance to reinforce industrial banking, it is conceivable that the economy can be revitalized. Because success in industrial banking depends on initiative, efficiency and fair distribution of capital, it is imperative that a strategy of such significance be implemented by the private sector.

Suggested Citation

  • Jong-Shong Lin & Stewart K. C. Leung & David M. Chen, 1998. "A Century of Economic Development in Taiwan," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 1(03), pages 369-381.
    • Handle: RePEc:wsi:rpbfmp:v:01:y:1998:i:03:n:s0219091598000235
    DOI: 10.1142/S0219091598000235
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    1. Alfani, Guido & Gierok, Victoria & Schaff, Felix, 2022. "Economic Inequality in Preindustrial Germany, ca. 1300–1850," The Journal of Economic History, Cambridge University Press, vol. 82(1), pages 87-125, March.
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    3. Bramoullé, Y. & Ghiglino, C., 2024. "Status Consumption in Networks: A Reference Dependent Approach," Cambridge Working Papers in Economics 2414, Faculty of Economics, University of Cambridge.
    4. Bertoli, Simone & Marchetta, Francesca, 2015. "Bringing It All Back Home – Return Migration and Fertility Choices," World Development, Elsevier, vol. 65(C), pages 27-40.
    5. Bramoullé, Y. & Ghiglino, C., 2024. "Status Consumption in Networks: A Reference Dependent Approach," Janeway Institute Working Papers 2409, Faculty of Economics, University of Cambridge.
    6. Baruah, Prerona, 2021. "Seasonality in Commodity Prices across India:Extent and Implications," 2021 Conference, August 17-31, 2021, Virtual 315338, International Association of Agricultural Economists.
    7. Christophe J. Nordman & Smriti Sharma & Naveen Sunder, 2022. "Here Comes the Rain Again: Productivity Shocks, Educational Investments, and Child Work," Economic Development and Cultural Change, University of Chicago Press, vol. 70(3), pages 1041-1063.
    8. Carmen, Maria del, 2018. "Economic Migration and Diaspora: A Literature Review," MPRA Paper 109498, University Library of Munich, Germany, revised 2018.
    9. John T. H. Wong & Matthias Hei Man & Alex Li Cheuk Hung, 2022. "Population and Technological Growth: Evidence from Roe v. Wade," Papers 2211.00410, arXiv.org.
    10. Henk Folmer & Subrata Dutta & Han Oud, 2010. "Determinants of Rural Industrial Entrepreneurship of Farmers in West Bengal: A Structural Equations Approach," International Regional Science Review, , vol. 33(4), pages 367-396, October.
    11. Paramasivam Ramasamy & Umanath Malaiarasan, 2023. "Agricultural credit in India: determinants and effects," Indian Economic Review, Springer, vol. 58(1), pages 169-195, June.
    12. McKenzie, David & Mohpal, Aakash & Yang, Dean, 2022. "Aspirations and financial decisions: Experimental evidence from the Philippines," Journal of Development Economics, Elsevier, vol. 156(C).
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    14. Sugata Marjit & Suryaprakash Mishra, 2023. "Credit market imperfection, lack of entrepreneurship and capital outflow from a developing economy," Review of Development Economics, Wiley Blackwell, vol. 27(3), pages 1855-1873, August.
    15. Svenja Flechtner, 2021. "Dimensions of Poverty. Measurement, Epistemic Injustices and Social Activism," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(2), pages 530-544, June.
    16. Liu, Yan & Heerink, Nico & Li, Fan & Shi, Xiaoping, 2022. "Do agricultural machinery services promote village farmland rental markets? Theory and evidence from a case study in the North China plain," Land Use Policy, Elsevier, vol. 122(C).
    17. Mauricio De Rosa, 2022. "On Capital: an essay on inequality, capital and value theory," Documentos de Trabajo (working papers) 22-08, Instituto de Economía - IECON.
    18. Stark, Oded & Pang, Yu & Fan, Simon, 2022. "Agglomeration, pollution, and migration: A substantial link, and policy design," Discussion Papers 329522, University of Bonn, Center for Development Research (ZEF).
    19. Ciula, Raffaele, 2005. "The Effects of Income Inequality on Economic Growth," MPRA Paper 116273, University Library of Munich, Germany.
    20. Ahmet Faruk Aysan & Dilek Demirbas & Mustafa Disli & Monica Parra, 2021. "Resilience and Path Dependency: Income Distribution Effects of GDP in Colombia," Working Papers hal-03365148, HAL.
    21. M. Shahe Emran & A. K. M. Mahbub Morshed & Joseph E. Stiglitz, 2021. "Microfinance and missing markets," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 54(1), pages 34-67, February.
    22. Atanu Sengupta & Ujjwal Seth, 2022. "Voice After a Long Silence: Measuring Surplus Labour in the India’s Unorganised Sector," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 65(4), pages 951-966, December.
    23. Le-Yin Zhang, 2003. "Economic Development in Shanghai and the Role of the State," Urban Studies, Urban Studies Journal Limited, vol. 40(8), pages 1549-1572, July.

    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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