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Planet Money

Summer School 6: China, Taiwan and how nations grow rich

Aug 14, 2024
Explore the fascinating economic transformations of China and Taiwan in the latter half of the 20th century. Discover how individual incentives and free-market principles sparked remarkable growth in these nations. Unearth the story of Chinese farmers who rebelled against collective farming to embrace self-reliance. Delve into Taiwan's semiconductor renaissance and strategic investments in tech R&D, shaping its global presence. Learn the key factors behind East Asia's rapid success, emphasizing urgency, competitive accountability, and innovative strategies.
36:24

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Quick takeaways

  • China and Taiwan's economic transformation illustrates the effectiveness of market-oriented reforms and individual incentives in boosting productivity.
  • Taiwan's strategic focus on technology, innovation, and collaboration highlights the crucial role of government support in nurturing emerging industries.

Deep dives

The Asian Economic Transformation

In the mid-20th century, countries in East Asia, particularly China and Taiwan, underwent a remarkable economic transformation from poverty to rapid growth. Initially, these nations faced severe challenges such as famine and the aftermath of wars, but they managed to pivot towards market-oriented reforms. The transformation was characterized by a shift from collective farming to individual ownership, incentivizing farmers to increase productivity. This period of change serves as a case study in how nations can rise from dire economic circumstances by embracing reforms that empower individuals and enable competition.

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