Asian Art

Economy of East Asia

The economy of East Asia comprises 1.6 billion people (20% of the world population) living in six different countries and regions. The region includes several of the world's largest and most prosperous economies: Taiwan, Japan, South Korea, China, Hong Kong, and Macau. It is home to some of the most economically dynamic places in the world, being the site of some of the world's most extended modern economic booms, including the Taiwan miracle (1950–present) in Taiwan, Miracle on the Han River (1974–present) in South Korea, Japanese economic miracle (1950–1990) and the Chinese economic miracle (1983–2010) in China. East Asia's economic prominence has grown significantly in recent years, increasing its importance and influence in Asia and the world economy. Recent developments have led to an expanding cosmopolitan middle class. East Asian countries are vital contributors to central global communications and trade networks, developing relations with other nations, including those of the Western world, making them a significant contributor to the global economy. The region's economic success was referred to as "An East Asian Renaissance" by the World Bank in 2007. Since the early 20th century, East Asia has been home to two of the world's largest economies, with mainland China and Japan being the second and third largest, respectively. Since the middle of the twentieth century, capitalism has been integrated with the Confucian nature of Oriental East Asia. In defiance of an array of sociopolitical challenges, the East Asian economies turned into a modern economic miracle. Sustained efforts of veering East Asia into a capitalist direction have created remarkable outcomes in terms of resilience, dynamism, growth, and economic prosperity. Even as late as the mid-twentieth century, East Asia remained nonindustrial, poverty-stricken, and torn by the ravages of World War II. Since the 1960s, Japan, South Korea, Taiwan, Hong Kong, Macau, and mainland China have achieved a modern economic takeoff leaving the economic rise of modern East Asia to become one of the most important economic success stories in modern world history.

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See also

• ▸Coromandel lacquer
• ▸Kollam Cantonment
• ▸Hokkei

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Text from Wikipedia; plate via Wikimedia Commons. Text CC BY-SA 4.0; plate freely licensed (see Commons). Source record. Images and catalogue data are reproduced from open-access collections.