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East Asian Economy

East Asian Economy. Economy in China. China is largely a rural society. Most population is concentrated along rivers and the coasts. Despite their large population, China is agriculturally self-sufficient. 60% of their workers work on farms.

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East Asian Economy

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  1. East Asian Economy

  2. Economy in China • China is largely a rural society. • Most population is concentrated along rivers and the coasts. • Despite their large population, China is agriculturally self-sufficient. • 60% of their workers work on farms. • river valleys have rich soil; produce rice, corn, wheat and sweet potatoes

  3. Economy in China • China also has a large industrial economy. • This industry includes coal mining, iron, oil and transportation. • Manufacturing is also extremely big. • Machinery and consumer products such as textiles

  4. Economy in China • Chinese Development • China Under Communism • “Great Leap Forward” resulted in the death of 20 million • Cultural Revolution of the 1960s – expulsion of many to “re-education” camps • Toward a Post-communist Economy • China seeks closer connections with the world economy • Experimenting with capitalism • Industrial Reform • China opened Special Economic Zones (SEZs) in which foreign investment was welcomed and state involvement is minimal • Economic growth is around 6-7%

  5. Economy in China • Chinese Development (cont.) • Social and Regional Differentiation • Chinese economic reforms resulted in social and regional differentiation (when certain groups and portions of a country prosper while others fail) • The Booming Coastal Region • Most of China’s economic benefits have flowed to the coastal region and Beijing • Interior and Northern China • China’s interior and northern portions have seen little economic expansion

  6. Economy in China • INVESTOR INCENTIVES • LOW TAXES • EASING OF IMPORT AND EXPORT REGULATIONS • SIMPLIFIED LAND LEASES • HIRING OF CONTRACT LABOR PERMITTED • PRODUCTS MAY BE SOLD IN FOREIGN MARKETS AND IN CHINA (UNDER CERTAIN RESTRICTIONS) • LOCATION WAS PRIME CONSIDERATION

  7. The Economy of Japan • Post-war economic boom makes Japan’s economy second in size to U.S. • Because the island country of Japan has limited natural resources, they must import resources to manufacture products for export • - exports autos, electronics, computers

  8. The Economy of Japan • Japan’s Economy and Society • Japan’s Boom and Bust • 1950s was beginning of the Japanese “economic miracle” • Use of cheap labor shifts from clothing and toys to more sophisticated goods • Japan still a core country, with global influence • Living Standards and Social Conditions in Japan • High standard of living, though a little lower than U.S. • Low unemployment, health care provided; low crime rates • Literacy high, infant mortality low, life-spans long

  9. The Economy of the Koreas and Taiwan • The Newly Industrialized Countries (cont.) • Contemporary South Korea • Anti-government student-led protests repressed in 1960s and ’70s • Middle class successfully pushed for democratization in late 1980s • Taiwan and Hong Kong (now part of China) • Both have higher per capita gross domestic product (GDP) levels than South Korea • Government-guided economic development in Taiwan • Hong Kong has a somewhat laissez-faire system: market freedom, with increased government control • Economies linked internationally

  10. Economy of Taiwan • Successful economy: few resources but trained, motivated workers • Prosperity based on manufacturing industries and trade • Taiwan, Singapore, South Korea are economic tigers—nations with: • cheap labor, high technology, aggressive exports

  11. Life and Economy in Mongolia • Many people herd, manage livestock (sheep, goats, camels, horses, cattle) • nomadic herding was economic base for centuries • cashmere industry uses soft wool of local goats • most live on farms and ranches with small villages in center

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