Research and Describe Industrialization of East Asia (Essay Sample)

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Industrialization of East Asia
Industrialization is referred as the progression by which an economy transforms from the initial concentration in agricultural production to manufacturing of goods of goods. East Asia has changed from agricultural to the current high-tech economy. East Asia is the eastern region of the Asian continent occupied by countries such as China, Taiwan, Japan, Korea, Hong Kong, Macao, as well as Mongolia. The population of the region is close to 1.5 billion people. Historically these people were part of the Chinese culture. The Economy of this region is considered one of the biggest in the world. There is speculation that the economy of the region will surpass all economies of the world, and China is likely to overtake the USA. This paper will extensively research the economic, social, and political aspects of the East Asian industrialization.
World Bank, 2016
The Economic Reasons for the Rise of Industrialization in East Asia
The expansion of various economies in East Asian sub-region in the past three decades is a phenomenon that has evoked a torrent research in the past. The economies of the countries in this region have been referred to as miraculous. During this period, these countries have witnessed increases in their savings and improved performance of their economies than any other place in the world. The four countries in the region that have improved their performance the most are China, Taiwan, Japan, and Singapore. The annual rates of the output of these countries per person have had been an excess of 6 percent. By the year 1990, the children were 72% richer than their parents at the early 1960s (Vogel 254).
Reasons for Rising in Industrialization
Factors of production
The primary factors of production that have been responsible for the growth in the industrialization of the sub-region include labor, technology, and capital. Labor refers to the workforce, people who have the capacity to work and are willing to join the job market. Capital, on the other hand, refers to the capital goods available in this renowned sub-region. Technology, on the other hand, helped the region produce efficiently and a reduced cost. All these three elements of production must always be availed for effective and efficient production. The answer to the rise of industrialization in the region depended on the use of technology in labor and capital to increase manufacturing in the sub-region (Vogel 564). Therefore, the advancement in technology in the sub-region added to the social and political aspects contributed immensely to the rise in the industrialization of East Asia.
Investment in the exports has contributed immensely towards the industrialization of the region. Countries from this area especially the four tigers have increased their capacity to export to other nations. They have tapped new markets in Africa, USA, China and some parts of Europe.
Political contribution
The politics of this region has had a hand in the rise of industrialization in the area. The policies developed by the governments in these areas have created a favorable environment commerce and industrialization. The four tigers among the other countries have always ensured that they create a free trade and good international relations to facilitate active trade among the countries. The political arena of the region has been such one that needs to be emulated by other developing countries.
The political dynasties have also been accredited for their immense contribution towards the infrastructural development of the sub-region. Improved infrastructure is necessary for increasing the mobility of factors of production. Capital mobility, for instance, is significant towards motivating various investors to invest in a variety of ventures. Labor mobility also enhanced the rise of industrialization in the region.
The peace enjoyed by the region has also contributed immensely towards the active and free trade in the area. The governments of this region have always endeavored towards ensuring that the environment favors business and commerce.
Social factors
The contribution of social attributes towards the rise in industrialization in East Asia. Among the social factors, include:
Education
The education system in this region remains one of the best in the world. They emphasized on science and technology, and this enabled them to meet the...