248_ch30_sec4.ppt

. [Virtual Presenter] Good morning everyone! Today, we'll be discussing the extraordinary growth of the Pacific Rim economies in Asia, focusing particularly on the post-war transformation of Japan and the development of the Asian Tigers. Let's get started!.

. [Virtual Presenter] Pacific Rim nations have experienced significant economic expansion since the end of World War II. Japan rebuilt itself to become an economic leader and the Asian Tigers – Taiwan, Hong Kong, Singapore, and South Korea – implemented rapid industrialization and export-based growth. This propelled the region to some of the most prosperous economies in the world. Despite this success, the region has faced challenges with slowing economic growth and greater wealth inequality. To maintain their competitive advantage, Pacific Rim economies must continue to revise their strategies for the future..

[Audio] Following the end of World War II, a process of demilitarization, democratization, and economic reform was implemented in Japan by General Douglas MacArthur, appointed by President Truman. This included the removal of all wartime political and military leaders from power, with those who were tried as war criminals among them. The armed forces were also disbanded and all military industries were shut down. This process of demilitarization was key in rebuilding Japan and creating a peaceful, democratic, and economically prosperous nation..

[Audio] The Pacific Rim's economic transformation saw great changes in Japan after World War II. A new constitution was adopted, giving more power to the people, establishing a parliamentary democracy and granting all adults the right to vote. The constitution further forbid Japan from building a military to attack other countries and guaranteed freedom to organize political parties. The emergence of the conservative Liberal Democratic Party, with a pro-U.S. foreign policy, was notable. The reign of the emperor was no longer sacred, while human rights were expanded, including freedom of speech, assembly, and religion. In subsequent sections, we examine the next steps of this economic transformation..

[Audio] General MacArthur implemented economic changes to rebuild the Japanese economy, one of these being the breaking up of the large organizations known as the Zaibatsu, in order to redistribute the wealth and increase economic competition. In addition, a land reform program was established to give land to those who had previously rented it, in order to strengthen the agricultural sector of the economy and increase the food supply for the Japanese people..

[Audio] Japan's economy has come a long way since the end of the Second World War. After the Korean War, they constructed their heavy industry, built modern factories, and became a leader in steel, automobile manufacturing, and other industries, primarily through foreign trade and production of consumer goods. This remarkable economic recovery was partly due to generous U.S. economic aid, particularly in 1950 when the Korean War began. Additionally, Japan provided significant supplies for U.S. and UN forces throughout the conflict. Currently, Japan's economy is one of the strongest in the world..

[Audio] Japan's post-war transformation was remarkable, even compared to the post-war growth of most western democracies. In 1952 the U.S. occupation ended, and by 1968 Japan had become the world's second largest economy and has remained a major economic power. Its success was attributed to a strong work ethic and good employer-employee relations, which contributed to its rapid industrial growth. Exports rose quickly and in the 1970s Japan focused on electronics and computer technology, accelerating its rise as an economic power..

[Audio] The post-war economic growth in Japan brought about a great transformation in the lives of the people. Transitioning from a rural to an urban society was highly evident, along with the increasing impact of American culture. Population shifting from rural to urban areas impacted Japanese culture, family life and gender roles significantly. Women had more freedom than before, with higher numbers of women attending high school and college. Extended family became of lesser importance as modern, urban life was embraced..

[Audio] Japan's standard of living, economic growth, and a mix of traditional and American culture have all evolved since the end of World War II. Alongside this, there has also been a shift in gender roles, with women taking on greater responsibilities in society. All these changes have collectively shaped Japan into the country it is today..

[Audio] Pacific Rim countries, like Japan and the Philippines, faced major economic struggles following the Second World War and were forced to rebuild. In the Philippines, after President Ferdinand Marcos' oppressive rule, martial law and corrupt practices, Benigno Aquino's assassination sparked mass protests and riots. This eventually led to the 1986 election of Corazon Aquino as president and the nation's return to democracy. Since then, the Philippines' economy has slowly improved, though poverty still affects many..

[Audio] The difference between North and South Korea since the Korean War is immense. After 1953, North Korea was controlled by the communist dictator Kim Il Sung and the state began to control much of the economy. With the help of Soviet and Chinese aid, the country benefited for a short period, but this swiftly diminished as foreign aid began to decrease. Kim Jong II took power in 1994 and the economy fell into rapid deterioration as the country increasingly invested in military programs. In 2006, North Korea tested nuclear weapons, exacerbating the tensions between the North and South. In contrast, South Korea developed their industry with US aid and focused on increasing foreign trade and producing consumer goods. Political stability arrived in the late 1980s, albeit lacking much freedom. North and South Korea, with their exceptionally different trajectories, are still crucial to understanding this part of the Pacific Rim..

[Audio] The movement towards democracy in Asia during the late 20th century persisted. China, however, has been insistent that Taiwan is an integral part of the nation and eventual reunification is a goal. Taiwan has opposed this pressure, and the Kuomintang nationalists, having settled on Taiwan in 1949, were aided by the United States with economic and military aid. This allowed for the development of a successful economy, largely based off international trade and consumer goods, by the 1980s. The reduction of martial law in the same decade allowed for the formation of other political parties..

[Audio] After World War II, numerous Pacific Rim countries underwent significant economic and political development. A noteworthy factor in this change was the economic assistance supplied by the United States. This assistance facilitated many countries to move towards a more democratic political system. The aid focused on infrastructure and economic guidance, creating a fiscally prosperous environment that enabled the establishment of a democratic system. The economic aid was fundamental in permitting these countries to progress economically and politically, ultimately leading to a more dependable and safe system of governance..

[Audio] The Asian Rim entered the 1960s poor and undeveloped, but over the following decades saw rapid development through the help of ample education and training for its citizens and economic aid from the United States. Japan, South Korea, Hong Kong, Taiwan, and Singapore - collectively known as the Asian Tigers - adopted and improved on the same economic model employed by Japan during its postwar expansion, leading to what was dubbed a 'miracle' of economic growth..

[Audio] The countries of the Asian Tigers - Singapore, South Korea, Hong Kong and Taiwan - focused on growth in the late twentieth century, primarily through exports of consumer goods to the United States. With lower costs for both labor and production than the United States, and a loyal and dedicated workforce, they were able to manufacture low-cost products that could sell in the U.S. and thus spur growth..

[Audio] Pacific Rim economies of Asia, particularly Japan and the Asian Tigers, had experienced tremendous success which drove a great deal of foreign investments into the region. However, when certain investments went bad, financial panic ensued, leading to a collapse in stock and real-estate prices as well as the plummeting of currency values. Thailand was particularly hard hit due to the absence of government regulations that had allowed its banks to accumulate far larger debts than they were able to handle. The economic crisis of 1997 had a catastrophic effect on the region, almost completely erasing the gains it had made in the recent years..

[Audio] The post-war period of the Pacific Rim nations in Asia saw remarkable economic success, transforming from periods of economic disaster and crisis to becoming leaders in the global economy. Such transformation has caused many to believe that the 2000s will become the “Asian Century”, with Asia surpassing Europe and North America in worldly economic dominance..

[Audio] Asian Tigers adopted Japan's model of economic growth by dedicating themselves to providing high quality and specialized education and training to their workers, as well as concentrating on exports to create and boost wealth. These strategies enabled them to rapidly and drastically develop their economies..

[Audio] In Asia, postwar transformation was heavily led by Japan. Across the rest of the continent, the Four Asian Tigers of Singapore, Taiwan, South Korea, and Hong Kong went through unprecedented growth that set a new economic standard. Combined with advances in transportation and communication technology, the newfound wealth of Asia propelled it to the forefront of the global economy." Our slide today is about the amazing transformation of Asia seen in the post-war period. Japan was the driving force behind this transformation, setting the tone for other countries across the continent, such as the Four Asian Tigers. As a result of this transformation, Asia has seen a shift in its economic standing on the global stage. Advancements in transport and communication have been key in establishing Asia's new place in the world economy..

[Audio] Exploring the impact that Vietnam's location has had on its economy, we can see how its convenient geographical position has been used to its advantage in promoting foreign imports and exports with the countries around them. Additionally, key infrastructure projects have been implemented, helping to facilitate trade. Examining Vietnam gives us a better understanding of how location can play a vital role in a country's economic development. Thank you for watching and listening..