The World: Two Success Stories

The Horatio Algers of the developing world are South Korea and Taiwan. Until the end of World War II, both countries were exploited colonies of Japan; they lacked natural resources and had almost no industrial base. Moreover, South Korea suffered a devastating war between 1950 and 1953, while Taiwan was shaken by the Communist takeover of the Chinese mainland and the subsequent arrival of 2 million of Chiang Kai-shek's followers.

Nonetheless, South Korea and Taiwan have both made rapid strides toward building developed economies. They were assisted by massive amounts of public and private aid, loans and investment, mainly from the U.S....

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