TAIWAN: Prosperity in Isolation

Since it was kicked out of the U.N. in 1971, Taiwan has become ever more isolated diplomatically. But its emissaries have proved adept at gaining entrée to the markets and financial centers of some of the very nations that have barred them from foreign ministries. As a result, the island country has attracted enough trade and investment to overtake even Japan in the speed of its economic growth.

Although its population of 15 million ranks only 40th in the world, Taiwan last year climbed into 20th place among all trading nations, with a giant 45% increase in its foreign commerce, to...

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