East Asian Economic Model

The East Asian Economic Model refers to a development approach used by countries like South Korea, Taiwan, Hong Kong, and Singapore, emphasizing strong government guidance combined with export-driven growth. Governments actively support industries through policies, investments, and infrastructure while fostering competitive businesses that produce goods for international markets. This model balances state intervention with private enterprise, focusing on technological advancement, skilled labor, and efficient manufacturing. The result is rapid economic growth, high exports, and improved living standards, marking a distinctive strategy that differs from purely free-market or centrally planned economies.