Globalization, development & Policy

This essay analyses the globalization and development of East Asia countries including Japan, South Korea, and Taiwan. These countries registered rapid financial maturity despite the impact of postwar. The essay presents a thesis that cohesion and economic experience promoted the rapid growth of Japan, South Korea, and Taiwan economies. Japan, South Korea, and Taiwan are yet to expand the Asian marketplace.

Development patterns

The East Asian countries including Japan, South Korea, and Taiwan adapted development due to economic backwardness.  These countries took advantage of the economic recession following the post-war that hit East Asia. The postwar made it possible for these countries to catch up development because they had prior financial knowledge and technology (Wong, 2004). Most importantly, these countries gathered high technological expertise from abroad. Correctly, they imported advanced technology from Western industries.  Fortunately, these countries had prior engagements with the US thus were conversant with land reforms. During the catch-up development, the land provided an excellent resource for the maturity of Japan, South Korea, and Taiwan. Having gained economic management tools from superior economies such as the US, these countries did so well in microeconomics.

Public policy

Public policy instruments facilitated the maturity of Japan, Taiwan, and South Korea. These countries allocated productive resources that were localized instead of relying on the market. Thus, when the economy of East Asia stalled, they tapped the public and private funds into a collective incentive (Wong, 2004). As a result, the economy attracted lucrative investors and gained support from the preexisting private sector. Consequently, considerable support from the private and public sector steered rapid economic growth. The economy expanded with over 10% GDP increment by 21sth century

Economic policy

Economically, these three countries constructed a robust industrial system that promoted rapid development. The lands became socially active in driving economic growth through National productivity initiative. Social activists ensured that people worked for the overall good on the nation after realizing the impact of social activism in financial terms. According to Wong (2004), Asian citizens steered social welfare whereby the working class contributed to the national productivity initiative. The non-working classes were recruited into the education system using the funds from federal actions. From economist perspective, the returns from insurance and housing funds were used to educate and enrich the livelihood of the poor.

Democratization and health insurance reform

In Taiwan and South Korea, the health care policy developed following the impact of post-war. Simultaneously Postwar promoted or induced social policy trajectory that encouraged people to seek inclusive welfares of the people (Lee et al.,2004). However, Health care insurance could have been in vain if the democratization process failed. Mainly, democratization steered the citizens of these two countries to attain welfare insurance.  In Taiwan for instance, political turnover transformed the social policy that overturned the authoritarian government (Kuomingtang, KAM) leading to the formation of National Health insurance.  South Korea shares the same totalitarian style of leadership that was later dropped by Korean citizens. In the end, Korea attained insurance cover following the rebellion the citizens against dictatorship.

In summary, the East Asia countries especially South Korea, Japan, and Taiwan achieved the state of financial maturity after postwar. These countries had strong cohesion and technological experience that enabled the rapid developments. Moreover, Taiwan and South Korea share the same aspiration in Healthcare policy or insurance. They rejected authoritarian leaders and fostered national insurance cover for the employed.

References

Lee, S. Y., Kim, C. W., Seo, N. K., & Lee, S. E. (2017). Analyzing the Historical Development and Transition of the Korean Health Care System. Osong public health and research perspectives, 8(4), 247.

Wong, J. (2004). The adaptive developmental state in East Asia. Journal of East Asian Studies, 4(3), 345-362.