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The Asian miracle refers to the relatively rapid industrialisation and development of previously-backward Asian nations into developed and sophisticated societies. Signs of the growth included domination of key industries by companies based in Asia, as well as high employment rates alongside explosive economic growth rates. Other broadly agreed elements of the Asian miracle were a clear open and uncorrupt legal environment that was permissive of free enterprise.

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  • Asian miracle
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  • The Asian miracle refers to the relatively rapid industrialisation and development of previously-backward Asian nations into developed and sophisticated societies. Signs of the growth included domination of key industries by companies based in Asia, as well as high employment rates alongside explosive economic growth rates. Other broadly agreed elements of the Asian miracle were a clear open and uncorrupt legal environment that was permissive of free enterprise.
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  • The Asian miracle refers to the relatively rapid industrialisation and development of previously-backward Asian nations into developed and sophisticated societies. Signs of the growth included domination of key industries by companies based in Asia, as well as high employment rates alongside explosive economic growth rates. Economists and others vary as to what were the ingredients that enabled the Asian economic miracle to achieve what it has achieved. Liberals and Conservatives tend to agree on certain elements, notably that East Asia demonstrates in several countries that state planning, and specifically top down forms of socialism where economists plan the economies of countries without such Liberal niceties as freedom and democracy, have been spectacularly discredited by experiments as diverse as Cambodia under Pol Pot, China under Mao and modern day North Korea. Other broadly agreed elements of the Asian miracle were a clear open and uncorrupt legal environment that was permissive of free enterprise.
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