Abstract:
The phenomenal pace of economic development in East Asia, whereby it has transformed from an underdeveloped region in the late 1960s into a prosperous region in only three decades, has been the subject of considerable debate among development economists. Major studies have been conducted on various economic and non-economic factors believed to have led to the region’s success. There are differing opinions on whether a particular development factor, economic or non-economic, is the principal contributor to the East Asian success, as well as on the relative role and weight of secondary factors that contributed to the region’s development. Nevertheless, most studies argue that a specific combination of economic and non-economic factors were the overarching reason for economic success. It is this combination that makes the East Asian countries distinct from any other region.
