Word: asianized
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...strategy proved to be wonderfully efficient. It drew investment capital into the country, generating factory jobs for impoverished farmers, infrastructure to supercharge commercial development, and otherwise produced wealth South Korea could never have generated on its own. Eager to raise living standards in their own countries, Asian policymakers and businessmen to varying degrees adopted the same fast-track formula. The economies of South Korea, Taiwan, Hong Kong and Singapore did so with such success they became known as the Asian tigers. Their growth model produced miracles - and as Park said in a 1965 speech, exports were "the economic lifeline...
...short run, Asia is finding itself powerless to adjust quickly to the swift, steep decline in trade, which is not limited to U.S. exports. Trade among Asian countries is also plummeting, because much of this intraregional commerce is indirectly dependent upon Western consumption. A high proportion of Taiwan's trade with China, for example, has been made up of electronic components shipped to Chinese factories for assembly into finished products - which eventually wound up on the shelves of stores in the U.S. As a result, Taiwan's China trade is contracting twice as fast as the island's U.S. exports...
...Building a Better Tiger Asian leaders for years have recognized the need to reduce dependence upon exports to the developed world. But as long as the engine wasn't broke, they weren't inclined to make extraordinary efforts to fix it. Now, it appears Asia's primary growth driver is, at the very least, badly bent. Meaningful reforms that diversify the sources of economic growth may be needed if the region is to avert a prolonged period of moribund economic activity...
...emerging markets, such as Russia, Brazil, India and the Middle East. Commerce within the region also needs a boost. The tigers need to "open up trade among the markets here, and to develop local goods that are attractive to local markets," says Joe Zveglich, assistant chief economist at the Asian Development Bank in Manila...
...second layer of diversification requires reducing overall dependence on trade by promoting domestic consumption and expanding service sectors. Park Chung Hee's growth model discouraged investment in domestically focused sectors and consumer spending - both of which could provide a cushion to Asian economies in global downturns. Vestiges of his biases remain, to the detriment of the South Korean economy. For example, South Korea hasn't developed the kind of social services, such as day-care centers for the children of working parents and homes for the elderly, that would relieve some of the financial burdens on working-class families...