Industrialization and Employment in Hong Kong, Korea, Singapore, and Taiwan
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Fields, Gary S.
[Excerpt] What are the links between macroeconomic growth and microeconomic development objectives? The initial view held by many economists, especially Latin America specialists, was that the goals of growth, employment, and income distribution are mutually incompatible and that the pursuit of all these objectives at once is bound to be futile. But in the last few years, studies of the economies of the Asian Newly Industrializing Countries (NICs), Hong Kong, Korea, Singapore, and Taiwan—the so-called "Group of Four"—have emerged, and they point to very rapid aggregate growth and marked improvements in labor market conditions and in income distribution. This chapter assembles the latest available information and examines the interrelationships between the macroeconomy and the labor market, with special reference to foreign trade and foreign investment.
labor market; economic growth; trade; investment; Asian Newly Industrializing Countries; NICs
Required Publisher Statement: Published as: Galenson, Walter. Foreign trade and investment: Economic development in the Newly-Industrializing Asian Countries. © 1985 by the Board of Regents of the University of Wisconsin System. Reproduced by permission of the University of Wisconsin Press.