Economic Development in Japan and compare it to South Korea,Taiwan,Singapore and Thailand (5-7pages)

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Nmvm456

Economics

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Discuss the course of Economic development in JAPAN, and taking this as a “MODEL” consider development in each of the following countries, paying attention specifically to:

Ways in which their development has been similar, as well as different, to Japan’s and to each other:

  • South Korea
  • Taiwan
  • Singapore
  • Thailand

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Surname 1

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Economic Development in Japan and compare it to South Korea, Taiwan, Singapore and
Thailand

Economic development entails all efforts that aim at improving the economic well-being
and quality of life for a society by coming up with and retaining jobs and supporting or
increasing incomes and the tax base. Further to this, it can also be referred the development of
countries and nations for the wellbeing of the citizens of those areas. It is important to note that
economic development is different from economic growth. Economic growth refers to the
increase of a measure of per capita income, gross domestic product, and the real national income.
Thus economic development entails more as it involves improvements in a variety of indicators
ranging from poverty rates, life expectancy, and literacy rates. Economic expansion is more
about the quality of life of people in a nation that the quantity of what a country produces
(Demiurgic, 2004).

Surname 2

In the study of economic development of Japan, it is important to note that the country
has the third largest economy in the world about the nominal GDP. It also has the fourth largest
about purchasing power parity (PPP) (Mosses, 2005). In comparing her economic development
with other nations in the world, it has the second largest developed economy. The economic
activities of Japan include automobile manufacturing, electronic goods industry, production
high-tech and precision goods, agriculture, mining and exploration of petroleum, service industry
and tourism. Japan engages in various economic activities that increases her well-being in term
of economic development of her people.
In looking at Japan’s economic development we begin with, looking at conventional
Gross National Product (GNP) and income of the people (Nakamura, 2015). This two usually
indicate the economic progress of a nation as it results in development opt...


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