Economic development policy in Taiwan: achievements, challenges, and implications

Abstract

This study examines Taiwan's economic development experience and identifies major achievements and challenges. The study first provides an overview of the past development record by analyzing several key economic indicators. It then explores major factors contributing to economic development, including general social background and supporting economic conditions as well as government development policy and activities. The paper especially focuses on changes and challenges resulting from the implementation of internationalization and liberalization of economic policy and the introduction of political democratization since the 1980s. The paper concludes with the implications of Taiwan's achievements and challenges.