Test Time

Dennis R Redmond dredmond at SPAMoregon.uoregon.edu
Tue Oct 3 18:35:09 MDT 2000

On Tue, 3 Oct 2000, Julio Pino wrote:

> Question #7
> South Korea,, Hong Kong and Taiwan achieved economic success in the postwar
> era through
> a. free-market capitalism
> b. isolation from the world community
> c. socialist redistribution
> d. their dependence on US aid

The answer is (b) (relative economic autarky and tight controls on
capital markets and flows), (c) (land reform, egalitarian income
distribution, expropriation of Japanese colonial assets, nationalization
of major industries), (d) (all those Cold War contracts). Even today,
the Taiwanese and South Korean banking systems are 90% state-owned.

-- Dennis

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