The Chinese Century: The Rising Chinese Economy and Its Impact on the Global Economy, the Balance of Power, and Your Job

Chapter 3. Like No Other

China is not the first economy to rise rapidly from the ranks of developing countries or to emerge from the ashes of war and internal strife to become an industrial power. In the aftermath of World War II, Japan and Germany (with the help of a large infusion of U.S. assistance) revived industries ravaged by defeat and destruction and managed to turn them into “miracle economies.” South Korea, Hong Kong, Taiwan, and Singapore emerged from Japanese occupation to become “tigers” or “little dragons” with high-growth economies and rapidly rising living standards. Taiwan managed to accommodate a major influx of mainlanders in 1949, while South Korea withstood war and insurgency to transform from an agrarian society into an industrial ...