This refers to Taiwan's transformation from an agrarian economy to an industrialized, high-tech economy within decades, often referred to as the "Taiwan Miracle."
Imagine Taiwan as a small-time actor who lands a major role (through smart government policies and investments) and becomes a Hollywood superstar overnight (an advanced global economy).
Taiwan Miracle: The rapid industrialization and economic growth of Taiwan during the latter half of the 20th century.
Export-oriented Industrialization: An economic policy strategy that emphasizes exporting goods for which national resources provide comparative advantages. It was key to Taiwan’s success.
Information Technology Industry: One sector where Taiwan has gained global prominence, producing renowned tech companies like ASUS and Acer.
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