East Asian model
The East Asian model is a way that some countries in East Asia, like Japan, South Korea, and China, have developed their economies. It is like a recipe for how they have made their countries wealthy and successful.
Here's a simplified explanation of the steps they followed:
1. Their governments made big plans to grow their economies. They set goals for what industries to focus on and how to support them.
2. These countries heavily invested in education and training for their people so that they would have the skills to work in the planned industries.
3. Companies were encouraged to work closely with the government to make sure they were following the plans and not wasting resources.
4. The governments provided support to help these companies grow, such as assisting with financing or providing tax breaks.
5. There were also policies in place to protect these companies from outside competition so that they could grow and become successful.
6. These countries focused on making products that were in high demand outside of East Asia, such as electronics or cars, and they exported those products to other countries, which helped bring in more money.
Overall, the East Asian model is about the government working closely with businesses to carefully plan and support their economies to create success.
Here's a simplified explanation of the steps they followed:
1. Their governments made big plans to grow their economies. They set goals for what industries to focus on and how to support them.
2. These countries heavily invested in education and training for their people so that they would have the skills to work in the planned industries.
3. Companies were encouraged to work closely with the government to make sure they were following the plans and not wasting resources.
4. The governments provided support to help these companies grow, such as assisting with financing or providing tax breaks.
5. There were also policies in place to protect these companies from outside competition so that they could grow and become successful.
6. These countries focused on making products that were in high demand outside of East Asia, such as electronics or cars, and they exported those products to other countries, which helped bring in more money.
Overall, the East Asian model is about the government working closely with businesses to carefully plan and support their economies to create success.