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Comparative Analysis of Economic Development in South Korea and Taiwan: Lessons for Other Developing Countries

Abstract:Economic development in South Korea and Taiwan has received considerable scholarly attention, as they are two of the most successful cases since the 1960s. For all their similarities, differences also exist. Thus, we revisited economic development in South Korea and Taiwan to draw lessons for other developing countries. Our analysis indicates that no single development model will work in every country. Countries may learn from the successful cases but need to adjust the development model according to their political and economic conditions.