Explain the Reasons for the Economic "Miracle" of the East

question 8

Essay

Explain the reasons for the economic "miracle" of the East Asian countries between 1960 and 1997. Is it only because of the common Asian practice of industrial policy and business-government cooperation?

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Definitions:

Consequential Damages

In a contract, foreseeable damages that result from special facts and circumstances arising outside the contract itself. The damages must be within the contemplation of the parties at the time the breach occurs. Also called special damages.

Nominal Damages

Monetary damages awarded to a plaintiff in a very small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the defendant even though the plaintiff suffered no compensable harm.

Reformation

A legal process to correct or modify a contract or document to accurately reflect the intended terms of the parties involved.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, aiming to standardize legislation across states to facilitate easier commerce.