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

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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?


Definitions:

Resource Use

Refers to the way in which human societies utilize natural resources to fulfill their needs and wants.

Purely Competitive Conditions

Market situations in which a large number of firms produce identical products, and there is no single seller who can influence the market price.

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