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:

Cocktail Party Phenomenon

The capacity to concentrate one's listening efforts on a specific sound while ignoring other surrounding noises.

Posner Effect

A phenomenon in cognitive psychology indicating that attention can be directed to a location without the need for the eyes to move.

Craik Effect

A phenomenon where the depth of processing impacts memory recall; deeper processing leads to better retention.

Late Selection

A cognitive process theory suggesting that all incoming information is processed at a basic level before selective filtering happens based on its importance.