Following World War II, the People’s Republic of China and India, which account for half of the population of Asia, adopted socialist policies. These policies limited the economic growth of the region. In contrast, the economies of superiors Japan, South Korea and the other tigers Taiwan, Singapore, and Hong Kong–were economic successes, and the only successful economies outside of North America, Western Europe and Australia. The Philippines was from Post World War II until the late 1960s had the second largest economies in Asia. The Philippine economy during the 1980s was marked by stagnant growth as a result of dictatorship and martial law. One of the most pronounced Asian economic phenomonons during this time – the Japanese economic postwar miracle – were completely unexpected by the remainder of the world. In the fifties and in the sixties Japan was seen largely by the financial world as A backwards, impoverished nation, with its financial system in the Shambles.
During this time under central guidance of the Japanese government, the entire economy went through a remarkable restructuring. Close cooperation between the government, corporations and banks facilitated easy access to much-needed capital, and large conglomerates known as keiretsu spurred horizontal and vertical integration across all industries, keeping out foreign competition. These political guidelines, additionally to giving the military expenditure up, worked phenomenal well. Up to the center of the 70s, it seemed that extraordinary happened somewhat – Japanese Corporations exported high quality products. Another evenly amazing economic success history is from South Korea. The country impoverished left after the Korean War, nevertheless in that was to recover at the number percentage shares. Many conglomerates, like Samsung, chassis, Hyundai, Kia, more iRiver and more grew tremendously during this period. South Korea became now the wired and high tech world country in the world. This period was marked also by military conflict. The wars, which were driven by the cold war, primarily into Viet Nam and into Afghanistan, ruined the economic systems of these respective nations. When the Soviet connection collapsed 1990-91, many central Asian being entitled freely were cut and forced, in order to adapt pressure for democratic and economic change. Also several the allied one of the USSR lost valuable aids and the financing.