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Introduction

Since 1945, East Asian countries including Japan, Korea, and Taiwan, have grown rapidly compared to African and Latin American countries. For example, the average annual growth rates of Nigeria and Ghana were 0.1 per cent and −1.4 per cent and those of Mexico and Brazil were 2.8 per cent and 3.3 per cent respectively during 1965–90 while the average growth rates were 8.9 per cent and 9.3 per cent in Korea and Taiwan respectively in the same period. 1 These dramatic differences have led many scholars to examine the reasons for the East Asian countries economic performance. These keywords were a…

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