The Importance of Flexible Labor Markets and Export-Oriented Industrialization in East Asia

Abstract: This is a 3 page paper discussing the importance of the flexible labor market and export-oriented industrialization in East Asia. The flexible labor market and the shift to export-oriented industrialization which is highly labor intensive are two to the major components in regards to the success of the East Asia economic strategy. Countries opting for rapid economic growth and industrialization adopt three successive phases which include import substitution policy, the diversification of exports and finally an export-oriented industrialization. By including a flexible labor market in addition to export-oriented growth, East Asian countries proceeded towards full employment which increased macroeconomic stability considered a precondition for continued growth and success. Bibliography lists 3 sources.

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Catagory:

Subcatagory: International Economics & Finance

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