ABSTRACT
All of the minidragons are facing severe political and economic challenges that they must overcome if they are to carry their successes into the future. Faced with declining profits in traditional items, the movement of foreign businesses into yet cheaper labor markets in Asia, and resistance in foreign markets to many of the staples of industrialization, all of the minidragons reoriented their economies during the 1970's and 1980's. The minidragons appear also to have benefited from farsighted political leaders who, although they have not always been benevolent or made correct policy choices, have pushed their nations towards development. Western protectionism is a problem for all of the minidragons, but it is a particular issue for Taiwan and South Korea. The minidragons are being challenged yet again to make economic changes essential to the continuation of the economic miracles of the past.
