chapter  1
Pages 10

The economic development in Asia that was initiated by the regional development of the newly industrialized economies (NIEs) of South Korea, Taiwan, Hong Kong, and Singapore in the 1970s seems, more recently, to have nearly brought the center of global economic activity to the Asian region. In terms of its economic development pattern, Asia is not self-dependent as a region or within its constituent countries. Rather, the Asian market has been heavily dependent on markets overseas and outside of the region. Furthermore, it has been absorbed by international technology, and, as a result, Asia has achieved economic development by becoming a part of world production chain. At the same time, however, the recent economic development pattern of emerging economies in Asia can also be considered to be somewhat distinctive. For instance, there has been a shift of trajectory from economic development based on globalization of manufacturing to economic development based on globalization of service industries.