ABSTRACT
Over the last thirty years, Japan and "the four little dragons," the Republic of China, South Korea, Hong Kong, and Singapore, have all achieved high economic growth rates, far surpassing those of industrialized and other middle income countries. The extensive economic growth of each country has been characterized by the adoption of an export-oriented strategy, with a high dependence on the American market. Trading relationships between East Asia and America have become increasingly important; the volume of this trade has surpassed that occurring between America and Europe, traditionally the dominant trading players in the world economy. With this in mind, the twenty-first century has been dubbed "The Century of the Pacific Rim" or "The Century of the Pacific Basin."
