ABSTRACT
After World War II, Taiwan was one of the first to forsake the popular Keynesian prescription of low nominal interest rates as a development strategy and has managed to maintain positive real rates ever since. There have been many studies on various aspects of Hong Kong’s economic development since World War II. The regard to economic power, the Hong Kong economy is characterizes by relatively weak labor organizations and is dominates by small firms. The success of Hong Kong has caught the attention of both social scientists and policymakers. The early phase of industrialization in Hong Kong is induces and facilitates by events on the mainland. In terms of output per worker, the four Asian newly industrialized economies (NIEs) not only grew more slowly, but their relative performance. The capital accumulation has taken into account, the performance of the Asian NIEs becomes mediocre.
