ABSTRACT
The Taiwan economy experienced successful transition growth in the last three decades, which was manifested in rapid growth, speedy export expansion, and achievement of full employment. Although this success was in no small way attributable to the concerted efforts of both the people and the government, several factors that were particularly important during the 1950s and 1960s greatly helped this growth:availability of cheap energy, the rapidly expanding world economy, a sound international finance system, abundant reserves of low-cost labor, and speedy technological progress. In the 1970s, however, the climate changed significantly in the areas of energy, trade, finance, manpower, and technology.
