ABSTRACT
Today, Taiwan's young generation takes economic prosperity for granted, A couple of decades ago, their parents did not mind the poor working conditions of a factory or the family garage, but nowadays the young are looking for jobs in the service industry. The vast majority of these jobs are, however, low paid; employee turnover is high; job satisfaction is low. While workers in the traditional manufacturing sector are losing their jobs due to factory relocation to cheaper countries, the young are facing more and more structural unemployment. Youth unemployment accounts for up to 8 percent of the young population. The fate of modern Taiwan is linked with the fate of the Taiwanese economy. Thus, an understanding of Taiwan's economic development is crucial to an understanding of modern Taiwan as a whole. The new economic prosperity of the 1970s and 1980s led to the creation of a new middle class, accelerated urbanization and democratization, and made new social welfare policies necessary.
