|
Fisher Investments notes that among globalization's largest beneficiaries is Asia, which saw its share in total world merchandise exports nearly double between 1948 and 2005. In Fisher Investments on Industrials, table 2.2 highlights the change in merchandise export growth from the end of World War II to 2005, during which period the share of US and UK global exports has consistently fallen.* To understand how and why so many Asian nations now compete globally, one must first understand the policies that spurred this growth historically. What was initially cultivated in Japan soon moved to the Asian Tigers (Singapore, South Korea, Hong Kong, and Taiwan), and later, China. The following pages in Fisher Investments on Industrials document these changes and the source of their growth.
Like Europe, Japan was ravaged by World War II. In 1946, manufacturing output was only 30 percent of its pre-war highs, and its political and economic structure had been largely destroyed.** But Japan surprised the world with its industriousness, and its economy recovered, growing 10 percent per year through the 1950s and 1960s. Within five years of the war's end, Japan had become the world's third largest economy.
For more information or to purchase Fisher Investments on Industrials, click here.
|