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This article presents an examination of how markets in Taiwan present new opportunities for American businesses. The author discusses the efforts made by the U.S. to increase their number of trading partners in Europe and the Far East. The author examines the investment climate of Taiwan, discussing the advantages and disadvantages that the country presents when compared to other underdeveloped countries. He examines the country's economic growth, industrial development and overall political climate. He discusses Taiwan's government policy for foreign investment and various import and export restrictions.

The article refers to United States government agencies which take a scientific approach to resource management and reports on a study which evaluated the effectiveness of American foreign aid to Taiwan. The evaluation model contains a target variable representing Taiwan's development, an instrumental variable for the amount of investment, and the over-all measure of development based on the gross national product. Seven criteria for evaluating the economic assistance program and the problem of determining multiplier effects of aid on total investment are mentioned, as well as 4-sector and 2-sector economic models for evaluating inter- and intrasectorial allocations. Five steps in the scientific approach to resource management include fixing goals and selecting the optimal program.

The evolution of Taiwan's political economy seems paradoxical. From the 1960s to 1980s, Taiwan went through economic transformations that have been called an “economic miracle.” This was followed by a successful democratic transition from the late 1980s to mid‐1990s that might be considered a “political miracle.” In the early 1990s, Taiwan could be regarded as a success story and a model for developing nations. Yet, Taiwan was soon to “enter troubled waters” marked by growing conflict and threat from China (PRC), fears about the “hollowing out” of its previously vaunted economy, and vicious polarization and gridlock in its domestic politics. We argue that many of the challenges facing Taiwan derive from unanticipated and unintended costs of its previous successes. In particular, what worked to promote successful economic and political development at one point later became counterproductive in the changed circumstances created by the country's rapid developmental trajectory. Our basic research questions, hence, are whether the challenges currently facing Taiwan's political economy can be explained by the country's past pattern of development and, if so, whether these linkages appear to be connected to success or failures in Taiwan's history. [ABSTRACT FROM AUTHOR]

The strong global demand for new information and communication technology devices had pushed Taiwan's economic growth rate in 2017 to 2.84%, from 1.41% in 2016. The improving global economy, growth in minimum wage and rising government expenditure are encouraging factors in the near term. Taiwan's future economic outlook hinges on its technological capability vis-à-vis other regional peers, close production relations with global multinational firms and adaptation to other new consumption products. [ABSTRACT FROM AUTHOR]

This article is a variation on a recent keynote address at the Taiwan Corporate Governance Association's (TCGA) Annual Summit. In response to these remarks, TCGA has formed an advisory committee and is making recommendations to the executive, judicial, and legislative branches in Taiwan about the establishment of business courts, substantive revisions to the corporate law statute, and the implementation of new procedures, including the use of experts. [ABSTRACT FROM AUTHOR]

The foreign policy of Taiwanese President Tsai Ing-wen, who was elected in 2016, will be closely watched by Beijing and countries in Southeast Asia. Before her inauguration, Tsai stated that her administration would pursue a so-called “New Go South Policy’’ (xin nanxiang zhengce), i.e. a foreign policy focused on building up ties with countries in Southeast Asia as well as in South Asia. A similar policy was initiated by two former presidents of Taiwan, Lee Teng-hui and Chen Shui-bian. This article provides a framework to analyze the determinants, objectives, policy dimensions and scope of President Tsai’s New Go South Policy. It examines and compares the Go South Policies of previous administrations, together with former President Ma Ying-jeou’s policy towards Southeast Asia. Based on these discussions, a prospective policy analysis of President Tsai’s Go South Policy is provided. It is argued that Tsai’s Go South Policy will help enhance Taiwan’s soft power, increase the island’s presence in Southeast Asia but will not be used to counterbalance China-Taiwan economic integration. [ABSTRACT FROM AUTHOR]

The article examines the equity-crowd funding regulation in Taiwan. Topics discussed include the Title III of the U.S. JOBS Act in 2012 that expanded for-profit crowd funding platforms to fund small businesses and startups; Taiwan's the Go Incubation Board for Startup and Acceleration, a government-sanctioned public equity crowd funding platform; and Taiwan's dependence on a high level of investor protection underlying local securities regulation.

Since the early 2000s, transfer of development rights has served as a compensatory regime to address the ‘reserved land’ issue in Taiwan, a planning challenge that has seen private owners remain uncompensated for land flagged by the government for public facilities. This article investigates two aspects of the implementation of transfer of development rights in Taiwan. First, it examines the local adaptation process by which the use of transfer of development rights has been diverted from its original function of historical preservation. Second, it maps the spatial impact of this compensation process, using Sanchong District in New Taipei City as a case study. We demonstrate that trends of high-end developments in prime locations and ‘piecemeal transfer’ in the city’s older, inner neighbourhoods show worrisome patterns of uneven development. We conclude that the neoliberal effects generated by the transfer of development rights policy have complicated the planning challenge the policy was initially intended to resolve. [ABSTRACT FROM AUTHOR]

The article reflects on desire of China to involve indirectly in presidential and legislative elections campaign of Taiwan held in January 16, 2016. Topics discussed include the initiates of political parties Chinese Communist Party and Democratic Progressive Party for the same, a summit held between the Chinese and Taiwanese Presidents on November 7, 2015 in Singapore and a speech by Chinese President Jiang Zemin on Taiwan policy.

This paper investigates whether and w hy the Taiwanese investors in mainland China are pursuing a different location selection strategy from other foreign direct investors. I find that, compared to the general foreign direct investors, Taiwanese direct investors seem to be more dependent on the autonomy of local governments, especially as investment in a locality increases. [ABSTRACT FROM AUTHOR]

Taiwan is a regional laboratory for Anglo-American-style corporate governance; we examine it from legal, capital, labor, and management perspectives. Statistical analyses of Taiwanese-listed companies show that independent directorship reduces financial distress and improves information disclosure. [ABSTRACT FROM AUTHOR]

The U.S.-anchored TPP and the China-centered RCEP may be compatible or in rivalry. Regardless of the future relationship of the two trade pacts, Taiwan does not have the luxury of picking and choosing. Given its domestic entrenched political cleavages and very challenging geo-strategic and geo-economic environments it faces, Taiwan should pursue membership in both blocs. Indeed, pursuing one can help its bid for the other. Should Taiwan be excluded from both, its economy would not be doomed, as there are still some unrealized trade benefits to exploit. However, a Taiwan not able to join the two clubs would have to absorb psychological and real impacts. Whether as an outsider or insider of the two trade blocs, Taiwan will have to go through industrial upgrading in a big way. [ABSTRACT FROM AUTHOR]

The Trans-Pacific Partnership (TPP), led by the United States, aims to create a comprehensive and high-standard twenty-first century agreement. Given that the TPP is likely to transform the regional trade landscape in the future, its final shape will profoundly impact Taiwan's trade-driven economy. Since Taiwan's economic strengths have been built on its robust electronics industry, how the TPP alters regional electronic supply chains and challenges Taiwan's electronics industry are crucial questions for investigation. This paper intends to unravel the possible consequences of the TPP on Taiwan's electronics sector by using economic analysis and modeling. The findings highlight the significance of the TPP to Taiwan's electronics industry and are followed by policy proposals intended to sustain Taiwan's global competitiveness in electronics sector. [ABSTRACT FROM AUTHOR]

Proponents of the TPP describe it as a 21st-century agreement that will reach further into domestic economies and domestic policy settings than conventional free trade and investment agreements. Beyond the traditional approach that deals with trade barriers between borders, TPP negotiations attempt to tackle issues behind the border by addressing how policies should be formulated and managed domestically. The TPP is unique in targeting the philosophy and processes, as well as the substance, of domestic policy and regulatory decisions. The paper examines this "behind-the-border" approach by the TPP. The leaked chapter on regulatory coherence illustrates an attempt to establish institutional and procedural frameworks for the conduct of domestic regulations. In light of the proposed TPP obligations regarding regulatory coherence, this paper reviews the challenges and opportunities faced by Taiwan if it becomes involved in TPP negotiations. [ABSTRACT FROM AUTHOR]

The Trans-Pacific Partnership is a comprehensive trade agreement with higher standards than any existing Free Trade Agreement. Taiwan believes continuing economic prosperity depends on being in the second round group of countries to join after the TPP is established. There are two major considerations. First is the "China factor." Continuing economic relations with China are critical to Taiwan's prosperity. Economic consideration plus China's unwavering opposition to any evolution of a two China policy limits Taiwan's freedom of maneuver. Second are necessary modifications to and restructuring of Taiwan's economy if it is to sustain further effective economic globalization including TPP membership. [ABSTRACT FROM AUTHOR]

The Obama Administration's 'Pivot to Asia' has wide-ranging implications for Asian nations, yet for Taiwan many implications of the pivot remain ambiguous. The Trans-Pacific Partnership (TPP) is one prime example of Taiwan's current foreign policy uncertainties. As the economic arm of the Pivot to Asia, the TPP has the potential to become the world's biggest free trade agreement, creating unprecedented trade opportunities for member states. Taiwan's government has openly expressed a desire to join the TPP, but faces unique obstacles in its path toward membership. Drawing on lessons from Taiwan's previous successes in establishing fisheries agreements and joining fishing organizations, this article explores Taiwan's limitations and options as it strives toward TPP accession. [ABSTRACT FROM AUTHOR]

Africa's largest trade partner, China, criticised for exchanging resources for manufactures, has promised to increase imports and optimise the structure of trade with Africa. Using a gravity model of China's imports for the years 1995-2009, we explore potential dynamics for this promise, uniquely accounting for market economy recognition and Taiwan recognition. The former is associated with increased imports, while the latter effect is ambiguous and statistically insignificant. Comparison of projected against actual imports across three growth-path-aligned economic geography typologies - resource-rich; landlocked and resource-poor; coastal and resource-poor - sets out China's imports trends in an abstract framework of African export potential. We find not only 'under' importing across a majority of resource-poor countries. We also find that current trade policy is the least applicable to these comparatively poor exporters' trade with China. If the latter are to serve a broader catalytic role in Africa's regional industrial transformation as compared to the role of coastal and resource-poor countries in regional economic transformation in Asia and Latin America, China-Africa trade and investment policies may need additional thinking. [ABSTRACT FROM AUTHOR]

This study explores the transitional processes of Taiwan's innovation system over the past half century, evolving from being rooted in traditional industries to attaining development in a virtuous cycle of development. Our approach is inspired by the Arena of Development theory and acknowledges the system of transformation failures, in which we highlighted the types of failures that might impede economic progress and how they were overcome in the evolutionary targeting of Taiwan's industrial development. Our findings demonstrate that the success of Taiwan's economic transition is targeted on, and evolves with, a series of macrolevel policies in the early phase of development; mesolevel institutional mechanisms to attain the industrial emergence settings; and, in pursuit of the virtuous cycle of development, the microlevel collaboration platform. We attribute the success of Taiwan's industrial system to this series of systematic government interventions. This study provides novel and salient normative principles that guide transformational policymakers in governing transitional processes of innovation system. [ABSTRACT FROM AUTHOR]

The article discusses the trends of international intellectual property protection for developing countries such as Taiwan, Singapore and China.

This research uses the fuzzy Delphi and Analytical Hierarchy Process (FAHP) to analyze the key factors involved in evaluating and screening industry managers of intellectual property (IP) rights within Taiwan. Firms can utilize the key factors of human resource management to provide self-growth opportunities and obtain competitive advantage opportunities that can expand their global market share. This study summarizes the evaluation and screening criteria used for IP rights managers via a questionnaire distributed to 29 management experts, from the governmental departments related to IP rights body, and scholars with backgrounds in IP rights related teaching, who had actually participated in IP rights managers' specialty decisions, and who had employed fuzzy Delphi screening criteria, uses Analytic Hierarchy Process (AHP) calculate relative weight. The findings include five key competency factors: Evaluating IP rights, locating the core patent group, calculating the chance that patents will be granted, deciding the best time to patent, and deciding whether to apply for patents inland or overseas. [ABSTRACT FROM AUTHOR]

This study follows the historical evolution of Taiwan’s household appliances industry and reviews the establishment of design divisions in domestic household appliance manufacturers, including Tatung and Sampo. By examining historical documents and conducting interviews with senior industry personnel, this study explores the ways in which household appliance companies respond to domestic consumer characteristics. Further, this paper analyses the companies’ industrial policies in the mid-1980s under international economic liberalization and the technical support received from overseas partners. [ABSTRACT FROM PUBLISHER]

This paper employs a panel of 23 local governments in Taiwan over 1998–2010 to re-estimate the redistribution effects of intergovernmental fiscal transfers by considering a self-financing resources of local government as the transition variable in panel smooth transition regression models. Empirical results show that the income (or tax revenues) redistribution effects of fiscal transfer policies are nonlinear and vary with time and across local governments. The grants from central government can improve income and tax revenues distribution of local governments; however, the centrally allotted tax revenues have inverse effects and the total fiscal transfers have ambiguous effects. The total fiscal transfer is a proper policy instrument for improving income redistribution, and the grants for improving tax revenues redistribution. However, high self-financing resources ratios are harmful for these redistribution effects. [ABSTRACT FROM PUBLISHER]

Rapid growth in the East Asian newly industrializing countries depended on institutional innovation. Authoritarian governments like Taiwan faced a dilemma: how to assure investors in a policymaking environment that made commitments difficult to sustain? In contrast to both the early developmental state literature and the new literature on authoritarian institutions, this article shows that 'small' institutions have had an effect on both the credibility of commitments and the composition of the firms that the Taiwanese state sought to assure. In the 1950-1960s, insulated decision-making bodies with strong participation by foreigners and export-processing zones signaled government intent to both foreign and domestic firms. In the 1970-1980s, democratic decision-making structures were more decentralized and state interventions shifted in a more market-oriented direction. Even so, the Taiwanese government continued to use institutions such as the Hsinchu Science Park to extend assurances to domestic investors engaged in risky high-technology ventures. [ABSTRACT FROM AUTHOR]

The article presents a speech by Chinese politician Jiang Zemin at the Taiwan work meeting of the Central Committee of China. He mentions the maintenance of close contacts of the Xinjiang region to the Central Plains of China, and highlights the historical and current situation regarding the issue of East Turkistan and the ethnic separatist forces of Xinjiang Xian.

The changes to the developmental state resulting from Taiwan's political liberalization and democratization have created a complex political-economic decision-making landscape that has affected the process of financial reforms. In this article, the author examines the impact that the changes in the nature of the Taiwanese state, institutions, and the increase in the number of important political actors have on financial liberalization and reforms that have been undertaken thus far, providing a theoretical framework to explain how institutional changes, the interactions of political actors, and changes in incentives in the political system can help one understand the politics of financial reform. Using this theoretical framework, the author examines the application of the theory to the Taiwan case in depth. [ABSTRACT FROM AUTHOR]

This paper examines the transformation of the textile and garment industry in Taiwan from the period after 1945, when the industry was small and inconsequential, to the contemporary period, where the industry is a world leader at the frontier of fibre and new material development. The drivers of these developments include the role of industrial policy, initial assistance from the USA, generous export-orientated, investment-friendly incentives, and regulatory pressures imposed in global markets. Taiwan successfully restructured and reached the innovation-driven phase of the industry by the late 1980s, relocating labour-intensive activities to China and Southeast Asia, with Taiwan specialising in technology-intensive activities. Although the industry's employment and exports have fallen since the 1980s, the successful evolution of firms intohigh value-added and upstream activities continues to maintain the industry's dynamism in Taiwan. [ABSTRACT FROM AUTHOR]

In the present paper, an integrated cash flow model is developed to examine the relative impact of tax incentives, financial subsidies, and macroeconomic variables on the profitability of industrial investments. It allows for the variables in the model to interact with each other. An application of the model is carried out for Taiwan, which has implemented a variety of fiscal incentives over the past 40 years. The principal policy conclusion is that trade and macroeconomic policies are much more important than income tax incentives or subsidized finance policies in determining the success of Taiwan's industrialization process. The effects of all of the fiscal incentives are found to be much smaller than those of the trade policies or the fundamental trends in macroeconomic variables such as the movement of the real exchange rate and the real wage rate. [ABSTRACT FROM AUTHOR]

Regardless of the continued stalemate in the political arena, trade and economic interactions between the two sides of the Taiwan Strait have increased steadily. Both aggregate data and the results of survey research have testified to the existence of functional integration of the two societies across the Taiwan Strait. In addition to functional integration, structural readjustments have also been made by political authorities both in Taipei and Beijing so as to facilitate continuity of trade and economic relations. These types of mutual accommodations include: establishing proper 'unofficial' agencies on both sides to serve as instruments of practical contacts and negotiation; the more flexible definition of 'One China' by Beijing; and the opening of 'small links' between Quemoy and Amoy by Taipei. Beijing's refusal to grant Taipei any official diplomatic status and Taipei's reluctance to accept the 'One China' principle remain major obstacles to cross-Taiwan Strait relations. The United States will continue playing a key role in future cross-Strait relations. Beijing seems to be content, at least temporarily, to maintain cordial relations with the United States in exchange for the latter's adherence to the 'One China' principle and rejection of the option of Taiwan independence. Whether Taipei will use enhanced US commitment to Taiwan's security to strike a better deal with Beijing for gradual cross-Strait integration or to utilize increased American protection to move onto the separatist road will be affected by domestic politics in Taiwan, future US policy toward to the island, and Beijing's response to Taipei's demand for security and international recognition. [ABSTRACT FROM AUTHOR]

Explains the effectiveness of state intervention in achieving economic development in Japan, South Korea and Taiwan prior to the Asian financial crisis. Overview of the conventional model of the development process; Influence of public investments in education and infrastructure on economic growth; Role of the traditional agricultural sector in industrialization.

Explores the industrial policy of Hong Kong and Taiwan. Compatibility between free trade and industrial policy; Re-industrialization of Hong Kong; Performance of the textile industry.

Cross-Taiwan Straits economic interaction is a political as well as an economic issue. General trends of economic interdependence and globalization that are weakening the role of the nation state should promote a focus of shared 'civilian governance' between Taiwan and mainland China. WTO entry will provide opportunities as well as challenges for cross-Strait economic relations. In anticipation of this dynamic, the new government in Taiwan is attempting to design a new national security web to guarantee Taiwan's 'economic security' in coping with Taiwan's increasing economic dependence on mainland China. As one key agent of globalization, economic cooperation in the urban areas on both sides of the Taiwan Strait may potentially improve relations between Taiwan and mainland China. As decentralization and privatization on mainland China proceed, major cities have developed closer interaction and systems of accountability with the civil society. From a prudent perspective, developing functional cooperation between Taiwan and mainland China at the urban level could be a first substantial step to confidence building between these two economies. [ABSTRACT FROM AUTHOR]

Discusses the differences in financial policy toward small business in South Korea, Japan, and Taiwan. Variations in small business activities among the three countries; Factors that explain financial policy toward small business; Changes in financial policy.

The primary purpose of this study is to identify factors affecting the implementation effectiveness of Taiwan's policy to privatize its government-owned banks. The study finds that ideological and sociocultural factors are basically supportive and stable in the privatization process. Nevertheless, institutional, leadership, administrative, and political variables have become major problems that hamper the implementation of Taiwan's policy to privatize its government-owned banks. [ABSTRACT FROM AUTHOR]

Investigates the asymmetric response of output to monetary policy shocks using data from Taiwan. Definition of asymmetrics; Effect of easy monetary policy; Contradictory results from different classifications of recessions.

Discusses the economic structures behind the shift from urban to rural biasness in South Korea and Taiwan. Comparison between the class-theoretic and the rational choice approaches in explaining sectoral bias; Analysis of economists Robert Bates' and Michael Lipton's research works; Relationship between agriculture and polity at different income levels in South Korea and Taiwan.

Examines the effects of the tenure system introduced with the land reform carried out in Taiwan from 1949 to 1953 on the rice sector. Features of the land reform program; Model for rice production in Taiwan; Behavior of rice farmers since the land reform; Effect of land reform on the rice production; Effect on the market of rice in Taiwan.

We employ vector autoregression to test for direct Granger causality among state entrepreneurship, foreign investment, export expansion, and economic growth in Taiwan. We infer hypotheses about the relationships among these variables from the developmentalist, dependency, and statist perspectives, which suggest varied and often contradictory expectations about the presence or absence, and about the sign and direction of causality among these variables. We found that Taiwan is a unique case and differs from the findings reported in previous research on Brazil and Ireland. The island's state entrepreneurship has been "Granger caused" by its own recent history as well as the recent history of GNP performance. In lure, slate entrepreneurship has had a causal impact on export expansion. But state entrepreneurship has not been influenced by and has not influenced either economic growth or foreign investment. In addition to state entrepreneurship, foreign investment and economic growth have affected Taiwan's export expansion. The inflow of foreign investment has been caused by both endogenous (that is, this variable's own recent history) and exogenous (Taiwan's past export successes) sources. All other suspected causal linkages fail to be substantiated by our analysis. Accordingly, state entrepreneurship has evidently acted as a key nexus in the operation of the internal, but not external, market forces in Taiwan, thus supporting and contradicting central arguments of all three perspectives on political economy. [ABSTRACT FROM AUTHOR]

Argues that Taiwan and South Korea have had unusually liberal trade regimes despite the conclusions drawn from comparative trade studies and neoclassical studies. Departure from free trade principles; Trade regime in 1969; Import impediments after 1969; Economic effects of protection; Design of multinational economic institutions; Belief system of economics.

Examines the experience of industrialization in Taiwan between 1952 and 1972, its policy choices as compared to those made by African countries, and the lessons that may be of relevance to African industrialization strategies. Preconditions for industrial development; Policies for industrial development in Taiwan, 1952-72; The state as agent of development; Conclusions.

South Korea and Taiwan share common structural characteristics and export-led industrialization. Several studies have documented in active role of government, beyond correcting market failures. But the role of government differs. The Taiwan government has been supportive rather than interventionist, whereas the Korean government has been collaborative and even coercive in relations with the private sector. Government in both countries helped launch and sustain the export-led strategy, taking into consideration the initial conditions in industrial organization and structure, capital markets and trade. Although the strategy contributed to export development, once put in place, the respective governments have been unwilling and unable to adjust their role to changing circumstances. This rigidity accounts for the inefficiency of government in Korea in the 1970s and in Taiwan in the 1980s. Since the import substitution in the 1950s, the Korean government has intervened in the allocation of resources creating an entrenched policy bureaucracy that controls the means for plan implementation. The institutional setup provides domestic market protection, implements industrial targeting, and issues permits of entry in many industries and foreign loan guarantees.

This paper examines the development of the man-made-fibre industry in Taiwan from its inception in the mid-1950s to the present day. It traces the growth of the industry in response to the expansion of domestic textile manufacturing capacity and analyses its changing structural and competitive characteristics. [ABSTRACT FROM AUTHOR]

This article argues that the business community, especially big business groups, has had an increasing influence on Taiwan's cross-Strait economic policy since the early 1990s. Business groups have adopted various strategies, such as supporting lawmakers, allying with KMT-owned enterprises, establishing personal relations net works, and enhancing business associations to bargain with the stale. From this perspective, Taiwan's mainland economic policy is no longer the edict of autonomous state action due to the rise of civil society during democratization. Instead, policy outcome has become a prolonged process of accommodation between big business and the state. [ABSTRACT FROM AUTHOR]

This study analyzes how and why the stale has played a dominant role in the process of Taiwan's industrial catch-up for semiconductors. Unlike existing literature on East Asian development (the market explanation and the developmental statist argument in particular), the author argues that the state is seldom strong and autonomous throughout time and across industrial sectors. Rather, institutional constraints of particular time and space affect the interaction among state and society players. By analyzing the developmental process of Taiwan's semiconductor industry in detail, the author argues that a relatively low economic concentration and a highly centralized S& T policy making system in Taiwan have greatly strengthened state autonomy vis-à-vis private business and at the same time decreased private business' capacity to enter risky sectors without strong state support. In addition, the nature and characteristics of Taiwan's semiconductor industry account for state autonomy at the international level. [ABSTRACT FROM AUTHOR]

This article presents information regarding the book "Taiwan's Development Experience: Lessons on Roles of Government and Market," edited by Erik Thorbecke and Henry Wan. The book concentrates on the role of government and markets in development and the relevance of Taiwan's experience to development theory and policy. It discusses the East Asian miracle in comparative perspective, key macro policies and reforms in Taiwan's development, the 1954 Liu-Tsiang proposals for economic reform and their impact on the Taiwanese economy, the roles of agriculture, industrial policy, human capital, and labor institutions in Taiwan's development.

The article reports that the legitimate government of China, the Nationalist Government which has its seat on the island of Formosa (Taiwan), has now completed its land reform, one which is in striking contrast to the bloody and ineffective one put into effect on the mainland by the Soviet Communist regime. The first phase of the program was introduced in 1949 when the Legislative Yuan of the Chinese Government decreed the reduction of land rent to a maximum of 37.5 per cent of the annual main crop. This measure enabled tenant farmers to increase their incomes by 3 0 per cent. The second phase, which began in 1951, was the sale of public land to tenant farmers. The third phase was begun by the law enacted on Jan. 20, 1913, which provides for the purchase of excess land holdings from owners and for its resale to bona fide tillers. The government is selling the lands acquired to tenant farmers, who will pay, altogether, the equivalent of two and one-half times the annual principal crop yield in ten yearly installments.