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After the end of the Second World War Taiwan ranked among the poorest countries of the world. In spite of its limited natural resources, it has succeeded in building a dynamic and open free market economy that is driven by industrial manufacturing and reached a gross domestic product per capita at purchasing power parity of more than $50,000 in 2017. In a relatively short period of time, Taiwan achieved impressive industrialization and high economic growth. The aim of the paper is to identify and analyse in brief the key factors that conducted Taiwan towards sustainable economic development. The methodological approach was based on a quantitative method and a case study. The paper shows that the role of state in economy, the rapid industrialization and the importance of education are among the key factors that enabled Taiwan's sustainable economic development. The "state and market" approach proved to be highly beneficial for Taiwan. [ABSTRACT FROM AUTHOR]

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]

Taiwan has embarked on a new post-industrial or post- manufacturing industrial trajectory, targeting specifically biotechnology and the bio-business sector. Technological innovation has become the key imperative in Taiwan's continued economic transformation. This transition invites a rethinking of the East Asian developmental state model and in particular the state's role in leading knowledge-intensive industrial development. The article first offers a framework of analysis for the post-industrial developmental state, followed by an overview of the emerging biotechnology sector in Taiwan. The bulk of the article examines different political, economic and social challenges faced by the developmentally oriented state. The concluding section discusses how the interventionist state has begun to adapt in post-industrial and democratic Taiwan. [ABSTRACT FROM AUTHOR]