Part one of term paper
Over the past decade, there has been rapid long-term economic growth for East Asian countries. These newly industrialising countries are experiencing growth rates in GDP per head at around 6% to 7% compared to the 2% to 3% for most industrial economies. If this growth continues, South Korea and Taiwan might take away America's distinction ...

Part two of term paper
... has helped the long-term economic growth of South Korea and Taiwan is the pace of economic development. The pace has accelerated over time. As time progresses, countries seem to be able to grow at a much more rapid rate. From 1780, it took Great Britain 58 years to double its real income per head. It took America 47 years to double in the 1800's while Japan took 34 years from the late 19th century. Finally, South Korea was able to double its real income per head in an amazing 11 years from 19 ...