Name: 『傳說中的經濟奇蹟。』臺灣吧-第7集 Taiwan Bar EP7 The Legendary Economic Miracle of Taiwan (『傳說中的經濟奇蹟。』臺灣吧-第7集 Taiwan Bar EP7 The Legendary Economic Miracle of Taiwan)
Uploaded: 2021-01-14T06:18:33.000Z
Duration: 8 min 50 s
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Today let’s talk about Taiwan’s famous economic miracle

Taiwan, Hong Kong, Singapore and Korea developed advance economies

therefore are called the “Four Asian Tigers”

Although Taiwan is more like a kitten then a tiger now

has more to it than just the well-adopted government policies

Many recognize Taiwan as one of the Four Asian Tigers

In 1945, the Great East Asia War in the Pacific was terminated

industrial infrastructure in Taiwan built under Japanese rule

like electricity, telecommunication and oil refinery and many more

At the time, Taiwan seemed to have no future

and the economy was like “once a good girl gone bad, she’s gone forever”

When the ROC government suddenly became an victorious nation and took over Taiwan

Taiwan’s economy were then influenced by China

and made the Chinese Civil War affect Taiwan

Inflation rate, unemployment rate and public discontent rised greatly

overcome all obstacles and climb its way up?

and how did the economic miracle came about?

the currency was no difference from monopoly money due to inflation

therefore national monetary reform took place

can be exchanged for one New Taiwan Dollar (NTD) that we are still using today

The use of NTD pulled us out from the falling economy influenced by China

but KMT who were in great debt after moving to Taiwan

had no extra fund to help Taiwan’s economic to takeoff …ur nope

And just when the government was under the pressure of communism and public discontent and was only planning retaking the Chinese Mainland

but had no actual ability to perform the act

a war erupted out of the blue and rescued Taiwan’s economy

It was the Korean War... war... war… simida...

This North-South simida~ Korean War started fiercely...simida yo~

and Mao Zedong, in order to resist U.S. aggression and aid Korea

transferred his army that was originally trained to take back Taiwan, to North Korea

The US then set up a defense line from South Korea to Malaysia

Although Uncle Sam didn’t valued KMT very much

but no matter what, Taiwan held a key position to the defense line

So Uncle Sam didn’t have much of a choice but to sign the Sino-American Mutual Defense Treaty

Afterwards, all kinds of support came from the US

the monetary total of the US Aid was up to 1.5k million USD

you could see residents lining on the street for supplies

and children wearing underwear made from flour bags with the Sino-American labels

the US Aid also invested heavily on Taiwan’s agriculture and infrastructure

From Shihmen Reservoir, Siluo Bridge to Central Cross-Island Highway

The barely breathing ROC government gradually revived again

The government also had to do something on their own to save itself

Taiwan Provincial Government carried out land reform

hoping to improve farmers’ living conditions

the 37.5% Arable Rent Reduction Act that restricted the limit of Arable Rent to 37.5%,

the Public land release that allowed farmers to own public land

and the Land to the tiller act that lets the farmers to keep the land instead of the landlords

These reformations changed the fate of farmers and landlords

The land reform seemed like a great policy

It could bridge the gap between the social classes and save the farmers from suffering

but, it also robbed the landlords of their properties

why on earth did the Arable Rent need to be reduced

why on earth should my land be taken away

why on earth is my land not mine after one night

But at that time, Taiwan was in the period of White Terror

Governor of Taiwan Province, Chen Cheng once said

“The 37.5% Arable Rent Reduction Act must be conducted without hesitation.

There might be difficulties, since there are always shameless people who will not follow orders,

but I believe, there are never people who would put their life at risk.”

With just a few words, he frightened landlords to death

Even if they weren’t willing to follow, they kept silent and did as told

the monetary and land reform, plus the US Aid

gradually revived Taiwan’s economy after the war

Cotton yarn sent from the US help developed the textile industry

Wheat sent from the US help developed the food industry

Taiwan was able to make noodles, breads and doughnuts

Taiwanese who used to take rice as our staple food

gradually accepted noodles and other flour-made food under promotion of the government

Daily necessities that used to rely entirely on imports

now could be produced and replaced imports

this is the stage called the Import Substitution Period

『傳說中的經濟奇蹟。』臺灣吧-第7集 Taiwan Bar EP7 The Legendary Economic Miracle of Taiwan (『傳說中的經濟奇蹟。』臺灣吧-第7集 Taiwan Bar EP7 The Legendary Economic Miracle of Taiwan)

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『傳說中的經濟奇蹟。』臺灣吧-第7集 Taiwan Bar EP7 The Legendary Economic Miracle of Taiwan (『傳說中的經濟奇蹟。』臺灣吧-第7集 Taiwan Bar EP7 The Legendary Economic Miracle of Taiwan)

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