TAIWAN AS AN ECONOMIC MIRACLE
Abstract. Taiwan is actually ‘overshadowed’ by China and, therefore, has to uphold a sizable defence budget. On the other hand, this small island attracted considerable investments during the Japanese colonial rule in 1895-1945 and after 1949 when the Kuomintang was finally defeated in the civil war and many representatives of the business circles en masse fled from the mainland. The article considers the reasons for the Taiwanese economic miracle that did happen in this barren mountanius territory despite its limited local agriculture developing in a few productive areas and the deficiency of natural resources being suitable for commercial exploitation.
Key words: Taiwan, China, technologies, semiconductors, airlines, free economic zones, ports, tourism.