Asia has become a manufacturing hub, but like most economies it started with agriculture. Then, it advanced that rural industry and moved toward more sophisticated manufacturing. "Northeast Asian governments transformed their rural industries into world class manufacturing hubs through protectionism, investment and support." These rural industries then did not need to compete with foreign industries, only each other. Then, the most successful companies were given rewards by the government such as subsidies and contracts. The manufacturing industry grew from there.
Economic development always starts with using what natural resources are available and making a start in agriculture. But countries don’t grow by staying put. A shift to manufacturing, if well timed, can make all the difference in the world, whether or not a country gains long-term economic prosperity. Read More