American-Educated Chinese Economists and Economic Development in Taiwan.

During the last fifty years, Taiwan has been transformed from poverty to riches and from underdevelopment to development. To achieve this, the government and the people have made tremendous contributions. During this period, most American-educated Chinese economists, whether they remained in America or returned to Taiwan to participate in economic construction, have done their duty. These economists uphold liberal economic ideas, attach much importance to market price mechanisms, reject controls and monopolies, and approve of transforming state-run enterprises into privately owned enterprises. These views were not in line with the realities of Taiwan. After having struggled for decades and by dint of practical participation and continuous advice offered through various channels, American-educated Chinese have helped Tai-wan gradually to eliminate various measures of control and to liberalize and internationalize its economy. [ABSTRACT FROM AUTHOR]