SUSTAINABLE ECONOMIC DEVELOPMENT: THE CASE OF TAIWAN.

After the end of the Second World War Taiwan ranked among the poorest countries of the world. In spite of its limited natural resources, it has succeeded in building a dynamic and open free market economy that is driven by industrial manufacturing and reached a gross domestic product per capita at purchasing power parity of more than $50,000 in 2017. In a relatively short period of time, Taiwan achieved impressive industrialization and high economic growth. The aim of the paper is to identify and analyse in brief the key factors that conducted Taiwan towards sustainable economic development. The methodological approach was based on a quantitative method and a case study. The paper shows that the role of state in economy, the rapid industrialization and the importance of education are among the key factors that enabled Taiwan's sustainable economic development. The "state and market" approach proved to be highly beneficial for Taiwan. [ABSTRACT FROM AUTHOR]