Within 30 years of its humble beginnings, Taiwan was listed by the Organization for Economic Cooperation and Development (OECD) as one of ten newly industrialized countries (NICs). This book charts how and why such growth took place, and discusses areas of Taiwan's experience that might be useful in helping other countries achieve economic growth and improve their living standards. The second edition includes additional chapters and updated information and statistics. The author, one of the chief architects of Taiwan's economic development, worked with the government for 40 years. Here, he draws on his extensive experience. He has held important positions such as Economic Minister, Finance Minister, and Minister without Portfolio, co-ordinating applied science and technology programmes. He has been involved in the development of economic, fiscal, monetary, industrial, international trade, manpower, science and technology policies.