Fact Check: Protectionism boosted the South Korean and Taiwanese economies.

Fact-Check: "Protectionism boosted the South Korean and Taiwanese economies."

What We Know

The claim that "protectionism boosted the South Korean and Taiwanese economies" is supported by various studies and analyses. Both South Korea and Taiwan utilized protectionist policies during their economic development phases, which contributed to their rapid transformation from low-income to high-income economies. According to a study by ER Johnston, both governments employed extensive intervention and protectionist measures to create favorable economic conditions. This approach allowed them to develop key industries and protect nascent sectors from foreign competition.

Moreover, Asia Times highlights that protectionist policies were instrumental in helping these nations transition economically. The article notes that such strategies enabled South Korea and Taiwan to achieve significant economic growth and development in a relatively short period. Similarly, The Conversation emphasizes that these protectionist measures were crucial for unlocking the economic potential of both countries, allowing them to establish themselves as competitive players in the global market.

Analysis

While the evidence supports the claim that protectionism played a role in boosting the economies of South Korea and Taiwan, it is essential to evaluate the context and implications of this protectionism. The sources cited provide a generally positive view of protectionist policies, suggesting they were effective in fostering economic growth. However, the reliability of these sources varies.

For instance, the analysis by ER Johnston is academic and provides a historical perspective, making it a credible source. In contrast, articles from Asia Times and The Conversation may have a more opinionated tone, which could introduce bias. They present a favorable view of protectionism without addressing potential downsides, such as trade disputes or inefficiencies that can arise from prolonged protectionist measures.

Additionally, while the claim focuses on the benefits of protectionism, it is crucial to recognize that both countries later shifted towards more liberalized trade policies as they matured economically. This transition indicates that while protectionism may have provided initial boosts, long-term growth often requires a balance between protectionist and free-market strategies.

Conclusion

The claim that "protectionism boosted the South Korean and Taiwanese economies" is Partially True. Evidence supports the assertion that protectionist policies were instrumental in the early stages of economic development for both countries. However, the long-term success of their economies also involved a shift towards more open trade policies. Thus, while protectionism played a significant role, it was not the sole factor in their economic success.

Sources

1. A Comparison of Taiwan and South Korea
2. Is South Korea ready to define its role in a Taiwan Strait ...
3. Trump 2.0: Implications for Taiwan, South Korea, and ...
4. Protectionism With Opportunities for US-South Korea Trade ...
5. How protectionism helps, not hurts, developing nations
6. How protectionism can help developing countries unlock ...
7. South Korea’s Economic Security Strategy amid Regional ...
8. The interrelationship between exchange-rate uncertainty ...