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Behind the Economic Miracle
Between 1960 and 1990, Taiwan’s economy, exports, and foreign-exchange reserves grew substantially. At the same time, unemployment and inflation stayed low, and income distribution was even. This period of prosperity and rapid development has been dubbed “Taiwan’s Economic Miracle.” The “miracle” was a result of the era’s special political and economic conditions, as well as the diligence and commercial skills of Taiwanese people who fought hard in the arena of international trade. As the economy transformed from one based on agriculture to one dominated by industry and technology, Taiwan’s physical appearance and social structures changed. Those who lived through this time experienced bitter goodbyes and painful hardship.