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You missed the antarctic empire. The world will run out of land and antarctic is one of the last places that doesn't have a sovereign nation there..... yet.
Small correction: Foxconn is a Taiwanese company and has been from day 1. Beyond the headline consumer electronics company, TSMC is probably the most significant firm that few people hear about. It is the largest semiconductor foundry company (~12% of global capacity). Only Samsung has more wafer capacity. TSMC's makes chips for other companies and their customers are the biggest tech names in the world (eg Apple, NVIDIA, Broadcom) . Not only that, TSMC has probably the most advanced foundries in the world. China has no real answer to TSMC yet (they're pushing SMIC). Apple, for example, will struggle without China factories (ironically run by Foxconn) but they can find alternatives for this relatively low-tech operation. On the other hand, Apple will be nearly completely crippled without TSMC's capacity and technology - none of which is replaceable in the short term. In fact, the reason Huawei was crippled by US sanctions is because TSMC and Samsung started to refuse their new orders.
you beat me to posting a similar comment. the difference between other FABs and TSMC is what is made in each FAB, and I would say that TSMC is much more important. that is where virtually every chip that keeps our world running is made. Not that you can make electronics today without all of the components but the IP in the chips made at TSMC is much more important than the jellybean chips and memory chips made elsewhere. You wouldn't want the wrong people to get their hands on it.
@@jessicamann684 Not every chip. Just the latest consumer stuff. Military and infrastructure related ASICS are still all made in the west. there are still chips out there made in 130nm tech.
Hon Hai Precision Industry Co., Ltd., trading as Foxconn Technology Group and better known as Foxconn, is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City, Taiwan. Wikipedia
Now, if only he said 'sheep station' when he showed footage of one, instead of 'mad cattle rancher'. I'm a city person, too, but I still recognise the difference. 😉 Moo! 🐑
Taiwanese economy is heavily dependent on exports of electronics. Definitely has to strive as one of the world's top industrial manufacturers. the world is advancing and their products are the world needs.
@@veronikaanya54 China which is swiftly taking over companies in the dwindling economies. That's why the European Union was among the first to tighten foreign investment rules in the recent weeks.
i think the first factory was in mainland china, they just moved their headquarters to Taiwan 3 years later or something like that because the founder has ties with the kuomitang The founder believes in ONE CHINA, and would make taiwan a part of China(just like the kuomitang did after the 2000s), but the DPP is fighting hard against Mainland China's propaganda and influence the DPP are a economic liberal, anti-communist, pro-democracy party, they are taiwan's only hope for independence
@@joaopedroraffo7964 No. Terry Gou founded Foxconn in 1974 in Taipei. Plastic parts and cable assemblies. Then connectors. Their first start into contract PCBA manufacturing was in the 90s with Compaq and Apple although they were already in the chassis assembly business for some time before that. The first major factory was established in China in the 80's long after Foxconn (or to be more correct Hon Hai Precision Technologies, Foxconn is actually a brand name) was established. The company never had it's corporate HQ outside Taiwan.
Interesting videos that sounds like the luxury of growing up in a wealthy country. China whatever it’s problems has done a tremendous job of lifting hundred of millions of people out of poverty unlike other poor failed ‘democratic’ countries like India but the west will never cede to that achievement
Jason Huang oh come on the west always recognizes that, if I had a penny for every time I hear someone say “they might be a communist dictatorship but at the they actually improved their peoples life” i would be rich.
I visited friends in Kiohsiung a while back and would love to go again. What really interests me is how Taiwanese define wealth. We Americans think of big houses and cars, but Taiwanese go for prestigious schools instead. They’re truly a kind and respectable people, and their bubble tea is top notch. Taiwan is a great country. There, I said it.
One of my MBA classes had a student whose parents were in the PRC military. His reaction when the professor one day referred to the place where a Taiwanese student was from as “your country” still amuses me. Steam out of ears like in a cartoon.
Fry, Phillip J I know many Chinese international students, they are just your normal everyday students. I know there are many government sponsored students from poorer background as well but if you think they are controlled by the government, you’ve gotta do your research a little deeper and from neutral sources (there aren’t many around).
Unification is a scheme made up by the China government to unify support around the communist govt. by creating a national narrative. You’ve sallowed the propaganda whole. Unless I’m just talking to a Chinese bot, wouldn’t surprise me neither
As a South African living in this incredible country, I loved the video! It really is one of the most amazing countries in the world both industrially and in terms of natural beauty and not to mention Taiwan's incredible response to the coronavirus! #taiwancanhelp #taiwanishelping 我愛台灣
Being from Taiwan myself, I’m very impressed with how well the history and political difficulty was researched. I’d just add that TSMC and Foxconn are both world-class corporations (even more so than hTC or Acer) coming out of Taiwan. Also recently the US and Czech Republic both had officials visit Taiwan, which is expected to bring more economic opportunities. The hostility between the US and China plays a big part in the short and long term economic prospects for Taiwan too, of course, but that’s way too complicated (and perhaps sensitive). All in all great video!
it is true, as EE explained the trade agreements (and cultural exchanges) between 2 sides will hopefully bring better relationship for both, BUT, take one minute using the "SMART" ppl mind, guess WHO's the one hates and trys to end such agreements and relationship, who's NOT in good favor of the 2 getting better relation, who benefits politically from "hostality", who changed much ideologically since the original agreements were initially signed?
Hi, im interested chinese / Taiwan culture Any advice where to start with studying chinese culture? So far im only doing Duolingo and some Wikipedia readings 😅
@@petrsukenik9266 1. Come to Taiwan start in the north and move south. Northern Taiwan is very westernized so it’s easier for foreigners to access, then slowly move south where it’s more traditional.
Nah that’s what Russia does. If CCP ever bothers to do anything, they would simple set up 10 other channels on TH-cam with similar content to EE to draw away from views/subscribers/donations.
@@EconomicsExplained I'm a fan of your videos. Your high production quality and objectivity, something rare on this platform, draws economists like me in. Keep doing the good work.
@@urmilkojohn193 Interestingly, China and India have the same population size. In the 1960s, India's economy was ahead of China's, and now India's economy is one fifth of China's. Life expectancy in India is 8 years less than that in China. Look at how many economic lifelines in your country are in the hands of western multinational companies. You are not free at all, ha ha.
People have actually been banned from sites simply for mentioning Taiwan. As in, they didn't say anything along the lines of "Taiwan is an independent country," they had the hounds sent after them just for saying the name: Taiwan.
The bit in the beginning of the video where you say that China is angry that the ROC (Taiwan) claims the PRC (mainland) is actually not really true, though you would be forgiven for thinking so because the situation is messed up. It's actually kind of the other way around (China prefers being claimed and Taiwan (the current party in power, at least in theory) wants to drop the claim). Actually, China PRC *wants* Taiwan to claim them, because the concept of "One China" is so important to them that they would rather have a rival government claiming them than to have Taiwan independent. Meanwhile many people in Taiwan (though this is still a hot political topic) would actually like that Taiwan stop claiming China so that they can be fully independent in name and separate from China.
Exactly. 'One China' allows the mainland government to keep the status quo while an independent statement of Taiwan will force CCP to respond, which is disastrous to both sides.
It used to be true. When the kmt colonised Taiwan, one of their main policies was the reclamation of the mainland. However, that was quite a while ago and that policy has since been dropped.
My sister and brother-in-law moved over there and they keep telling me that the quality of life there for EXPATS is 100x times better than living in the U.S
@@LetTheFloodIn I think camel4lyfe means giving a score to the countries that were covered before the introduction of the score - for instance, Australia, Norway, the Congo, etc. - most countries thus far covered, in fact - weren't given a score, so I think camel4lyfe is suggested EE goes back and gives all these countries a score.
I was in Taiwan on a business trip in the early 1990s. The Taiwanese I worked with said that since the island was ruled by Japan until 1945 their parents benefitted from a combination of Japanese education and Chinese philosophy... drawing on the best parts of both... In order to make Taiwan succeed.
Taiwan was only ruled by Japan for 50 years, Japan's influence is more recent I think. I'm not sure how much Japan actually influences Taiwan because i never grew up in Taiwan, but my parents and family are from there. Taiwan is simply a more westernized China, which is why it might be similar to Japan, because Japan implemented western thinking a lot sooner then the rest of Asia.
Yin-Ray Rick Huang hey don’t get it wrong, I’m all for dismantling the CCP, but they realized that maybe weaponizing smart people would be a good idea to further their world conquering plans
willinton06 smart ppl are more likely to think independently and question authority. I feel bad for Chinese intellectuals. They must be compromising a lot
Please, make a video about why American health care became expensive ??what r the roots of it ,and what to do inorder to make it affordable? make this as your next topic
Very simply, the US had pondered the idea of the a national health service in the early 1900s. It was almost always shot down because it was deemed too close to socialism for comfort and we were in the midst of the red scare just after the Russian revolution. Instead the government delegated health care to the private market and thus it evolved into the modern insurance/care market we're suffering with now. That's horribly simplified, but the general story.
@@nadaso8819 Taiwanese company make products for Taiwanese, nothing wrong about it.(Both AMD and NVIDIA's CEO are both Taiwanese, NVIDIA is founded by a Taiwanese. So surprised when I know about it)
@@jefffletcher7110 i believe they officially declare they are non-gender-binary.As a first and most important non-binary celebrity in Taiwan i think it is worth noting.
most of the technology achivements of taiwan you see nowadays or in this video are not related to Tang though, he/she is basically hired for presenting a good public image by the current government
In 2019 in my English course at the uni we had 3 Chinese gals around and a friend of mine had to held a PowerPoint presentation about Hongkong. Of course he portraited the wish of liberty and the desire for democracy. Oh gosh, what a crucial mistake. One of the Chinese pointed out that "whole China" sees the Hongkong protestors as traitors and that they wouldn't know what "China has done for them". I asked the lady if she considered herself as communist and she replied with a firm yes. I asked her, if freedom and democracy isn't desireable and she said, the most important thing for the modern Chinese is to make a lot of money. I asked her how comes that she sees herself as communist while being for the hunt of money would be her most disire... and the the teacher interrupted and stopped us. To avoid 3rd world war so the teacher spoke. 😂
I believe it is due to miscommunication between the dialogues. I think she meant development, financial stability and prosperity is her priority at this moment. You have to understand that China is a devoloping country and US and most of the western world are developed societies. People are on both sides are basically on different stages of development, so there's the difference between their beliefs, values and priorities .
imagine being so privileged that someone desiring to make the most money is dumb, when their parents likely literally grew up on food stamps and monthly rations of rice
Brasil is easy?! Are you kidding?? We ain't for amateurs bro, I'm a brazilian economist and as much as I like this channel, he didn't scratch the surface our problems
and suddenly EE is no longer welcome in China. As to the future of the relationship? China will likely not invade Taiwan as long as America is a stable country. They dont want to risk war with the US. However if America ever collapses then taking over Taiwan will be the very first thing they do.
@@somenonsense7997 not impossible though. well whatever, the general consensus is that an invasion is only on the tables if Taiwan declares independence as the nation of Taiwan or it starts a nuclear program.
You forget that Japan and S. Korea have a vested interest in keeping Taiwan around. And I think the three united in a defensive war against just Mainland China would have the navy and military might to resist.
Hey mate, Taiwanese here! Thanks for making this video about my country. :) Some things to add: 1) The economy transition began under martial law, there were several planned projects to transition the economy from agriculture-centered to heavy industry. And when the martial ended, we had the infrastructure and educated people to jump right into the tech and service industries. Also, Japanese rule (1895-1945) did lay the foundation for all the above, especially during WW2 when they saw Taiwan as a base to expand southward. 2) ECFA is under debate here right now, and I do believe it won't be renewed for a second decade. While it does bring a lot of economic incentives, being too reliable to China does not make sense politically, especially when you consider the growing ambitions to subdue Taiwan under Xi's China.
great video, but a few corrections 6:39~6:59 -- This information is incorrect. Way prior to the end of martial law ( 1987), the then-president Chiang Ching-Kuo had instigated massive infrastructure and industrial projects to develop Taiwan. These projects are "10 major construction projects (1974-1979)" and "12 major construction projects (1980-1985)" which covered area such as building freeways, railways, airports, seaports, shipbuilding industry, steel mills industry, high-tech industrial parks, nuclear power plants, ..etc.) These were the projects that well-poised Taiwan for later economic development. 1949 - Taiwanese bank notes were minted in 1949 by the provincial bank of Taiwan and in the year 2000 central bank took over. 09:55 - Foxconn is a Taiwanese-based company.
I'm lucky enough to have visited Taiwan. It's an incredibly beautiful and culturally rich place. The Taiwanese are so proud it's easy to imagine that PRC would have a ridiculously hard time ever trying to squash them.
@borray s Wow. So yeah..maybe it lasted juzt 12 mos but at least she did not fund CCP. Btw do you know of any affordable mobile phone that is made in Taiwan?
@borray s China then US That is not what I was saying Taiwan can trade whereever it likes to I just prefer to minimize spending on direct China products. What I am sayin is that its a good thing its a Taiwanese product and not a china product
This is Taiwan’s flag: 🇹🇼. Taiwan 🇹🇼 has legitimate, legal diplomatic relations with multiple countries. Said relations mean Taiwan 🇹🇼 is a country, despite China’s belligerent threats. Notice the UN doesn’t nullify or reject Taiwan’s 🇹🇼 diplomatic relations.
@@forhonortangled1641It's the flag of the Republic of China, which only controls Taiwan and a few other islands now. Not the flag to a single party, and certainly not Taiwan.
Taiwan is a blessed nation state. They deserve to be recognised as they wish to be. When money talks without any cultural capital and roots, you become a serf. You become an authoritarian nation and socialist corruption combined with crony capitalism thrives - the population gets poorer.
Governments just can't establish "Official" diplomatic ties with Taiwan because China is the roadblock but talk to people and they'll actually recognize Taiwan as a country alongside with PRC China so I think it'll be fine to have two chinas
As a Taiwanese, I am raised up without a proper national proud. I guess that's also why many Taiwanese like me will check out English videos about Taiwan and examine the content with more or less some emotion. In general, the video is good and accurate. This issue is indeed complicated and absolutely retarded, telling the truth alone is already very difficult. A little thing about our democracy should be corrected. Let me start with 3 parties in this drama: the Commies (CCP), the Nationalists (KMT, the blue ones), and the Resistance/later known as the Progressive (DPP, the green ones). President Lee was a Nationalist in 1988 or so when he was essentially CHOSEN by his predecessor President Chiang the Junior. He was truly ELECTED by the people in 1995 after he worked a lot for building the democracy, which included a lot of constitutional amendment. The Progressive was established in PUBLIC before the lift of martial law, when Chiang the Junior finally showed some intention to end this authoritarian regime. Nevertheless, most democratization works were done by his successor President Lee. But, the transition was gradual and not as violent as in Portugal or Romania. The point of 1988 could make a good landmark of the transition, but in general the process occurred in the whole 1990s. A simplified history and my personal knowledge of economy in RoC: 1945: The Nationalist started military administration in former Japanese colony Formosa(Taiwan). Chiang the Bald lost trust of US. 1945 - 1950: Civil war. Military suppression in Taiwan. Catastrophic defeat in northern China. Inflation in southern China. Bankers fled to United States. 1950: The Nationalists lost Hainan, the second last province they once controlled. Britain and Scandinavian countries shifted their diplomatic ties to the Commies. 1950 - 1970: Peace process with Japan finished and finally got aids from USA again. The aid largely (and almost solely) stabilized the industry and economy. Though the senior generation still considers it a hard time. 1970: Most countries shifted their recognition to the Commies. The representative of the Nationalist essentially escaped from further humiliation in UN. 1970-1979: With the diplomatic support from the US, the economy of Taiwan grew steadily with her low-cost labor force. The case as South Korea. 1979: Carter Administration shifted their recognition to the Commies. Taiwan was expelled from IMF the next year. 1980 - 1994: The government funded and supported the development of semiconductor, electronics and other digital hardware industry. 1995 - 2014: Despite occasional standoff between the militaries at two sides. The interaction and cooperation in civil level kept growing between Taiwan and China. After all, most developed countries in the world were heading to China back then. 2014: The Sunflower Movement in Taiwan. And the suppression of protest in Hong Kong further fueled Taiwanese resentment against the Commies. 2014 - now: Xi Jingpin tries to consolidate his power by controlling literally everything, from education, culture, military, to economy and even finance. Taiwan starts to diversify import/export and industry structure to reduce the risk of being gripped by Xi.
Hey Economics Explained. I have a small request, please make a video on Indian PM Modi and his economic policies. I am in quite a dilemma about him and don't know if I should be supporting him. Moreover, I would be a great video series analysing economic policies of world leaders purely from economic perspective
@Vivek Ghosh look don't hate me. I am an internet troll who doesn't like reservations and he is my eco guy and me being a data scientist I don't see center holding here. But, i am sure he will give reservations a fair shake with some points in your favor
He his taking India towards free market which is good thing. Recently he allowed free market in agriculture and opposition are opposing it why cause they're socialist and when government wants socialism they basically want to control people as they will get votes. A citizen greatest right is freedom and if he doesn't have choice for whom to sell and from whom to buy it will be a disaster
Thanks for the great coverage. Definitely the world needs to hear more about Taiwan, a beautiful country, wonderful people. I was in Taiwan just this January, witnessed the elections season and how the coronavirus (Wuhan Pneumonia) started unfolding. Very impressed with the civic spirit of the Taiwanese. It's time we stop talking of Taiwan merely in the China, US, Taiwan Strait context, and just appreciate it for what it is - a nation with rich history and great promise, one of the few bright spots in the world. It must be protected from China.
And only on this day alone did two of one of the highest earning and most popular Hololife members get suspended for bringing Taiwan up It's pretty great that the country has done so well dispite everything
@@blank2588 all it'd take is a decently powerful shaped charge, and you could put China in an incredibly precarious position, especially if the US tightened trade restrictions on beef, soy, and corn. (3 Gorges Dam)
Hey EE, I'd love it if you could make a video about Argentina's economy. My country is one of the few, if not the only country in the world that went from being a developed nation into an underdeveloped one. We argies know better than anyone else how complex this "degradation" of our economy is, because it carries with it decades of political and social change and tension, but it would be interesting to see how someone from anywhere else in the world can see it
Best vacation I ever had was there in April 2019. Get to experience beatiful nature interlaced with chinese culture and wonderful people. All without the communist gulag thing. For moral reasons, I have decided I'll never visit mainland China during my lifetime. Good thing Taiwan exists.
I'm HIGHLY suspicious of China's trade relations with Taiwan, in the wake of their continued suppression of Taiwan's relationship with other nations. China likes to leverage its trade importance to get political concessions from other countries. If China is the primary trade partner for Taiwan, then the mainland money will inspire companies to lobby the democratic government to concede to China's demands. It's disturbing to see that there is already a pro-mainland faction in government, despite the obvious contempt and abuse with which the mainland treats Taiwan. This is probably not an organic democratic faction based on feelings of connectedness with China from the people of Taiwan. In fact, I worry that this might be the best angle China can play to eventually conquer Taiwan as they've always dreamed of doing. This isn't a healthy natural trade relationship such as the one between Canada and the US (Taiwan has dead easy access to huge markets like Japan and Korea as well), and it should be viewed with Extreme suspicion and even preparedness.
A good video overall but a couple of things to note on the history: 1.) The Republic of China no longer maintains claims to Chinese territory. They accept that the ruling government of China is the PRC. 2.) The Republic of China initially established a dictatorship with harsh military rule to maintain control over the island (you did get that correct), but this was also largely because when the Kuomintang (political party leading the ROC) arrived there were already people here that were not keen on having the ROC control the island. 3.) Martial law ended because democracy activists were successful in pressuring the Kuomintang to have fair and free elections. The transition from dictatorship to fair and free democracy happened without bloodshed and the Kuomintang remains a major political party on the island today. But this also means that the island has two legal names, Taiwan and the Republic of China. 4.) An increasing number of Taiwanese today view themselves as Taiwanese and not Chinese. This has definitely been because of repeated attempts by China to exert influence over Taiwan. You can see this play out in the recent passport redesign, which seeks to minimize the name Republic of China and increase the size of the name Taiwan. There's also talk to change the name of one of the air carriers, China Airlines, to something that represents Taiwan better (and doesn't make people think it's a Chinese brand). 5.) There are more famous brands that are Taiwanese as well (and I believe Foxconn started in Taiwan, it's founder just attempted to run for the presidency). Overall it was a good video and I think it's wonderful that you are making content about Taiwan. I really wished you had made it clear that Taiwan is a fair and free democracy today. You explained the economic situation very well. It's always nice to bring some attention to an overlooked country!
There is only one problem that is the lack of political stability and implementation of optimum measures. Now if we think of this as game, then PRC government is simply trying to play a win lose game just so that it can enforce sovereign control over the south china sea . PRC already has it's own giants like Shenzen which are alone capable of providing economic boom to their country and hence as a result "COUNTRIES" like Taiwan can undergo grave losses. Hence the most plausible solution for any country like Taiwan is: 1. Increased government investments and decapitalisation of sectors that are vulnerable to exploitation, as well as reduce tariffs with minimum demand for reciprocity 2. Workforce mobilization and shift (keeping up with David Ricardo's principle of comparative advantage) rather than excessive accumulation in specific sectors 3. Similar to what you mentioned, plan for the future, in the sense that now we need to start breaking societal conventions, and explore new problems that we face. Because ultimately by the next decade if we don't emphasize on the building of a global community, we will achieve a dreadful fate and according to me the most prosperous company, country or individual will be the one who contributed towards building this Global Community Your videos are great and highly informative. Please keep making them!!!
Thank you for doing this video!!!! Taiwan is great! I've always felt like it's taken some of the best things about China and Japan and made itself something amazing. The population of Australia in less than 1% of the land area. Will you do Macau next?
I'm Taiwanese, so get ready for some Taiwanese propaganda. I haven't watched the entire video yet, but I'd think the reason why Taiwan does well is because although we are small, we have stuff everyone wants. I'm talking about chips. TSMC, ASUS, Gigabyte, and many many more well recognized brands are Taiwanese. Even AMD, which is an american company officially, is run by a Taiwanese woman. Masks also made in Taiwan (2020 yall) and Tourism (we got great food yall) and the list goes on.
not an equal challenge though. like while mao did a ton of damage, Taiwan had the benefit of massive us support for its 20 some odd million people. such support is not possible for 1 billion+ people if the mainland had stayed ROC, in fact a unified ROC might have even more issues with the us than the PRC does, since no huge and rich nation would stay the under dog forever, a powerful ROC would challenge the US in every domain more than even the PRC is doing now.
I really want this idea of Taiwan being the "what could have been" China to die. Politics and history aren't just math. You don't simply add things together to get a sum.
also, only wealthy people have the capability (and the mean) to escape to ROC back in 1949, so in a sense, Taiwan had all the high class (and capital) of Chinese society while all the poor, illiterate peasant were left behind in the mainland..
@@tiffyw92 as a vietnamese, i seen that a lot. "Vietnam would be another South Korea/Singapore if the South won the war." Funny how they always use Singapore and Korea as an example, while ignore the like of Philippines or Indonesia or many Latin American countries..
EE the type of content creator to make videos about wide scale economic topics while also throwing in not so subtle Daddy Doug references out of nowhere.
thanks G I am not binge reading and watching anything atm,aigoolay I have been watching non stop since I stumble upon this channel courtesy of yt weird algorithm bwuhaha aigoolay I definitely hate econ sub before but now I love it so much its starting to make my head ache worst in an oddly worthy satisfying sense 🤣 stay safe&healthy folks L💕ve fr 🇵🇭 🌈🙏☮️
Well YEAH!! An oppressed mainland Chinese who likes soul rap with his ~ 50 subscribed channels without even one Chinese-speaking channel/TH-camr. Thank you!
While it’s still early in the time of rankings, it would be cool if wealth inequality was included in the rankings. It would also be cool if you did a video that went back and rated all the nations already spoken about!
Ironically Taiwan has the best gini coefficient in Asia, hovering between 0.28 to 0.33. Achieved better income equality than China ever did, even during Maoist times.
Hey Economics explained! Will you do a video on the factors that drive wages. I know it's an important topic because, from my understanding, wages have remained relatively stagnant for many years. But what does this mean? Ie the following: 1. What are the factors that drive wage growth? 2. How do we know wages have been stagnant? 3. How have the aforementioned factors in #1 resulted in stagnant wages 4. Are stagnant wages good/bad for an economy 5. What are actual strategies that could be employed to increase wage growth?
If you ever meet a Taiwanese and you assume they are Chinese in a conversation, they just quickly say Taiwanese and allow you to continue talking without missing a beat. If you insist they are Chinese, they walk away from the conversation.
Same deal with me learning physiotherapy "Do YOU want a 6 pack while eating pizza all day doing calesthenics and hush hush about the no no juice we syringed into our gyno filled pecs"
Taiwan is actually very high in both economics and civilization, it should always be an independent country since they always work independently and was actually the authetic china
@@cadhlaohanlon4443 Korea even relies more on China, so do many other countries, isn't it normal to have more trades with this big country of big population even if it's independent? not to mention Taiwan has been gradually without need of China, over toward US and other countries.
@@cadhlaohanlon4443 If you looking into those export items from Taiwan to China, you will see most of them are semiconductors or tech products, and you will not say Taiwan depends on China. It’s China highly depend on Taiwan actually…
While a close trade relationship with China is very economically beneficial if not crucial for Taiwan (trading with a partner close in geographic proximity is much cheaper, plus China has an enormous demand for goods, resources and services), several political and military concerns have to be considered: 1. China has continued year after year to deploy advanced military capabilities within the proximity of being able to target Taiwan at any time they so choose. 2. China has put into place an Anti-Secession law in 2005 which specifically states: "Taiwan is part of China. The state shall never allow the "Taiwan independence" secessionist forces to make Taiwan secede from China under any name or by any means." 3. Under the same anti-secession law, it is also specifically stated : "the state shall employ non-peaceful means and other necessary measures" if Taiwan tries to become independent. Taiwan absolutely needs to seek alternative means to maintain and grow its economy and begin the slow and painful process of decoupling from China. Taiwan also needs to (with strong political and military support from US and allies) gain more international support for its sovereignty and the will of its people. The battle of Taiwan will be one of the most difficult geopolitical fights for western democracy until it is, in one way or another, resolved.
@@jacoblevenson7934 what? where did you even get this idea? the us has prevented a invasion of Taiwan ever since it interfered in the Chinese civil war. china woulda invaded in the 50s if the us navy wasn't sitting in the straits, and Taiwan was under martial law until the 70s, it was an actual dictatorship with its fair shares of massacres and secret police action, the legacy of that era is that even today the ROC military is looked down upon by the population.
I love this channel I used to know basically nothing about economic well I still know basically nothing but I have a basic understanding and knowledge of the basics now thank you
This literally popped up in my feed after finding out that Cover Corps suspended Coco Kiryu and Hachaama, for mentioning that taiwain exists in their youtube stats
*About the ECFA:* With the recent increases in animosities between the PRC and ROC/Taiwan the Islands government should be very careful of its reliance on the ECFA. The agreement was signed in 2010 however 3 years later Chinese leadership changed to Xi Jinping who has been very vocal about his wish to "return" Taiwan under the rule of Beijing. With some arguing that the ultimatum for that to happen being before the 1st of October 2049 (100 year existence of the PRC), the PRC is likely to increase pressure on Taiwan to fold. By relying on the PRC for trade it might put itself in a very tricky position in the future especially if it comes to trade food. A sudden embargo would create incredible mayhem for Taiwan and with the PRC's rapidly evolving Navy it could even enforce physical blockades of trade from other nations. The agreement for now is fully understandable as the currently mutual beneficial trade enables Taiwan to grow economically and thus create better relations around the world thus increasing its "soft power". However Taiwan should maintain vigilant and make sure it doesn't become dependant on the PRC, especially for necessities.
@@christiannordvall4021 Could also very well be indeed. That timeline would also be very suitable for Xi Jinping as such a triumph would help him consolidate his power in a time where the Chinese economy will likely slow down in terms of growth. A hostile takeover of Taiwan will likely be a very quick blitzkrieg style of attack anyway.
Thanks for including the history of Republic / People's Republic of China. Many in the West jump on the Taiwanese identitarian bandwagon without this context at all.
The situation of the trade relationship between the PRC and the ROC mostly depends on two things: the attitude of the Leader in Mainland China (whether for or against co-operation), and what affiliation the leader of Taiwan has (Pan-Blue or Pan-Green) If the ROC has a pan-blue administration, and the PRC has a more moderate/open Paramount leader, then I can see this relationship strengthening ties in a good way. If the ROC has a pan-green administration and the PRC has a more nationalist/closed Paramount leader (like currently), then either the relationship will be exploited or fracture.
Just like you would call Democratic Federation of Northern Syria(formerly known as Rojava). They're just like Taiwan. >Free and autonomous >democratic >prosperous compared to their regional neighbours
@@ernstschmidt4725 Thought about that too. One video about the economy of Israel, and one about both the economies of Gaza and the West Bank, as well as Israel's influence in them.
About the ECFA: Modern chinese strategists got a great takeaway from their past: during qing dinasty the chinese empire was able to conquer taiwan without invading it, they just let the han ethnic group grow in number and trade with them, after some time the ruling family of taiwan decided to join the empire since they had already become part of china ethnically,socially, culturally and institutionally.
A huge thank you to Acorns for making this video possible.
Go check them out, it helps the channel and hopefully makes saving and investing that little bit easier! Sign-up for Acorns now and they'll deposit $5 into your investment account to help you get started with investing! 👉 acorns.com/ee?s2=TAI1
Yall need to do a video about ecosia they are a search engine that plants trees with their profits
I love your videos about economy of a nation
Pls do a latest version about India
I am sure a lot of your viewers might be interested
We Taiwan don't claim China anymore, We hate being called China.
CARSANDBIDS!
Will there ever be "The Economy of Turkey"?
Taiwan: We are China
China: We are China!
Taiwan: Fine, we are Taiwan
China: No! you are China!
😂
Tr🤣th
Not true
Taiwan still calls themselves China actually, but you're joke may be more accurate in the near future.
lol that kinda sums up our relationship with the PRC.🤣
@@kennarajora6532 China says there will be war if Taiwan stop calling themselves China
EE: "Economic superpowers like... Guatemala, Haiti, the Marshall Islands, and Vatican City."
Me, an intellectual: Ah... the usual suspects.
Fun fact: If you google the Marshall Islands, they are so tiny you literally can't see them on the Google Maps Snippet that shows up.
* G U A M *
@@mr.dervish4655 Guam's economy is 1/3 leasing land to the navy, 1/3 tourism, and 1/3 services/consumerism. It's mental.
You missed the antarctic empire. The world will run out of land and antarctic is one of the last places that doesn't have a sovereign nation there..... yet.
Ah yes the marshall islands, The world's biggest economy
Small correction: Foxconn is a Taiwanese company and has been from day 1.
Beyond the headline consumer electronics company, TSMC is probably the most significant firm that few people hear about. It is the largest semiconductor foundry company (~12% of global capacity). Only Samsung has more wafer capacity. TSMC's makes chips for other companies and their customers are the biggest tech names in the world (eg Apple, NVIDIA, Broadcom) . Not only that, TSMC has probably the most advanced foundries in the world. China has no real answer to TSMC yet (they're pushing SMIC). Apple, for example, will struggle without China factories (ironically run by Foxconn) but they can find alternatives for this relatively low-tech operation. On the other hand, Apple will be nearly completely crippled without TSMC's capacity and technology - none of which is replaceable in the short term. In fact, the reason Huawei was crippled by US sanctions is because TSMC and Samsung started to refuse their new orders.
Agreed tsmc plays a much more important role than the brands he mentioned. Still good content though.
you beat me to posting a similar comment. the difference between other FABs and TSMC is what is made in each FAB, and I would say that TSMC is much more important. that is where virtually every chip that keeps our world running is made. Not that you can make electronics today without all of the components but the IP in the chips made at TSMC is much more important than the jellybean chips and memory chips made elsewhere. You wouldn't want the wrong people to get their hands on it.
TSMC will probably build new leading node fabs for Intel by 2028 or so.
@@jessicamann684 Not every chip. Just the latest consumer stuff. Military and infrastructure related ASICS are still all made in the west. there are still chips out there made in 130nm tech.
Hon Hai Precision Industry Co., Ltd., trading as Foxconn Technology Group and better known as Foxconn, is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City, Taiwan. Wikipedia
Hey, he's finally saying Taiwan when he shows footage of Taiwan!
you cheeky boi
even though he should be saying "china"
Now, if only he said 'sheep station' when he showed footage of one, instead of 'mad cattle rancher'. I'm a city person, too, but I still recognise the difference. 😉 Moo! 🐑
@toaritok 💪🇹🇼 加油台湾!!
@@Newidhan ok ccpbot
Taiwanese economy is heavily dependent on exports of electronics. Definitely has to strive as one of the world's top industrial manufacturers. the world is advancing and their products are the world needs.
Taiwan has a dynamic capitalist economy.
Now this heavy dependence on exports exposes the economy to fluctuations in global demand.
Well I guess everyone has their fears and challenges, just the way China and other Asia market are major competitors against Taiwan.
@@veronikaanya54 China which is swiftly taking over companies in the dwindling economies. That's why the European Union was among the first to tighten foreign investment rules in the recent weeks.
Taiwanese have really held up their economy extremely well.
When you think all of your friends are ignoring you, just remember it could always be worse...
2nd reply!
51st!!
BTW Please consider covering the 《current》 Indian system. It would be great to hear your views as a purely economic analysis.
That hits a bit diff on my birthday
R.I.P. my last hope to go outside
@@vedantaryaagrawal2432 As in the current scenario
Isn’t Foxconn Taiwanese? It wasn’t attracted to Taiwan, it was founded there.
Yes, and it's mind blowingly the largest private Employer in Mainland China.
i think the first factory was in mainland china, they just moved their headquarters to Taiwan 3 years later or something like that because the founder has ties with the kuomitang
The founder believes in ONE CHINA, and would make taiwan a part of China(just like the kuomitang did after the 2000s), but the DPP is fighting hard against Mainland China's propaganda and influence
the DPP are a economic liberal, anti-communist, pro-democracy party, they are taiwan's only hope for independence
@Brad Sanchez It's not government owned as far as I remember.
@@joaopedroraffo7964 No. Terry Gou founded Foxconn in 1974 in Taipei. Plastic parts and cable assemblies. Then connectors. Their first start into contract PCBA manufacturing was in the 90s with Compaq and Apple although they were already in the chassis assembly business for some time before that. The first major factory was established in China in the 80's long after Foxconn (or to be more correct Hon Hai Precision Technologies, Foxconn is actually a brand name) was established. The company never had it's corporate HQ outside Taiwan.
@@philipwong9557 oh ok thanks for the info
Taiwan [Current Objective] *Survive*
Man I gotta play reach again now its on PC.
@@EconomicsExplained Thats what isolation quarantine is for! :]
@@EconomicsExplained holy based
@@EconomicsExplained punch Armstrong
Things banned in China:
- Free speech
- Democracy
- Economics Explained
mlu007 the three most important things for a nation
- winnie the pooh memes
John Weak the most valuable resource in the planet, memes
Interesting videos that sounds like the luxury of growing up in a wealthy country. China whatever it’s problems has done a tremendous job of lifting hundred of millions of people out of poverty unlike other poor failed ‘democratic’ countries like India but the west will never cede to that achievement
Jason Huang oh come on the west always recognizes that, if I had a penny for every time I hear someone say “they might be a communist dictatorship but at the they actually improved their peoples life” i would be rich.
I visited friends in Kiohsiung a while back and would love to go again. What really interests me is how Taiwanese define wealth. We Americans think of big houses and cars, but Taiwanese go for prestigious schools instead. They’re truly a kind and respectable people, and their bubble tea is top notch.
Taiwan is a great country. There, I said it.
One of my MBA classes had a student whose parents were in the PRC military. His reaction when the professor one day referred to the place where a Taiwanese student was from as “your country” still amuses me. Steam out of ears like in a cartoon.
thats because if the prc student was to lose the arguement, his parents organs will be harvested by the ccp lol. No joke but still funny.
ktkace I wonder how stupid you’d have to be to think that is the truth
@@Lol1995129 You'd be surprised just how tight a grip the CCP has on overseas chinese students.
Fry, Phillip J I know many Chinese international students, they are just your normal everyday students. I know there are many government sponsored students from poorer background as well but if you think they are controlled by the government, you’ve gotta do your research a little deeper and from neutral sources (there aren’t many around).
Unification is a scheme made up by the China government to unify support around the communist govt. by creating a national narrative. You’ve sallowed the propaganda whole. Unless I’m just talking to a Chinese bot, wouldn’t surprise me neither
As a South African living in this incredible country, I loved the video! It really is one of the most amazing countries in the world both industrially and in terms of natural beauty and not to mention Taiwan's incredible response to the coronavirus! #taiwancanhelp #taiwanishelping
我愛台灣
Thanks bro I am Taiwanese, though ourself often make fun of us by calling Taiwan "ghost island"
Thank you!!!!! I am so glad you like it here.
Being from Taiwan myself, I’m very impressed with how well the history and political difficulty was researched. I’d just add that TSMC and Foxconn are both world-class corporations (even more so than hTC or Acer) coming out of Taiwan. Also recently the US and Czech Republic both had officials visit Taiwan, which is expected to bring more economic opportunities. The hostility between the US and China plays a big part in the short and long term economic prospects for Taiwan too, of course, but that’s way too complicated (and perhaps sensitive). All in all great video!
it is true, as EE explained the trade agreements (and cultural exchanges) between 2 sides will hopefully bring better relationship for both, BUT, take one minute using the "SMART" ppl mind, guess WHO's the one hates and trys to end such agreements and relationship, who's NOT in good favor of the 2 getting better relation, who benefits politically from "hostality", who changed much ideologically since the original agreements were initially signed?
Hi, im interested chinese / Taiwan culture
Any advice where to start with studying chinese culture? So far im only doing Duolingo and some Wikipedia readings 😅
@@petrsukenik9266 1. Come to Taiwan start in the north and move south. Northern Taiwan is very westernized so it’s easier for foreigners to access, then slowly move south where it’s more traditional.
@@hernze2807 thanks
If i ever have spare time and cash for trawels i will definitly do this
Take a shot everytime he says china.
18 minutes later: Dead of alcohol poisoning
He said China so many times that Trump got triggered
Do the same with any trump speech
Nah that’s what Russia does. If CCP ever bothers to do anything, they would simple set up 10 other channels on TH-cam with similar content to EE to draw away from views/subscribers/donations.
9 shots in 60 seconds. 😭
Nah, that's the CCP adding poison to your drink
When I think of world superpowers,
*I think of Haiti and Guatemala*
i especially think of the vatican
Why? Maybe i am a little dumb but didn't get it why?
@@arvasugupta 1:00 Making the moral choice will make you a superpower.
@@arvasugupta I think he was being sarcastic lol
Thinking of their power gives me the chills
Yesss. Finallly.
Hope it was worth the wait!
@@EconomicsExplained What about the economy of Turkey?
@@리주민 haha so funny
@@EconomicsExplained I'm a fan of your videos. Your high production quality and objectivity, something rare on this platform, draws economists like me in. Keep doing the good work.
me 2 :(
Long live Taiwan as a free, democratic and prosperous country! Love from India
ah India, the most free, democratic, and prosperous country
@@urmilkojohn193 haha
ur milkojohn Ahh cant get by youtube these days without seeing an attempted diss against India. Pathetic frankly...
@@urmilkojohn193 Interestingly, China and India have the same population size. In the 1960s, India's economy was ahead of China's, and now India's economy is one fifth of China's. Life expectancy in India is 8 years less than that in China. Look at how many economic lifelines in your country are in the hands of western multinational companies. You are not free at all, ha ha.
@@kevin-jg1pt he was actually dissing India, Mr high iq holder.
People have actually been banned from sites simply for mentioning Taiwan. As in, they didn't say anything along the lines of "Taiwan is an independent country," they had the hounds sent after them just for saying the name: Taiwan.
Have you seen how TH-cam has been with Taiwan's name since their suspension? Literally blipping the chat when it's mentioned.
The bit in the beginning of the video where you say that China is angry that the ROC (Taiwan) claims the PRC (mainland) is actually not really true, though you would be forgiven for thinking so because the situation is messed up. It's actually kind of the other way around (China prefers being claimed and Taiwan (the current party in power, at least in theory) wants to drop the claim). Actually, China PRC *wants* Taiwan to claim them, because the concept of "One China" is so important to them that they would rather have a rival government claiming them than to have Taiwan independent. Meanwhile many people in Taiwan (though this is still a hot political topic) would actually like that Taiwan stop claiming China so that they can be fully independent in name and separate from China.
Exactly. 'One China' allows the mainland government to keep the status quo while an independent statement of Taiwan will force CCP to respond, which is disastrous to both sides.
@@tempestmars123 independant Taiwan please
@@PasscodeAdvance Isn't Taiwan independent already? It has its own government.
It used to be true. When the kmt colonised Taiwan, one of their main policies was the reclamation of the mainland. However, that was quite a while ago and that policy has since been dropped.
@@tempestmars123 it's not independent on paper, Taiwan is a province of Republic of China
My sister and brother-in-law moved over there and they keep telling me that the quality of life there for EXPATS is 100x times better than living in the U.S
Lesson learnt from this video, everyone in Taiwan uses Acorns
XD
I wait for your video every week. I know its big work to produce such quality content. Respect sir!! Favourite economics teacher
Any possibility of giving an EE score to the countries covered before its introduction?
I would love a review of nations in light detailed video on this
That's like getting the conclusion before the explanation. Maybe timestamps would be better for the people who are curious at the start of the video?
@@LetTheFloodIn I think camel4lyfe means giving a score to the countries that were covered before the introduction of the score - for instance, Australia, Norway, the Congo, etc. - most countries thus far covered, in fact - weren't given a score, so I think camel4lyfe is suggested EE goes back and gives all these countries a score.
@@tomwatson9178 He could probably just make a half-length video giving each of the unscored nations he previously covered a score.
Jeff Benton yeah that’s what I hope will happen... or just one massive video containing all of the scores with a short explanation for each hahaha
I was in Taiwan on a business trip in the early 1990s. The Taiwanese I worked with said that since the island was ruled by Japan until 1945 their parents benefitted from a combination of Japanese education and Chinese philosophy... drawing on the best parts of both... In order to make Taiwan succeed.
These are the survivors of the brutal slaughters. Japanese killed tons of Taiwanese who resisted during the colonisation
@@sr3093 Kind of similar to the people in China being survivors of brutal slaughters during Cultural Revolution and the Great Leap Forward?
@@sr3093 Not as many as Chinese expats in Taiwan had killed before the island banned marshal law in 1987. 228 memorial!
@@censoredyoutube4902 Japanese killed just as much, if not more in Taiwan as did the RoC regime.
Taiwan was only ruled by Japan for 50 years, Japan's influence is more recent I think. I'm not sure how much Japan actually influences Taiwan because i never grew up in Taiwan, but my parents and family are from there. Taiwan is simply a more westernized China, which is why it might be similar to Japan, because Japan implemented western thinking a lot sooner then the rest of Asia.
“CCP is not an intellectual’s paradise.”
Well said, EE, well said. 👍
Yin-Ray Rick Huang it kinda is now isn’t it? They did a total 180 on that one
willinton06 as long as you obey CCP
Yin-Ray Rick Huang hey don’t get it wrong, I’m all for dismantling the CCP, but they realized that maybe weaponizing smart people would be a good idea to further their world conquering plans
willinton06 smart ppl are more likely to think independently and question authority. I feel bad for Chinese intellectuals. They must be compromising a lot
Yin-Ray Rick Huang yeah they would be better off leaving for Europe or the US, or maybe another asian nation like Japan or Korea
Please, make a video about why American health care became expensive ??what r the roots of it ,and what to do inorder to make it affordable? make this as your next topic
Isn't that why we have health insurance?
USA too greedy 4 that bro
Very simply, the US had pondered the idea of the a national health service in the early 1900s. It was almost always shot down because it was deemed too close to socialism for comfort and we were in the midst of the red scare just after the Russian revolution. Instead the government delegated health care to the private market and thus it evolved into the modern insurance/care market we're suffering with now.
That's horribly simplified, but the general story.
@@MayDayMei98 Nothing wrong with capitalism.
Thats politics not econonics
EE forgot to mention MSI, it is also from Taiwan.
@@nadaso8819 Taiwanese company make products for Taiwanese, nothing wrong about it.(Both AMD and NVIDIA's CEO are both Taiwanese, NVIDIA is founded by a Taiwanese. So surprised when I know about it)
no wonder mainland china started trading with them all that sweet sweet taste.
Gigabyte, Giant , Merida, they are also from Taiwan.
And the bastards still won't fix my water damaged GPU!
"American components, Russian components, ALL MADE IN TAIWAN!" -Armageddon (1998)
It's more true now , especially in semiconductor chips .
@@PumpkinEater-dm1xx in the last century 90s, most of products are made in Taiwan, toys, umbrellas etc.
The way Taiwan has integrated civility and technology is quite an interesting subject. A real eye opener is their digital minister Audery Tang.
careful, she a mind reader!
@@jefffletcher7110 i believe they officially declare they are non-gender-binary.As a first and most important non-binary celebrity in Taiwan i think it is worth noting.
@@tcss0612 i'm being sarcastic la lol
@@tcss0612 He/she/it/they identifies as post-gender and accepts any pronoun.
most of the technology achivements of taiwan you see nowadays or in this video are not related to Tang though, he/she is basically hired for presenting a good public image by the current government
Boy am I glad my country Singapore, a majority ethnic chinese country is far away enough from China.
dw china will incorporate you guys too after hong kong, Taiwan, and south korea, its coming
@@urmilkojohn193 no way they have to fight through Vietnam and malaysia first.
@@urmilkojohn193 usa has a statistically higher chance of invading than China cos of 'freedom' and 'democracy'
@@bsolutions525 No, because they will take the whole South China Sea, and from those islands, they can take Singapore.
China is getting ready for Singapore and the Strait of Malacca. Have you heard about Forest City?
9:55 Foxconn isn't an international company attracted to Taiwan, it's literally a Taiwanese company
He knows very little about Taiwan
In 2019 in my English course at the uni we had 3 Chinese gals around and a friend of mine had to held a PowerPoint presentation about Hongkong. Of course he portraited the wish of liberty and the desire for democracy. Oh gosh, what a crucial mistake. One of the Chinese pointed out that "whole China" sees the Hongkong protestors as traitors and that they wouldn't know what "China has done for them".
I asked the lady if she considered herself as communist and she replied with a firm yes. I asked her, if freedom and democracy isn't desireable and she said, the most important thing for the modern Chinese is to make a lot of money.
I asked her how comes that she sees herself as communist while being for the hunt of money would be her most disire...
and the the teacher interrupted and stopped us. To avoid 3rd world war so the teacher spoke. 😂
Yeah these people don't seem to understand that communism and chinese culture don't go very well together
I believe it is due to miscommunication between the dialogues. I think she meant development, financial stability and prosperity is her priority at this moment. You have to understand that China is a devoloping country and US and most of the western world are developed societies. People are on both sides are basically on different stages of development, so there's the difference between their beliefs, values and priorities .
@@AS-iv9fm a developing country?? lol
@@EinApoStein yes, China is a developing country. if you look at the GDP per capita. It ranks about 80 something.
imagine being so privileged that someone desiring to make the most money is dumb, when their parents likely literally grew up on food stamps and monthly rations of rice
"when you're early but cant think of a witty comment so you just put your comment in quotes"- Mahatma Gandhi
Yo that was Martin Luther I think
@@heh2393 nah it was Jesus
Wasn't it said by George Washington?
I think it was said by Karl Marx
nah I think it was Gex that said that
3 days ago - Publishes "Why GDP Is Overrated & Nobody Should Care About It!"
2:40 - Gives GDP figures like we should care about it 🤔
haha, yep, old habbits.
Taiwán, Brasil, France???? Easyyyy. The real challenge its way south. Argentina. If you can decipher that mess, you are in the big league.
FMI approves this message
Brasil is easy?! Are you kidding?? We ain't for amateurs bro, I'm a brazilian economist and as much as I like this channel, he didn't scratch the surface our problems
"Quirks and features" Doug Demuro reference😂
"THIISSSS is Taiwan. A mid-size luxury country." lol
That's exactly what I thought of when I heard it, lol
and suddenly EE is no longer welcome in China.
As to the future of the relationship? China will likely not invade Taiwan as long as America is a stable country. They dont want to risk war with the US.
However if America ever collapses then taking over Taiwan will be the very first thing they do.
america will start to decline within a century or two, but will fall in the next 400 years
china should definitely wait
The thing is, landing an army on the island can prove to be challenging.
TH-cam is BANNED in china so no loss imho
@@somenonsense7997 not impossible though. well whatever, the general consensus is that an invasion is only on the tables if Taiwan declares independence as the nation of Taiwan or it starts a nuclear program.
You forget that Japan and S. Korea have a vested interest in keeping Taiwan around. And I think the three united in a defensive war against just Mainland China would have the navy and military might to resist.
Hey mate, Taiwanese here! Thanks for making this video about my country. :)
Some things to add:
1) The economy transition began under martial law, there were several planned projects to transition the economy from agriculture-centered to heavy industry. And when the martial ended, we had the infrastructure and educated people to jump right into the tech and service industries. Also, Japanese rule (1895-1945) did lay the foundation for all the above, especially during WW2 when they saw Taiwan as a base to expand southward.
2) ECFA is under debate here right now, and I do believe it won't be renewed for a second decade. While it does bring a lot of economic incentives, being too reliable to China does not make sense politically, especially when you consider the growing ambitions to subdue Taiwan under Xi's China.
great video, but a few corrections
6:39~6:59 -- This information is incorrect. Way prior to the end of martial law ( 1987), the then-president Chiang Ching-Kuo had instigated massive infrastructure and industrial projects to develop Taiwan. These projects are "10 major construction projects (1974-1979)" and "12 major construction projects (1980-1985)" which covered area such as building freeways, railways, airports, seaports, shipbuilding industry, steel mills industry, high-tech industrial parks, nuclear power plants, ..etc.) These were the projects that well-poised Taiwan for later economic development.
1949 - Taiwanese bank notes were minted in 1949 by the provincial bank of Taiwan and in the year 2000 central bank took over.
09:55 - Foxconn is a Taiwanese-based company.
Watching this on my acer laptop, never realized it was a taiwanese company...
I'm lucky enough to have visited Taiwan. It's an incredibly beautiful and culturally rich place. The Taiwanese are so proud it's easy to imagine that PRC would have a ridiculously hard time ever trying to squash them.
I remeber when I was a kid,,my mom said
"if its made in Taiwan, its a keeper"
"made in China,, it breaks easy"
@borray s is acer the chinese asus?
@borray s isnt acer a Chinese brand located in Taiwan?
@borray s Wow. So yeah..maybe it lasted juzt 12 mos but at least she did not fund CCP. Btw do you know of any affordable mobile phone that is made in Taiwan?
@borray s China then US
That is not what I was saying
Taiwan can trade whereever it likes to I just prefer to minimize spending on direct China products.
What I am sayin is that its a good thing its a Taiwanese product and not a china product
@borray s hello chinese
😂 "and doing my job of explaining the economics for" sounds salty
Damn commenters taking my jerbs
😂 🥺No can ever replace you EE ❤️
Economics Explained more like Economics Outsourced
@@-AirKat- *gasps* No you didn't 😂😮
This is Taiwan’s flag: 🇹🇼. Taiwan 🇹🇼 has legitimate, legal diplomatic relations with multiple countries. Said relations mean Taiwan 🇹🇼 is a country, despite China’s belligerent threats. Notice the UN doesn’t nullify or reject Taiwan’s 🇹🇼 diplomatic relations.
This is the flag of republic of China, all the Chinese held this flag to fight against Japanese during ww2.
Are you Taiwan ren?
@@thekuygerian I cannot understand then speak Chinese.
This is no taiwanese flag, this is KMT's representation.
Funny how people on Taiwan hated the KMT but instead using their party's representation.
@@forhonortangled1641It's the flag of the Republic of China, which only controls Taiwan and a few other islands now. Not the flag to a single party, and certainly not Taiwan.
I've been watching your videos for months now but somehow did not hit the subscribe button. I'm deeply sorry, I have now subscribed and rang the bell.
Taiwan is a blessed nation state. They deserve to be recognised as they wish to be. When money talks without any cultural capital and roots, you become a serf. You become an authoritarian nation and socialist corruption combined with crony capitalism thrives - the population gets poorer.
well... the people are getting richer in china
Good thing China's rate of extreme poverty fell from 90% to
Governments just can't establish "Official" diplomatic ties with Taiwan because China is the roadblock but talk to people and they'll actually recognize Taiwan as a country alongside with PRC China so I think it'll be fine to have two chinas
As a Taiwanese, I am raised up without a proper national proud. I guess that's also why many Taiwanese like me will check out English videos about Taiwan and examine the content with more or less some emotion. In general, the video is good and accurate. This issue is indeed complicated and absolutely retarded, telling the truth alone is already very difficult.
A little thing about our democracy should be corrected. Let me start with 3 parties in this drama: the Commies (CCP), the Nationalists (KMT, the blue ones), and the Resistance/later known as the Progressive (DPP, the green ones). President Lee was a Nationalist in 1988 or so when he was essentially CHOSEN by his predecessor President Chiang the Junior. He was truly ELECTED by the people in 1995 after he worked a lot for building the democracy, which included a lot of constitutional amendment.
The Progressive was established in PUBLIC before the lift of martial law, when Chiang the Junior finally showed some intention to end this authoritarian regime. Nevertheless, most democratization works were done by his successor President Lee. But, the transition was gradual and not as violent as in Portugal or Romania. The point of 1988 could make a good landmark of the transition, but in general the process occurred in the whole 1990s.
A simplified history and my personal knowledge of economy in RoC:
1945: The Nationalist started military administration in former Japanese colony Formosa(Taiwan). Chiang the Bald lost trust of US.
1945 - 1950: Civil war. Military suppression in Taiwan. Catastrophic defeat in northern China. Inflation in southern China. Bankers fled to United States.
1950: The Nationalists lost Hainan, the second last province they once controlled. Britain and Scandinavian countries shifted their diplomatic ties to the Commies.
1950 - 1970: Peace process with Japan finished and finally got aids from USA again. The aid largely (and almost solely) stabilized the industry and economy. Though the senior generation still considers it a hard time.
1970: Most countries shifted their recognition to the Commies. The representative of the Nationalist essentially escaped from further humiliation in UN.
1970-1979: With the diplomatic support from the US, the economy of Taiwan grew steadily with her low-cost labor force. The case as South Korea.
1979: Carter Administration shifted their recognition to the Commies. Taiwan was expelled from IMF the next year.
1980 - 1994: The government funded and supported the development of semiconductor, electronics and other digital hardware industry.
1995 - 2014: Despite occasional standoff between the militaries at two sides. The interaction and cooperation in civil level kept growing between Taiwan and China. After all, most developed countries in the world were heading to China back then.
2014: The Sunflower Movement in Taiwan. And the suppression of protest in Hong Kong further fueled Taiwanese resentment against the Commies.
2014 - now: Xi Jingpin tries to consolidate his power by controlling literally everything, from education, culture, military, to economy and even finance. Taiwan starts to diversify import/export and industry structure to reduce the risk of being gripped by Xi.
I find your in video ad transitions absolutely hilarious. Thanks and keep them (and everything else!) coming!
Taiwan is its own country
Republic China (^:
For now
@USA 2 MEXICO they will be sanctioned to death
@@wothin Shut up tankie
@USA 2 MEXICO China can sanction them to oblivion by themselves
Thank you for manking these videos. They really make my day.
Glad you like them! It's always so great to hear comment like this!
Manking?
@@truth.speaker nothing I love more than well-manked videos
Taiwan is a country.
Do a video on the semiconductor industry! TSMCs domination of the industry makes Taiwan's economy one of the most strategically valuable worldwide
Hey Economics Explained. I have a small request, please make a video on Indian PM Modi and his economic policies. I am in quite a dilemma about him and don't know if I should be supporting him. Moreover, I would be a great video series analysing economic policies of world leaders purely from economic perspective
I 23rd that.
Also please put an emphasis on govt job reservation for females sc and st
@Vivek Ghosh look don't hate me. I am an internet troll who doesn't like reservations and he is my eco guy and me being a data scientist I don't see center holding here.
But, i am sure he will give reservations a fair shake with some points in your favor
An Australian guy cannot make your decision for you. He can only give an overview. But he cannot dive in very deep.
He his taking India towards free market which is good thing. Recently he allowed free market in agriculture and opposition are opposing it why cause they're socialist and when government wants socialism they basically want to control people as they will get votes. A citizen greatest right is freedom and if he doesn't have choice for whom to sell and from whom to buy it will be a disaster
@@ShubhamMishrabro tell me more about it.
Loved my trip to Taiwan. Wonderful place to visit! People were friendly.
Thanks for the great coverage. Definitely the world needs to hear more about Taiwan, a beautiful country, wonderful people. I was in Taiwan just this January, witnessed the elections season and how the coronavirus (Wuhan Pneumonia) started unfolding. Very impressed with the civic spirit of the Taiwanese.
It's time we stop talking of Taiwan merely in the China, US, Taiwan Strait context, and just appreciate it for what it is - a nation with rich history and great promise, one of the few bright spots in the world. It must be protected from China.
thanks for the good content man
No worries!
And only on this day alone did two of one of the highest earning and most popular Hololife members get suspended for bringing Taiwan up
It's pretty great that the country has done so well dispite everything
It's gonna be a long three weeks
@@blank2588 all it'd take is a decently powerful shaped charge, and you could put China in an incredibly precarious position, especially if the US tightened trade restrictions on beef, soy, and corn. (3 Gorges Dam)
Hey EE, I'd love it if you could make a video about Argentina's economy. My country is one of the few, if not the only country in the world that went from being a developed nation into an underdeveloped one. We argies know better than anyone else how complex this "degradation" of our economy is, because it carries with it decades of political and social change and tension, but it would be interesting to see how someone from anywhere else in the world can see it
I am very happy that you decided to make a video about Taiwan, the people appreciate it.
Best vacation I ever had was there in April 2019. Get to experience beatiful nature interlaced with chinese culture and wonderful people. All without the communist gulag thing. For moral reasons, I have decided I'll never visit mainland China during my lifetime. Good thing Taiwan exists.
You're missing out on a lot in mainland China. There's much more to the country and its people than the regime that currently rules it.
@@30803080308030803081 When possible, avoid subsidising the CCP.
Never clicked so fast for an EE video :)
Oh yeah! Finally Taiwan is being talked about. I had been waiting for this a long time, and boy did you deliver.
Thank you so much for making a video for my country! 🙏
I'm HIGHLY suspicious of China's trade relations with Taiwan, in the wake of their continued suppression of Taiwan's relationship with other nations.
China likes to leverage its trade importance to get political concessions from other countries. If China is the primary trade partner for Taiwan, then the mainland money will inspire companies to lobby the democratic government to concede to China's demands. It's disturbing to see that there is already a pro-mainland faction in government, despite the obvious contempt and abuse with which the mainland treats Taiwan.
This is probably not an organic democratic faction based on feelings of connectedness with China from the people of Taiwan. In fact, I worry that this might be the best angle China can play to eventually conquer Taiwan as they've always dreamed of doing. This isn't a healthy natural trade relationship such as the one between Canada and the US (Taiwan has dead easy access to huge markets like Japan and Korea as well), and it should be viewed with Extreme suspicion and even preparedness.
A good video overall but a couple of things to note on the history:
1.) The Republic of China no longer maintains claims to Chinese territory. They accept that the ruling government of China is the PRC.
2.) The Republic of China initially established a dictatorship with harsh military rule to maintain control over the island (you did get that correct), but this was also largely because when the Kuomintang (political party leading the ROC) arrived there were already people here that were not keen on having the ROC control the island.
3.) Martial law ended because democracy activists were successful in pressuring the Kuomintang to have fair and free elections. The transition from dictatorship to fair and free democracy happened without bloodshed and the Kuomintang remains a major political party on the island today. But this also means that the island has two legal names, Taiwan and the Republic of China.
4.) An increasing number of Taiwanese today view themselves as Taiwanese and not Chinese. This has definitely been because of repeated attempts by China to exert influence over Taiwan. You can see this play out in the recent passport redesign, which seeks to minimize the name Republic of China and increase the size of the name Taiwan. There's also talk to change the name of one of the air carriers, China Airlines, to something that represents Taiwan better (and doesn't make people think it's a Chinese brand).
5.) There are more famous brands that are Taiwanese as well (and I believe Foxconn started in Taiwan, it's founder just attempted to run for the presidency).
Overall it was a good video and I think it's wonderful that you are making content about Taiwan. I really wished you had made it clear that Taiwan is a fair and free democracy today. You explained the economic situation very well. It's always nice to bring some attention to an overlooked country!
I'm Taiwanese and I can say that's pretty accurate,thank u for sharing these information :)
Taiwan is a living breathing reminder to Beijing of what a truly free China could be.
There is only one problem that is the lack of political stability and implementation of optimum measures. Now if we think of this as game, then PRC government is simply trying to play a win lose game just so that it can enforce sovereign control over the south china sea . PRC already has it's own giants like Shenzen which are alone capable of providing economic boom to their country and hence as a result "COUNTRIES" like Taiwan can undergo grave losses. Hence the most plausible solution for any country like Taiwan is:
1. Increased government investments and decapitalisation of sectors that are vulnerable to exploitation, as well as reduce tariffs with minimum demand for reciprocity
2. Workforce mobilization and shift (keeping up with David Ricardo's principle of comparative advantage) rather than excessive accumulation in specific sectors
3. Similar to what you mentioned, plan for the future, in the sense that now we need to start breaking societal conventions, and explore new problems that we face. Because ultimately by the next decade if we don't emphasize on the building of a global community, we will achieve a dreadful fate and according to me the most prosperous company, country or individual will be the one who contributed towards building this Global Community
Your videos are great and highly informative. Please keep making them!!!
Superb video. I lived in Taiwan for six years and learned a couple of things from this vid. Great overview 👏
Thank you for doing this video!!!! Taiwan is great! I've always felt like it's taken some of the best things about China and Japan and made itself something amazing. The population of Australia in less than 1% of the land area. Will you do Macau next?
I'm Taiwanese, so get ready for some Taiwanese propaganda. I haven't watched the entire video yet, but I'd think the reason why Taiwan does well is because although we are small, we have stuff everyone wants. I'm talking about chips. TSMC, ASUS, Gigabyte, and many many more well recognized brands are Taiwanese. Even AMD, which is an american company officially, is run by a Taiwanese woman. Masks also made in Taiwan (2020 yall) and Tourism (we got great food yall) and the list goes on.
Taiwan is a little bit like what China could have achieved by now if it didn’t take the disastrous detour of Maoism.
not an equal challenge though. like while mao did a ton of damage, Taiwan had the benefit of massive us support for its 20 some odd million people. such support is not possible for 1 billion+ people if the mainland had stayed ROC, in fact a unified ROC might have even more issues with the us than the PRC does, since no huge and rich nation would stay the under dog forever, a powerful ROC would challenge the US in every domain more than even the PRC is doing now.
I really want this idea of Taiwan being the "what could have been" China to die. Politics and history aren't just math. You don't simply add things together to get a sum.
also, only wealthy people have the capability (and the mean) to escape to ROC back in 1949, so in a sense, Taiwan had all the high class (and capital) of Chinese society while all the poor, illiterate peasant were left behind in the mainland..
@@oldrabbit8290 don't forget to say that the military also stole on their way to the island most of the gold.
@@tiffyw92 as a vietnamese, i seen that a lot. "Vietnam would be another South Korea/Singapore if the South won the war." Funny how they always use Singapore and Korea as an example, while ignore the like of Philippines or Indonesia or many Latin American countries..
EE the type of content creator to make videos about wide scale economic topics while also throwing in not so subtle Daddy Doug references out of nowhere.
thanks G I am not binge reading and watching anything atm,aigoolay I have been watching non stop since I stumble upon this channel courtesy of yt weird algorithm bwuhaha aigoolay I definitely hate econ sub before but now I love it so much its starting to make my head ache worst in an oddly worthy satisfying sense 🤣
stay safe&healthy folks
L💕ve fr 🇵🇭
🌈🙏☮️
It requires money to make money. this is the best secret I have ever discovered we don't make money, we EARn and MULTIPLY money
Wow Great that's called diversifying a portfolio
I'm an investor in Crypto too over the years
Yes investing in Crypto is profiting
Crypto is the new gold
I've got interest in investing but afraid of doing it on my own to avoid loss from my own end 😕🥴
Watching this from mainland China using a vpn and I'm currently afraid for my life
怕啥呀，福建的么
Sure buddy, you are 'definitely' Chinese.
中国政府才没有这个闲功夫理你呢。。
Well YEAH!! An oppressed mainland Chinese who likes soul rap with his ~ 50 subscribed channels without even one Chinese-speaking channel/TH-camr. Thank you!
@@comediangj4955 because one can not be a a non Chinese living in China??? 🤦♂️
Need to give yourself a massive facepalm mate
While it’s still early in the time of rankings, it would be cool if wealth inequality was included in the rankings. It would also be cool if you did a video that went back and rated all the nations already spoken about!
Ironically Taiwan has the best gini coefficient in Asia, hovering between 0.28 to 0.33. Achieved better income equality than China ever did, even during Maoist times.
@@MagSnapShots thanks!
Loved the clever Doug Demuro reference 👌
Hey Economics explained! Will you do a video on the factors that drive wages. I know it's an important topic because, from my understanding, wages have remained relatively stagnant for many years. But what does this mean? Ie the following:
1. What are the factors that drive wage growth?
2. How do we know wages have been stagnant?
3. How have the aforementioned factors in #1 resulted in stagnant wages
4. Are stagnant wages good/bad for an economy
5. What are actual strategies that could be employed to increase wage growth?
If you ever meet a Taiwanese and you assume they are Chinese in a conversation, they just quickly say Taiwanese and allow you to continue talking without missing a beat. If you insist they are Chinese, they walk away from the conversation.
It's the equivalent of calling a British person an "American"... ya really think someone from the UK wants to be associated with America? LOL
@@Eclipsed830 It's probably because the brits are not as relevant as before.
nah we respect everyone has their own thoughts, conversation will still continue but next time? i don't think so.
they're all political head to toe
@@Eclipsed830 It's not equivalent, their official name is still Republic of China, they are Chinese unless that name is changed
Again this time
Me : I am here to learn economics
TH-cam Ads: No, learn get rich quick schemes
:-(
Gettin my rich quick during corona
Look, you like "finances", so you must like this pyramid scheme
Same deal with me learning physiotherapy
"Do YOU want a 6 pack while eating pizza all day doing calesthenics and hush hush about the no no juice we syringed into our gyno filled pecs"
Temptation is everywhere. Take it as warning and learn the red flags. You’ll be better off in the long run
Restart your Firefox, Adblock will only work on the latest version.
Economics of Ireland or Finland?
Please don't focus on this s---hole nobody wants to be here
@@kyliemcwynne umm... what?
@@hung-upear2659 Ireland not Finland, you lads are sound and seem to know what you're doing economically and socially.
Very enlightening! Thank you for putting this together
Your sense of humor Still amazes me! Thanks for the video
I love taiwan, visited 2 times and still wanna visit more
Taiwan is actually very high in both economics and civilization, it should always be an independent country since they always work independently and was actually the authetic china
Taiwan is deoending heavily on its neighbors. 46% of its GDP is made from China
@@cadhlaohanlon4443 Korea even relies more on China, so do many other countries, isn't it normal to have more trades with this big country of big population even if it's independent? not to mention Taiwan has been gradually without need of China, over toward US and other countries.
@@ksawerykaminski2606 if you say so.
@@cadhlaohanlon4443 If you looking into those export items from Taiwan to China, you will see most of them are semiconductors or tech products, and you will not say Taiwan depends on China. It’s China highly depend on Taiwan actually…
While a close trade relationship with China is very economically beneficial if not crucial for Taiwan (trading with a partner close in geographic proximity is much cheaper, plus China has an enormous demand for goods, resources and services), several political and military concerns have to be considered:
1. China has continued year after year to deploy advanced military capabilities within the proximity of being able to target Taiwan at any time they so choose.
2. China has put into place an Anti-Secession law in 2005 which specifically states: "Taiwan is part of China. The state shall never allow the "Taiwan independence" secessionist forces to make Taiwan secede from China under any name or by any means."
3. Under the same anti-secession law, it is also specifically stated : "the state shall employ non-peaceful means and other necessary measures" if Taiwan tries to become independent.
Taiwan absolutely needs to seek alternative means to maintain and grow its economy and begin the slow and painful process of decoupling from China. Taiwan also needs to (with strong political and military support from US and allies) gain more international support for its sovereignty and the will of its people. The battle of Taiwan will be one of the most difficult geopolitical fights for western democracy until it is, in one way or another, resolved.
If not for the semi-conductor production wouldn't America have let China invade Taiwan years ago.
@@jacoblevenson7934 what? where did you even get this idea? the us has prevented a invasion of Taiwan ever since it interfered in the Chinese civil war. china woulda invaded in the 50s if the us navy wasn't sitting in the straits, and Taiwan was under martial law until the 70s, it was an actual dictatorship with its fair shares of massacres and secret police action, the legacy of that era is that even today the ROC military is looked down upon by the population.
Chinese rebels invaded Taiwan in 1949 under leadership of Chiang Kai-Shek and established a 30year long dictatorship
Loved the call back to Doug Demuro!
I love this channel
I used to know basically nothing about economic
well I still know basically nothing but I have a basic understanding and knowledge of the basics now
thank you
Never have I ever clicked so fast
This literally popped up in my feed after finding out that Cover Corps suspended Coco Kiryu and Hachaama, for mentioning that taiwain exists in their youtube stats
I just searched Taiwan for to see comments of this issue
hololive vtubers and politics, what could go wrong?
*About the ECFA:*
With the recent increases in animosities between the PRC and ROC/Taiwan the Islands government should be very careful of its reliance on the ECFA. The agreement was signed in 2010 however 3 years later Chinese leadership changed to Xi Jinping who has been very vocal about his wish to "return" Taiwan under the rule of Beijing. With some arguing that the ultimatum for that to happen being before the 1st of October 2049 (100 year existence of the PRC), the PRC is likely to increase pressure on Taiwan to fold. By relying on the PRC for trade it might put itself in a very tricky position in the future especially if it comes to trade food. A sudden embargo would create incredible mayhem for Taiwan and with the PRC's rapidly evolving Navy it could even enforce physical blockades of trade from other nations.
The agreement for now is fully understandable as the currently mutual beneficial trade enables Taiwan to grow economically and thus create better relations around the world thus increasing its "soft power". However Taiwan should maintain vigilant and make sure it doesn't become dependant on the PRC, especially for necessities.
Another possible date is 2027, since that would be the 100th anniversary of the first Communist uprising against the KMT.
@@christiannordvall4021 Could also very well be indeed. That timeline would also be very suitable for Xi Jinping as such a triumph would help him consolidate his power in a time where the Chinese economy will likely slow down in terms of growth.
A hostile takeover of Taiwan will likely be a very quick blitzkrieg style of attack anyway.
Thanks for including the history of Republic / People's Republic of China. Many in the West jump on the Taiwanese identitarian bandwagon without this context at all.
The situation of the trade relationship between the PRC and the ROC mostly depends on two things: the attitude of the Leader in Mainland China (whether for or against co-operation), and what affiliation the leader of Taiwan has (Pan-Blue or Pan-Green)
If the ROC has a pan-blue administration, and the PRC has a more moderate/open Paramount leader, then I can see this relationship strengthening ties in a good way. If the ROC has a pan-green administration and the PRC has a more nationalist/closed Paramount leader (like currently), then either the relationship will be exploited or fracture.
Actually, I think just fractured if it’s green and nationalist Chinese leader.
It's never a country which claimes land, it's people
If you have a spine, you'll call taiwan a country without hesitation.
Just like you would call Democratic Federation of Northern Syria(formerly known as Rojava).
They're just like Taiwan.
>Free and autonomous
>democratic
>prosperous compared to their regional neighbours
@@serpentzachary1340 never even knew that existed what the heck is that
@@adrianatgaming8640 It's an independent Kurdish "state" in North of Syria. They're free,prosperous than their neighbors and democratic.
You could continue this "economy of nations some say don't exist" trend and do the economy of Israel next.
that's... that's actually a good topic,
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.
.
.
..
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.
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maybe talking palestinian territories economy would be interesting too
I guess you could say Palestine's exports are...
...Booming.
@@ernstschmidt4725 Thought about that too. One video about the economy of Israel, and one about both the economies of Gaza and the West Bank, as well as Israel's influence in them.
also palestine, kosovo, and the Autonomous Administration of North and East Syria (aka Rojava)
Would autonomous cities work too? Even the not so popular ones like Hong Kong or Macau. Even the less controversial ones
About the ECFA:
Modern chinese strategists got a great takeaway from their past: during qing dinasty the chinese empire was able to conquer taiwan without invading it, they just let the han ethnic group grow in number and trade with them, after some time the ruling family of taiwan decided to join the empire since they had already become part of china ethnically,socially, culturally and institutionally.
When will you update the leader-board with the countries you reviewed before introducing it?
Taiwan: *doing just fine without control of the CCP*
Red China: "Wait, that's illegal!"
with ccp u will do better. at least u don't need to.eat posioned pork form US. hope u can hold up till we are united🤗
ohh chinese bot here
@@masonschwartz1818 Chinese here. couple of years later, may well be a Chinese bot here too.
China: doing just fine without bossed around by usa
USA: that's illegal and let's demonize it