Economic Development - Research Paper Example

Notably, it has also been demonstrated in certain other areas relating to business activities such as trade, manufacturing and other business operations. In this context, industrializations, economic policies and export activities among others are considered to be the most important factors for the all-round development of a country. Human capital is also considered to be an important aspect which assists in the development of economies by a considerable level (Khan, Zhang, Hashmi and Bashir, “Cultural Values and Economic Growth in Asia: An Empirical Analysis”).

Economic development in the Asian countries can be recognized by taking into concern certain valuable aspects like trade activities and better investment opportunities among others. In the worldwide context, Asia has been viewed to be the fast growing or developing economy and is recognized to be one of the leading financial centers throughout the globe. The financial advancement of Asia can be noted in the development of its various nations like Japan, China, South Korea, India and Association of Southeast Asian Nations (ASEAN) countries.

The economic conditions of these Asian countries have been viewed to be developing in a continuous manner (Ishido, “East Asia’s Economic Development cum Trade “Divergence””). It has been apparently observed that there laid certain imperative factors which are held responsible for the economic development of the aforementioned Asian countries in the 21st century. In this regard, the factors comprise adoption as well as implementation of pioneering technological advancements, globalization of world economy, diverse trade activities and enhanced policies linked with financial development.

Moreover, another important factor that contributes in developing the financial position of the different Asian countries is the role played by the government in the respective nations. The governments belonging to different nations of Asia introduced as well as implemented various favorable economic and political policies that eventually resulted in raising the standards of the financial position of the Asian countries by a greater extent. Besides, the policies that formed as well as executed by the government belonging to different nations of Asia have improved business as well as human welfare activities resulting in better economic development.

Apart from the aforementioned factors, the financial development of