Taiwan and South Korea are socially cohesive countries. Discuss how this social cohesion positively impacted their economic development.

Social cohesion in Taiwan and South Korea has played a significant role in their economic development. Both countries have strong social bonds and a sense of community, which has contributed to their economic success in several ways.

Firstly, social cohesion fosters trust and cooperation among individuals and groups within society. This trust and cooperation extend to the business sector, leading to more efficient and productive business practices. In both Taiwan and South Korea, this has resulted in the growth of successful industries and businesses, contributing to their overall economic development.

Secondly, social cohesion promotes stability and social harmony, which are essential for economic growth. In both countries, the presence of social stability has attracted foreign investment and encouraged domestic entrepreneurship. This has led to the development of diverse industries and a thriving business environment, ultimately contributing to economic prosperity.

Additionally, social cohesion in Taiwan and South Korea has facilitated the implementation of effective government policies and initiatives. The strong sense of community and shared values has allowed for the successful implementation of long-term economic plans and reforms, leading to sustained economic growth and development.

Furthermore, social cohesion has also played a role in the development of human capital in both countries. The emphasis on education and skill development within cohesive societies has led to a highly skilled and productive workforce, which has been a driving force behind their economic success.

In conclusion, the social cohesion in Taiwan and South Korea has positively impacted their economic development by fostering trust and cooperation, promoting stability, facilitating effective governance, and developing human capital. These factors have all contributed to the overall economic prosperity of both countries.