Taiwan Crumble: Averted?

The Taiwan Miracle was a result of a number of educational and economic forces that resulted in 3 decades of tremendous economic prosperity. The semiconductor industry has acted as an economic a catalyst to bring development and modernity to Taiwan, but the industry is shifting and has resulted uncertainties about the future. Taiwan will have to reinvent itself through economic forecasting and education to avoid a steady economic decline. The semiconductor industry is saturated, and it is heavily reliant on end market products, which are not necessities. Alan Philowitz argues that Taiwan must reinvent itself by refocusing its national financial initiatives towards the medical sciences sector, and Taiwan must embrace international patenting to secure future profits from innovative products developed to maintain a strong financial position.