Tag: History

Written by Frank Hsiao. The basic idea of his Cornell thesis was a two-sector model of economic growth: namely, the agricultural and non-agricultural sectors (instead of usual growth model of consumer good and investment good sectors).). Based on the idea of “primitive capital accumulation” by Karl Marx—whom LTH did not mention explicitly—he investigated, in the absence of foreign resources (foreign direct investment, loans and aid), whether the surplus-value in the agricultural sector could be exploited (transferred) as capital flow to the financial and foreign sectors, along with government taxes and levies, and also to the non-agricultural sector for industrial development.

Written by Frank Hsiao. Lee had an extensive collection of books, as his followers in Taiwan were proposing to build a library under his name to house his books. This made him quite different from other politicians. He read widely, had an excellent memory, could express his learning and thinking eloquently, and could write fluently. He was a very rare and talented scholar.