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How do you know those Chinese business people are not using strategy? And do you know how much tried and failed badly. Only a few lucky ones managed to do it.
In the past, caveman age, all they need is to be strong and they can win. Later stage of the conflicts in Zhou and others, they knew that strength doesn't means all, strategies give them an edge to win.
In today, Many business people are capable of winning was due to the large vacuumed in the business world and not to forget their dedication in their work.
Now the market is saturated, Dedication is not the only factor to win. Strategies give you a better edge if you have it.
This book gave numerous examples and it can be remembered so that if one day we meet similar situations we can counter it effectively
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Several essays in the book note that small and mid-sized firms make up nine-tenths of Taiwan's economy, with equity financing being the norm rather than debt financing. This meant that there was far less opportunity for speculative funds to sweep into and out of the economy, and also meant that the business sector was much more stable than in some of Taiwan's neighbours.
The capital sector was also strong, with a minimum of exchange rate controls and most financial institutions in private rather than government hands. When the crash came, non-performing loans accounted for less than five per cent of credits, compared to 16 per cent in Malaysia and 19 per cent in Thailand. Taiwan's financial institutions had also been markedly more successful at mobilising private capital and channelling it into productive investments than its neighbours.
At the macroeconomic level, Taiwan's performance had been solid, with growth at over five per cent and a current account surplus of about 4.5 per cent of GDP. Not spectacular, but the point is that Taiwan had been turning in good results for a substantial period, rather than looking like an overheated economy heading for a fall.
In spite of Taiwan's sturdy foundations, the meltdown still had a punch. There was a 15 per cent currency depreciation in 1997-98 and a steep drop in the stock market. But this did not translate into an economic free-fall, mainly due to decisive action by the Central Bank. It stabilised the exchange rate with sales of foreign reserves and then, crucially, let the domestic currency float. In 1999, the Central Bank buttressed its success by promoting growth with low interest rates and new investments. Credibility was a key asset, with the Central Bank being widely seen as prudent and competent, run by technocrats rather than political cronies.
In some ways, the retreat of government may have gone a little too far: several contributors to the book note that Taiwan might have fared even better if the Central Bank had had a wider range of monetary instruments to use. But the bottom line for Taiwan remains: a solid base and a swift response meant that the '97 storm was mostly distant thunder.
Weathering the Storm sets its points with admirable clarity, but there are subjects which are not covered. The underlying issues of macroeconomic/currency policy are hardly touched, and there are comparisons (such as with South Korea) on which there is insufficient depth. Perhaps these issues were discussed in the conference, but they are not in the book.
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The book reads like a series of lecture notes, nothing more, nothing less. Several ideas that a student of operating systems may need to take note of, when making the transition from single-machine systems to multi-machine, are listed here. You can think of this book as a listing of a few basic ideas, with small expansions of each - as in a slideshow presentation. The merit of the book ends there.
The topics covered - in other words, the expansions of the listed ideas - are treated in a confused, sketchy manner. The material is insubstantial and hardly thought provoking. Motivation is absent, and pedagogical methods seem a distant concept. There is a near-total isolation of concepts and practice, and reading the book gives the feeling of being isolated in a dreamy sphere that belongs only to the author.
One could go on about such demerits, but to summarize, you don't need to buy this book unless it's required for your class. It's a slideshow in hardcover format.