Taiwan's Economic Miracle Episodes

Shortly after the Lunar New Year of 1990, the Taiwan Stock Exchange (the Taiex) hit a peak of almost 12,500. Eight months later it had fallen to a low of about 2,500 – an 80% collapse, and one of the worst stock market crashes of all time! In this week’s Taiwan history Formosa Files episode, we’re looking at the “Great Stock Market Bubble” of the late 1980s, when too many people had a lot more money than sense. Taiwan’s financial sector in the late 1980s was so crazy that the Republic of China (Taiwan) got a nickname: “the Republic of Casino”.

He’s a rockstar in Taiwan; swarmed by the media as he grabs a snack at a local night market while wearing his trademark leather jacket – there’s almost no chance you’ve never heard of him: Jensen Huang 黃仁勳, co-founder and CEO of Nvidia is now probably the most famous person of Taiwanese heritage in the world. His company is creating wonderfully terrifying chips that power AI concepts which will either help solve the world’s major problems or fulfil “The Terminator” movies prophecies. But how did this kind-looking 61-year-old Taiwanese American rise from his reasonably humble background in Tainan City into the ranks of IT megatitans? Formosa Files brings you the story of his early years in this week’s episode... well, as much as of it as we could find, at least. PLEASE DO US A FAVOR and sub, follow, or 'like' us on social media - it really helps! Thanks!

Lai Dongjin 賴東進 was born into a “beggar family.” His dad is blind, his mom has a mental illness. He has 11 siblings! Many born into such a disadvantaged position would throw up their hands, blame fate, and quit the fight for life. But Lai refused to surrender – no matter how high the odds. His 2000 autobiography "Beggar Boy" was a best-seller (no English version) and today, Formosa Files brings you his remarkable story.

The person who did most of the work creating the company people around the world almost immediately associate with Taiwan has no ancestors from this island, was not born here, didn't go to school here, and only came here for the first time when he was almost 40 years old. But, of course, Morris Chang 張忠謀 didn't create Taiwan Semiconductor Manufacturing Company (TSMC) out of thin air, nor was he the sole person who set up the famous Taiwanese microchip powerhouse. He had partners, backers, and more than a little assistance from the Taiwanese government. Check out this fascinating story on Formosa Files.

Twenty-five young women and girls drowned after a severely overloaded ferry capsized in 1973. The deaths spurred changes in public transport safety in Kaohsiung, and the victims became part of a social debate over women's rights.

In the left corner, mega-multinational corporation DuPont. In the right corner, farmers from central Taiwan’s Lugang 鹿港. Ready? Fight!! To open Season Four, we have a David vs. Goliath story, made more complicated by the fact that the Davids in this tale weren't sure what weapons they could get away with using. Taiwan was changing fast in 1986, but it was still under martial law, and protests were often dealt with harshly. DuPont, a huge American company, wanted to build a chemical plant in Lugang (usually spelled as “Lukang”). Taiwan's government said “sure!” The people of Lugang, however, weren’t so cool with it... and for the first time in modern Taiwanese history they launched a “rebellion” against a major corporation, and the ROC authorities.