 Japan's post-war economic miracle ironically stimulated the Taiwanese economy leading to postwar technological innovations of product life-cycle commodities that promoted Taiwanese enterprises.Rapid industrialization and growth during the latter half of the 20th century known as the "Taiwan miracle" transformed Taiwan from an underdeveloped island into one of East Asia's Tiger economies.Taiwan began its industrialization after Hong Kong and before South Korea as a result of rising wage rates in Japan, and subsequently Hong Kong, and quota restrictions imposed by the U.S. and subsequently Europe on textile exports.