Taiwan's economic and political transformation was once considered a model for developing nations, but in recent decades, the momentum has stalled. Why? Cal Clark and Alexander Tan explain the country's paradoxical political economy, tracing its achievements and exploring its challenges.

The authors appraise Taiwan's hard-won accomplishments—a legitimate democracy and a prosperous society—and also investigate the stubborn institutional legacies undermining its progress. Without discounting Taiwan's significant stress and turmoil, they provide ample evidence to support optimism about its future.

Cal Clark is professor emeritus of political science at Auburn University. He is the coauthor of The Evolving Pacific Basin in the Global Political Economy: Domestic and International Linkages and Comparing Development Patterns in Asia. Alexander C. Tan is associate professor in the school of political science and communications at the University of Canterbury in Christchurch, New Zealand.