Taiwan's industrialization
tschuetzFormosa's current economic and cultural significance is closely tied to Taiwan's history of industrialization. Wang Yung-ching and his brother Wang Yung-Tsai founded the Formosa Plastics Corporation and Group in Kaohsiung in 1954. Wang Yung-ching grew up under Japanese occupation, earning a living by selling and delivering rice as a young boy, and later operating his own rice shop as a teenager. He later transitioned to the lumber business and benefited from market liberalization following the end of Japanese colonial rule (Lin 2016). Despite losing one of his mills during World War II, Wang received $800,000 from USAID, which he used as capital to establish Formosa Plastics (Shah 2012). Wang went on to become one of Taiwan's wealthiest individuals and was widely known as the "god of management" until his death in 2008 (Huang 2008).