Which of the following is one of the major events that account for the vigorous economic growth of the ASEAN countries and their transformation from cheap-labor havens to industrialized nations?
A. The decision to shift their economies from manufacturing based to commodity based.
B. North Koreas' emergence as a major provider of technology and capital necessary to upgrade manufacturing capability.
C. A bilateral trade agreement between the United States and Vietnam leading to the granting of NTR status to Vietnam.
D. Hong Kong becoming a special administrative region (SAR) of the People's Republic of China.
E. The ASEAN governments' commitment to deregulation, liberalization, and privatization of their economies.
Answer: E. The ASEAN governments' commitment to deregulation, liberalization, and privatization of their economies.