After World War II, many former colonies gained independence and began to modernize their economies through industrialization. The developing countries of the Pacific Basin were among them. The economic development experiences of Pacific Basin countries are of particular significance for two reasons. First, most developing countries are located in Asia, Latin America, and Africa, two of which are located in the Pacific Basin. Second, trans-Pacific trade and investment have played a critical role in development across the region, making the Pacific Basin a rising center of the global economy.