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William R. Cline established the East Asian model of development and talked about its feasibility and limitation. The model deals with economic growth in the East Asian Newely Industrializing Countries such as Korea, Taiwan, Hong Kong, and Singafore. They are different from the South American NICS`s economic history since 1960s. They have raised the import substitution in the 1960s and have pursuited the export-led economic growth policy in the 1970s. With this development strategy, they could increase their amount of export and achieve highly economic growth in tow decades. From the point of economic development theory, the East Asian model of development has the following characteristics. First, it has been accelerated by the industrialization based on the dual economy. In the early stage of development, Korean economy as well as Taiwan could not develop very well because of their overpopulation and lack of capital stock. In that time, the dual economic structure was a really serious problem. However, they could gear up their resources efficiency by moving their resources like capital or labor from the low productivity industry to the high productivity industry and they also could increase their GNP. It is true that both Korea and Taiwan have achieved their high economic growth and development on the basis of the dual structure. Second, it has been accomplished by the highly successful economic growth which is concerned with export increase. The NICS in East Asia have made a successful export-led economic growth model since the late 1960s. The export-led economic growth model does not mean that it aims to increase only economic growth resulting from the export increase. Rather, it means that the size of export in aggregate demand is growing more rapidly than government expenditure or private investment. Third, it has been achieved by the market power and the embodiment of government policy. It implies that the East Aian countries could achieve their economic growth with the help of efficient resources distribution and utilization through the suitable market structure in connection with the appropriate policy makings. Especially such countries as Korea, Taiwan, and Singapore have changed their economic structure by making the government formulate some programs and support private business activities. Is it possible for the East Asian model of development to be generalized? It may be confronted the some limitations in terms of space and time. From the point of space term, if every developing country pursuits the export-led growth policy, they could not take effect on their goal. For the other developed countries will increase their export and they will probably counterattack against the developing countries. Saying the notion `the fallacy of composition` W.R. Cline insisted that model could not be generalized. The model may work well if pursued by a limited number of countries, it may, however, break down if a large majority of developing countries seeks to pursue it at the same time, because the resulting outpouring of manufactured exports might be more than Western economy markets could absorb. On the other hand, in case of time, Korea especially has a lot of bottlenecks which is ranging from the deteriorating dual structure to the imbalance of income distribution to the gap of production and living to the worsening environment conditions. Korean economy has, therefore, better make a new economic strategy in order to carry out its economic growth and development successfully. It could be done by the efficient resources allocation and its appropriate usage.