Between the early s and s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year. By the early 21st century, these economies had developed into high-income economies , specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centers , whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices. Their economic success have served as role models for many developing countries , especially the Tiger Cub Economies of southeast Asia. In , controversial World Bank report The East Asian Miracle credited neoliberal policies with the economic boom, including the maintenance of export-oriented policies , low taxes, and minimal welfare states. Institutional analyses found that some level of state intervention was involved.
The Story Behind the Four Asian Tigers
The Story Behind the Four Asian Tigers | By Deal Making Wire
After World War II and the Korean War, a new world peace opened borders and allowed globalization to begin flourishing. Emerging technologies like air travel and telecommunication allowed a boom in international trade. Each of the four countries had ideal circumstances to take advantage of the new opportunity for economic growth and development. While each had unique advantages, investments in industrialization, tax incentives and quality education were all building blocks that allowed a period of extreme growth.
The Development of the Four Asian Tigers
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Hong Kong, Singapore, Taiwan, and South Korea — we know these countries to be among the most productive and profitable in the world. In fact, just last year the last of the Four Asian Tigers officially overtook Japan in terms of GDP, placing them second only to China in terms of economic success. So what is the story behind the Four Asian Tigers?