article credit : https://en.wikipedia.org/wiki/Four_Asian_Tigers
Four Asian Tigers
The Four Asian Tigers: Hong Kong, Singapore, South Korea and
Taiwan
The Four Asian Tigers, Four Asian Dragons or Four Little
Dragons, are the economies of Hong Kong, Singapore, South Korea and Taiwan,
which underwent rapid industrialization and maintained exceptionally high
growth rates (in excess of 7 percent a year) between the early 1960s (mid-1950s
for Hong Kong) and 1990s. By the early 21st century, all four had developed
into high-income economies, specializing in areas of competitive advantage.
Hong Kong and Singapore have become world-leading international financial
centres, whereas South Korea and Taiwan are world leaders in manufacturing
electronic components and devices. Their economic success stories have served
as role models for many developing countries, especially the Tiger Cub
Economies of southeast Asia.
A controversial World Bank report (The East Asian Miracle
1993) credited neoliberal policies with the responsibility for the boom,
including maintenance of export-oriented policies, low taxes, and minimal
welfare states; institutional analysis also states some state intervention was
involved. However, others argued that industrial policy and state intervention
had a much greater influence than the World Bank report suggested.
Emergence of the Four Tiger Governments
The world economy growth began to pick up during the early
1960’s after the World War II and the Korean War in the early 1950’s. Major
leaps in air telecommunications and air travel coupled with probable world
peace indicated that world countries were opening up their borders and thus the
Four Tigers took advantage of this opening. The four countries had viable trade
economies, established ports, high literacy levels and advanced infrastructure
inherited from their colonial masters.
Asian tiger Singapore
Singapore is one of the smallest nations but has the highest
GDP between the four asian tigers.
Owing to this development, the Asian Tigers took advantage
of the situation since they were quite poor in the 1960s; these countries had
plenty of inexpensive labor. Combined with educational restructuring, they were
smart to leverage this amalgamation into a low-priced, yet industrious labor
force. The Asian Dragons devoted to social equality in terms of land reforms,
promotion of property rights and welfare of agricultural workers. In a little
while, products and services from these nations were in high demand.
A booming stock exchange had already begun in 1891 in Hong
Kong; thus it was reasonable when it drifted to financial services from the
export market. Hotly followed by Singapore the two tiny nations are currently
important global financial centers. During that interval South Korea and Taiwan
were propelling the 1980’s -1990’s tech boom, nowadays Taipei and Seoul are
leaders in cutting-edge technology and also home to the biggest names in
electronics. These advancements happened so quickly hence the nickname ‘The
Asian Miracle‘.
The economy growth of the Four Asian nations enabled them to
sail through the local 1997 Asian Financial Crisis and also 2008 World Economic
Crisis. At present these four nations significantly get enlisted in IMF’s
global list of top 40 advanced economies.
