- Comparative Economics
Economic History of Asian Tigers (1960 – 2000)
The four Asian Tigers or Asian Dragons is a term used in reference to the highly developed economies of Hong Kong, Singapore, South Korea and Taiwan after 1970. These regions were noted for maintaining, exceptionally high growth rates and rapid industrialization between the early 1960s and 1990s. By the 21st century, all four regions have graduated to advanced economies however, attention was shifted to other Asian economies which are now experiencing faster economic transformation.
All four Asian Tigers have a highly educated and skilled workforce and have specialized in areas where they had a comparative advantage. For example, Hong Kong and Singapore became world-leading international financial centres, whereas South Korea and Taiwan became world leaders in manufacturing information technology. The economic success stories became known as the miracle on the Han River and the Taiwan miracle which have served as role models for many so-called developing countries, especially the tiger cub economies. The four original tigers experienced decades of supercharged growth based largely on import substitution, domestic subsidiesA subsidy is a benefit given by the government to groups or individuals, usually in the form of a cash payment or tax reduction. If something like food or petrol is... More to nascent industries and a dramatic increase in exports. Much of this is composed of the neoliberal policies promoted by the United States.
Miracle on the Han River refers to South Korea’s highly accelerated export-fueled economic growth, including rapid industrialization, technological achievement, education boom, rapid urbanization, skyscraper boom, modernization, and successful hosting of the 1988 Olympics.
The Taiwan Miracle or Taiwan Economic Miracle refers to the rapid industrialization and economic growth of Taiwan during the latter half of the twentieth century and have served as role models for many developing countries, especially the Tiger cub economies of the four dominant countries in the Southeast Asian namely: Indonesia, Malaysia, Philippines and Thailand.
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