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Encyclopedia > Four Asian Tigers
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Four Asian Tigers

Image File history File links Emblem-important. ... Image File history File links Zhongwen. ... The UTF-8-encoded Japanese Wikipedia article for mojibake, as displayed in ISO-8859-1 encoding. ... Japanese name Kanji: Hiragana: Korean name Hangul: Hanja: Vietnamese name Quốc ngữ: Hán tá»±: A Chinese character or Han character (simplified Chinese: ; traditional Chinese: ; pinyin: ) is a logogram used in writing Chinese, Japanese, rarely Korean, and formerly Vietnamese. ... Image File history File links Hangeul. ... The UTF-8-encoded Japanese Wikipedia article for mojibake, as displayed in ISO-8859-1 encoding. ... Jamo redirects here. ... Korean writing systems Hangul Hanja Hyangchal Gugyeol Idu Mixed script Korean romanization Revised Romanization of Korean McCune-Reischauer Yale Romanization Hanja is the Korean name for Chinese characters. ... Image File history File links East_Asian_Tigers. ...

A map showing the Four Asian Tigers
Flag of Hong Kong Hong Kong Flag of the Republic of China Taiwan
Flag of Singapore Singapore Flag of South Korea South Korea
Chinese name
Traditional Chinese: 亞洲四小龍
Simplified Chinese: 亚洲四小龙
Literal meaning: Asia's Four Little Dragons
Korean name
Hangul: 아시아의 네 마리 호랑이
Skyline of Central, Hong Kong's financial centre (viewed from Victoria Peak, Hong Kong)
Seoul, the capital of South Korea
Seoul, the capital of South Korea
The skyline of Singapore's town area at dusk.
The skyline of Singapore's town area at dusk.
Taipei is Taiwan's capital city and financial center.
Taipei is Taiwan's capital city and financial center.

The term Four Asian Tigers or East Asian Tigers refers to the economies of Taiwan, Singapore, Hong Kong, and South Korea. They are also known as Asia's Four Little Dragons. These countries and territories were noted for maintaining high growth rates and rapid industrialization between the early 1960s and 1990s. The Chinese name, "Asia's Four Little Dragons" also refers to the fact that these countries and territories have historically been under the Chinese cultural sphere of influence (Hong Kong, Taiwan and Singapore have majority Chinese populations while South Korea has heavy Chinese influences in its traditional culture). In the early 21st century, with the original four Tigers at fully developed status, attention has increasingly shifted to other Asian economies which are experiencing rapid economic transformation at the present time. Image File history File links Flag_of_Hong_Kong. ... Image File history File links Flag_of_the_Republic_of_China. ... Image File history File links Flag_of_Singapore. ... Image File history File links Flag_of_South_Korea. ... Traditional Chinese characters refers to one of two standard sets of printed Chinese characters. ... Simplified Chinese character (Simplified Chinese: or ; traditional Chinese: or ; pinyin: or ) is one of two standard sets of Chinese characters of the contemporary Chinese written language. ... Japanese name Hiragana: KyÅ«jitai: Shinjitai: Korean name Hangul: Hanja: Thai name Thai: Vietnamese name Quốc ngữ: Hán tá»±: The Chinese dragon is a Chinese mythical creature, depicted as a long, scaled, snake-like creature with four claws. ... Map of eastern China and Taiwan, showing the historic distribution of Mandarin Chinese in light brown. ... Pinyin, more formally called Hanyu Pinyin (Simplified Chinese: ; Traditional Chinese: ; Pinyin: ), is the most common variant of Standard Mandarin romanization system in use. ... This article is about all of the Cantonese (Yue) dialects. ... Jyutping (sometimes spelled Jyutpin) is a romanization system for Standard Cantonese developed by the Linguistic Society of Hong Kong (LSHK) in 1993. ... Jamo redirects here. ... Image File history File linksMetadata A_view_of_Hong_Kong. ... Image File history File linksMetadata A_view_of_Hong_Kong. ... For other places with the same name, see Victoria Peak (disambiguation). ... Short name Statistics Location map Map of location of Seoul. ... Image File history File linksMetadata Singapore. ... Image File history File linksMetadata Singapore. ... Image File history File links Metadata No higher resolution available. ... Image File history File links Metadata No higher resolution available. ... This article is about the city. ... Economics is the social science studying production and consumption through measurable variables. ... World GDP/capita changed very little for most of human history before the industrial revolution. ... Industrialisation (or industrialization) or an industrial revolution (in general, with lowercase letters) is a process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state . ... The 1960s decade refers to the years from the beginning of 1960 to the end of 1969. ... For the band, see 1990s (band). ... World map indicating Human Development Index (as of 2004). ...


The Four Asian Tigers pursued an export-driven model of economic development; these countries and territories focused on developing goods for export to highly-industrialized nations. Domestic consumption was discouraged through government policies such as high tariffs. The Four Asian Tigers singled out education as a means of improving productivity; these territories focused on improving the education system at all levels; heavy emphasis was placed on ensuring that all children attended elementary education and compulsory high school education. Money was also spent on improving the college and university system. --158. ... For the community in Florida, see University, Florida. ...


Since the Four Asian Tigers were relatively poor during the 1960s, these nations had an abundance of cheap labor. Coupled with educational reform, they were able to leverage this combination into a cheap, yet productive workforce. The Four Asian Tigers committed to egalitarianism in the form of land reform, to promote property rights and to ensure that agricultural workers would not become disgruntled. Also, policies of agricultural subsidies and tariffs on agricultural products were implemented as well. Egalitarianism (derived from the French word égal, meaning equal or level) is a political doctrine that holds that all people should be treated as equals from birth. ... -1...


The common characteristics of the Four Asian Tigers are:

  • Focused on exports to richer industrialized nations
  • Trade surplus with aforementioned countries
  • Sustained rate of double-digit growth for decades
  • Non-democratic and relatively authoritarian political systems during the early years
  • High level of U.S. treasury bond holdings
  • High savings rate
  • The ranks of GDP (by nominal) List of countries by GDP (nominal) of South Korea, Taiwan, Hong Kong, and Singapore are 12th, 21st, 36th, and 44th, respectively.
  • A high degree of what is referred to as economic freedom. Hong Kong, Singapore, Taiwan and South Korea are 1st, 2nd, 26th, and 36th respectively on the Heritage Foundation's Index of Economic Freedom published in 2007.

Contents

World map of GDP (Nominal and PPP). ... The Heritage Foundation is one of the most prominent conservative think tanks in the United States. ... Map of Economic Freedom released by the Heritage Foundation. ...

Role of traditional philosophies

Economic success in Japan, followed by the Four Asian Tigers, has been attributed to the existence of harmonious labor-management relations.( cf. W. Dean Kinzley, "Industrial Harmony in Modern Japan. The Invention of a Tradition", Routledge, London & New York, 1991). “Industrial Harmony” is this unique “Culture of harmony” that was consciously invented and developed over the last century in Japan. A semi-bureaucratic organization called the “Kyochokai” (The Co-operation and Harmony Society) was established in 1819 to meet the needs of an emerging industrial society. The “Kyochokai” took the lead in trying to define the values which would be suitable for a new Japanese-style industrial society, at the time of great social troubles in industrial Europe. The resulting "invented" tradition has played an important role in the evolution and character of Japanese economic values and behavior of social peace for economic development.[1]


Japanese experience appears to challenge unilinear theories of modernization, and to suggest that Japan’s uniqueness lies in the creation of its own kind of modernity, sharply divergent from that to be found in Western countries, and based paradoxically upon a reaffirmation of ancient Confucian values and native Japanese traditions of harmony, self-sacrifice and non-individualistic group striving in pursuit of a common cause. Japan’s emphasis on long-term growth, scrupulous market evaluation, and process engineering are all well regarded as important components of its economic development. Confucianism (儒家 Pinyin: rújiā The School of the Scholars), sometimes translated as the School of Literati, is an East Asian ethical, religious and philosophical system originally developed from the teachings of Confucius. ...


This is the foundation ("Grund" as it used to be) of "Asian political economy".


Criticism of the export-driven trade model

The Four Asian Tigers were strongly affected by the 1997 Asian financial crisis, which impacted each Tiger to varying degrees. While Taiwan was not as strongly affected, South Korea was badly battered by the crisis. However, South Korea rose up to become the 9th largest economy in the world (2007 standard) and Taiwan stayed as the 16th largest economy in the world. Because of the focus on export-driven growth, many of the Tigers became caught up in a game of currency devaluation. The current criticism of the Four Asian Tigers is that these economies focus exclusively on export-demand, at the cost of import-demand. Thus, these economies are heavily reliant on the economic health of their targeted export nations. In addition, these nations have met difficulties after they lost their initial competitive edge, cheap productive labour. India, China and much of Southeast Asia have now emerged as fast-growing economies based on cheap labour, largely replacing the Tigers. The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ... Location of Southeast Asia Southeast Asia is a subregion of Asia. ...


Some economies were becoming overheated, stock prices were overvalued, property prices were sky-high and investors were jittery and nervous. Because of the structural weaknesses in the regulatory framework, once capital flight began, the stock market nosedived and the major Asian currencies depreciated significantly. This caused social unrest, political instability, regime change and financial bailing out by the International Monetary Fund. This also gave impetus to some Asian governments to impose capital controls to restrict currency outflows and maintain monetary and financial stability. Taiwan created legislation requiring all outgoing capital transfers to be declared. However, there were no direct restrictions. The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ...


Since the crisis most of the Tiger economies have become financially stable with resilient institutions and companies and regulatory frameworks in place to prevent another crisis. This has also shown many Asian governments that the easy and predictable prosperity of export-led growth and cheap labour costs won't last forever. To better compete with the emerging manufacturing giants like China and India, they will have to create new industries, move up the value-add chain and create stronger service sectors in their economies.


See also

The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. ... Republic of China (ROC) has a dynamiccapitalist economy with gradually decreasing guidance of investment and foreign trade by the government. ... The Economy of Singapore is a highly developed and successful free market economy in which the state plays a minimal role, although government entities such as the sovereign wealth fund Temasek control corporations responsible for 60% of GDP. It has an open business environment, relatively corruption-free and transparent, stable... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $981. ... Asia is the largest continent on Earth with 60% of the human population. ... The Chinese Century (Simplified Chinese 中国世纪) refers to the growing power of the Peoples Republic of China (PRC) in the 21st century. ... Greater China, Singapore, and countries culturally linked to Chinese culture. ... Tatra Tiger is a nickname that refers to the economy of Slovakia following the ascendance of a right-wing coalition in September 1998 which engaged in a program of liberal economic reforms. ... A glass skyscraper – an icon of Estonias economic boom Baltic Tiger is a term used to refer to any of the three Baltic states – Estonia, Latvia and Lithuania – during their periods of economic boom, which started after the year 2000 and continues up to the present moment. ... For the Irish dance show, see Celtic Tiger Live. ... Taiwans quick industrialization and rapid growth during the latter half of the twentieth century, has been called the Taiwan Miracle (台灣奇蹟 or 臺灣奇蹟, Tongyong Pinyin: ,Hanyu Pinyin: táiwān qíjì) or Taiwan Economic Miracle. As it has developed alongside Singapore, South Korea and Hong Kong, the ROC is known... Miracle on the Han River is a catchphrase often used in South Korea and by scholars to describe the period of rapid economic growth that took place in South Korea following the Korean War up until the Asian Financial Crisis. ... Japanese Post-War Economic Miracle is the name given to the historical phenomenon of Japans record period of economic growth following World War II, spurred both by US investment and Japanese government economic interventionism in particular through their Ministry of International Trade and Industry. ...

References

  1. ^ William Dean Kinzley (1991). Industrial Harmony in Modern Japan: The Invention of a Tradition. Routledge. ISBN 0415051673. 

External links

  • BBC map of the Asian Tigers
  • ASEAN tigers
  • The Elephant at the Gate in China Economic Review

  Results from FactBites:
 
East Asian Tigers - Wikipedia, the free encyclopedia (2400 words)
The four Tigers share a range of characteristics with other Asian economies, such as Japan and the People's Republic of China, and pioneered what has come to be seen as a particularly "Asian" approach to economic development.
The East Asian Tigers singled out education as a means of improving productivity; these nations focused on improving the education system at all levels; heavy emphasis was placed on ensuring that all children attended elementary education and compulsory high school education.
Second, Taiwan, and for that matter all four of the Tigers, benefitted economically from previous foreign rule or influence, whether it was British commerce in Hong Kong and Singapore, or Japanese industrialization and American land reform in Taiwan and South Korea.
East Asian Tigers (1251 words)
The East Asian Tigers are the economies of Taiwan, Hong Kong, South Korea, and Singapore.
It is important to note that until the mid-1970s it was not clear that the East Asian Tigers were a particular area of fast growth and that the Tiger development model produced superior results to either neoliberal[?] (US-backed policies), Soviet, or import substitution development models.
Second, Taiwan, and for that matter all four of the Tigers, befitted economically from previous foreign rule or influence, whether it was British commerce in Hong Kong and Singapore, or Japanese industrialization and American land reform in Taiwan.
  More results at FactBites »

 
 

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