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Asian tigers ap world history definition


Who are the Four Asian Tigers?

Introduction

The Four Asian Tigers, also referred to as the Four Asian Dragons, are often used to refer to the economies of South Korea, Taiwan, Singapore, and Hong Kong that underwent a steady growth between the 1960s to 1990s. The high growth rates that were in excess of 7% per annum were due to the rapid industrialization.

History

Out of these four Asian countries, Hong Kong’s industrialization was the first to experience growth due to the development of the textile industry in the early 1950s. By 1960s, the manufacturing industry in the country had expanded to include electronics, clothing, and plastics that which were manufactured for export. After Singapore’s independence, the Economic Development Board conceived economic strategies that promoted the Singapore’s manufacturing sector. External investors were also attracted by tax incentives that were introduced and the industrial estate's sector was soon developing and expanding. South Korea and Taiwan experienced industrialization in the mid-1960s following the governments’ introduction of tax incentives and other policies that encouraged investment. Like Singapore and Hong Kong, they

South Korea

Although South Korea lacks organic resources, it had plentiful affordable and flexible workforce. The government realised that agricultural production was not the route to economic growth and so attracted massive TNCs such as Sony from Japan and encouraged FDI from the US. South Korean firms were also produced by elevated import taxes which ensured sufficient market for goods and stimulated further production. The government also developed its own research and maturation of high-tech goods. Firms were attracted by a large consumer market of the South East Asia such as China. This has resulted in South Korea producing world-leading products and technologies. Hyundai, Samsung and Daewoo are some of the South Korean TNCs. 

Taiwan

Taiwan was also targeted by large TNCs. In the late 1960s the American toy company Mattel (famous for their Barbie dolls), wishing to lower its labour costs, moved its main factory to the island of Taiwan from Japan. This was one of the first movements of such large scale manufacturing factory by TNCs that was to construct eastern Asia the workshop of the world. At one aim , the Taiwan factory produced over half the Barbie dolls mad

key term - Asian Tigers

Definition

The Asian Tigers refers to the highly developed economies of Hong Kong, Singapore, South Korea, and Taiwan, known for their rapid industrialization and economic growth from the 1960s to the 1990s. These regions became symbols of successful economic transformation, characterized by export-led growth, strong government intervention, and a focus on education and technology.

5 Must Know Facts For Your Next Test

  1. The term 'Asian Tigers' highlights the remarkable economic achievements of Hong Kong, Singapore, South Korea, and Taiwan during their rapid industrialization phases.
  2. These economies benefited from strong government policies that promoted industrial growth and export-oriented strategies.
  3. A key factor in their success was significant investment in education and training, leading to a highly skilled workforce.
  4. The Asian Tigers became models for other developing countries looking to emulate their strategies for economic growth.
  5. Their rapid economic development also contributed to shifts in global trade patterns, establishing them as major players in international markets.

Review Questions

  • How did the Asian Tigers utili

    Summary: The Four Asian Tigers, namely Hong Kong, Singapore, South Korea, and Taiwan, have achieved remarkable economic growth and human development since the 1960s. Their common strategy was to embrace market-oriented policies, export-led industrialization, and the rule of law. This article explains how the Asian Tigers can inspire other developing countries in the Global South to follow their example.

    In the aftermath of World War II, the territories now known as the Four Asian Tigers were among the poorest places in the world. Hong Kong, Taiwan, Singapore, and South Korea, all occupied by the Japanese Empire during the war, had poverty rates equivalent to those in the Global South. That changed, thus showing the promise of economic liberalism for the rest of the world.

    In 1950, South Korea’s GDP per capita (in 2018 USD) was just $1,311, less than that in the Democratic Republic of Congo ($2,033). But in 2020, South Korea’s GDP per capita of $44,561 surpassed that of the United Kingdom ($43,906). South Korean companies such as Samsung, Hyundai, and LG are global household names, generating billions of dollars in revenue. South Korea is now considered a “cultural superpo

    key term - Asian Tiger Countries

    Definition

    The Asian Tiger Countries refer to the high-growth economies of Hong Kong, Singapore, South Korea, and Taiwan, known for their rapid industrialization and economic development from the late 20th century. These countries experienced significant transformation due to export-oriented growth strategies, leading to increased foreign investment, technological advancement, and a highly skilled workforce.

    5 Must Know Facts For Your Next Test

    1. The Asian Tiger Countries achieved remarkable economic growth rates averaging over 7% annually during the late 20th century.
    2. These economies successfully transitioned from agriculture-based economies to highly industrialized and technology-driven markets.
    3. Government policies in these countries often included heavy investment in education and infrastructure to support industrial growth.
    4. The Asian Tigers became known for their strong manufacturing sectors, particularly in electronics and textiles, which fueled exports.
    5. Their rapid economic development served as a model for other developing countries looking to achieve similar growth through strategic planning and investment.

    Review Questions

      asian tigers ap world history definition