These regions were the first newly industrialized countries The category of newly industrialized country is a socioeconomic classification applied to several countries around the world by political scientists and economists, noted for maintaining exceptionally high growth Economic growth is the increase of per capita gross domestic product or other measure of aggregate income. It is often measured as the rate of change in GDP. Economic growth refers only to the quantity of goods and services produced rates and rapid industrialization Industrialisation is the process of social and economic change that transforms a human group from a pre-industrial society into an industrial one. It is a part of a wider modernisation process, where social change and economic development are closely related with technological innovation, particularly with the development of large-scale energy and between the early 1960s and 1990s. In the 21st century, all four regions have since graduated into advanced economies The term developed country is used to describe countries that have a high level of development according to some criteria. Which criteria, and which countries are classified as being developed, is a contentious issue and is surrounded by fierce debate. Economic criteria have tended to dominate discussions. One such criterion is income per capita; and high-income economies A high-income economy is defined by the World Bank as a country with a Gross National Income per capita of $11,906 or more in 2008. While the term "high income" may be used interchangeably with "First World" and "developed country", the technical definitions of these terms differ. The term "first world". These regions are still the world's fastest growing industrialized economies. However, attention has increasingly 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 competitive advantage. For example, Hong Kong and Singapore became world leading international financial centres A financial centre is a global city that is a company and business hub, as well as being home to many world famous banks and/or stock exchanges, while South Korea and Taiwan became world leaders in information technology Information technology is "the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware", according to the Information Technology Association of America (ITAA). IT deals with the use of electronic computers and computer software to. Their economic success stories became known as the Miracle on the Han River Miracle on the Han River refers to South Korea's highly accelerated export-fueled economic growth, overnight industrialization, technological achievement, education boom, exponential rise in living standards, rapid urbanization, skyscraper boom, modernization, successful hosting of the 1988 Summer Olympics and 2002 FIFA World Cup, fast and the Taiwan Miracle 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. As it has developed alongside Singapore, South Korea and Hong Kong, Taiwan became known as one of the "Four Asian Dragons" (see Sho-Chieh Tsiang Sho-Chieh Tsiang studied at London School of Economics (B. Sc. Economics 1941, Ph.D. Economics 1945) and received the Hutchinson Silver Medal 1944-45. He served as Professor of Economics at National Peking University, 1946-48, staff economist at the International Monetary Fund, member of Academia Sinica, and Professor of Economics at University of) and have served as role models for many developing countries Developing country is a term generally used to describe a nation with a low level of material well being. There is no single internationally-recognized definition of developed country, and the levels of development may vary widely within so-called developing countries, with some developing countries having high average standards of living.^[1][2][3]

Role of traditional philosophies

Economic success in Japan Japan is an island country in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. The characters that make up Japan's name mean "sun-origin", which is why Japan is, 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 1919 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.^[4]

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 Confucianism is a Chinese ethical and philosophical system developed from the teachings of the Chinese philosopher Confucius . It is a complex system of moral, social, political, philosophical, and quasi-religious thought that has had tremendous influence on the culture and history of East Asia. It might be considered a state religion of some East 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.

These "Asian values Asian values was a concept that came into vogue briefly in the 1990s to justify authoritarian regimes in Asia, predicated on the belief in the existence within Asian countries of a unique set of institutions and political ideologies which reflected the region's culture and history. Although there are many differences in Eastern and Western ideas," are the foundations of the "Asian political economy". Abandoning import substitution Import substitution industrialization is a trade and economic policy based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. Adopted in many Latin American countries from the 1930s until the late 1980s, and in some Asian and African countries from the 1950s on,, the model advocated in the developing world following the two world wars, the Four Asian Tigers pursued an export-driven model of economic development with the exportation of goods 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 Productivity is a measure of output from a production process, per unit of input. For example, labor productivity is typically measured as a ratio of output per labor-hour, an input. Productivity may be conceived of as a metric of the technical or engineering efficiency of production. As such, the emphasis is on quantitative metrics of input, and; these territories focused on improving the education system at all levels; heavy emphasis was placed on ensuring that all children attended elementary education Education in the largest sense is any act or experience that has a formative effect on the mind, character or physical ability of an individual. In its technical sense, education is the process by which society deliberately transmits its accumulated knowledge, skills and values from one generation to another and compulsory high school education. Money was also spent on improving the college and university A university is an institution of higher education and research, which grants academic degrees in a variety of subjects. A university is a corporation that provides both undergraduate education and postgraduate education. The word university is derived from the Latin universitas magistrorum et scholarium, roughly meaning "community of system.

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 Egalitarianism , is a trend of thought that favors equality of some sort. Its general premise is that people should be treated as equals on certain dimensions such as religiously, politically, economically, socially, or culturally. Egalitarian doctrines maintain that all human persons are equal in fundamental worth or moral status. In large part, in the form of land reform Land reforms is an often-controversial alteration in the societal arrangements whereby a government administers the ownership and use of land. Land reform may consist of a government-initiated or government-backed property redistribution, generally of agricultural land, or be part of an even more revolutionary program that may include forcible, 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.

These places had strong industrial economies which set them apart from all other places in Asia.

See also

• Anatolian Tigers Anatolian Tigers is a term internationally used in the context of the Turkish economy to refer to and to explain the phenomenon of a number of cities in Turkey which have displayed impressive growth records since the 1980s, as well as to a defined new breed of entrepreneurs rising in prominence and who can often be traced back to the cities in
• Asian Century The Asian Century is a term used to describe the belief that, if certain demographic and economic trends persist, the twenty-first century will be dominated by Asian politics and culture, as the twentieth century is often called the American Century, and the nineteenth century the British Century
• Baltic Tiger Baltic Tiger is a term used to refer to any of the three Baltic states of Estonia, Latvia, and Lithuania during their periods of economic boom, which started after the year 2000 and continued until 2006–2007. The term is modeled on Four Asian Tigers and Celtic Tiger, which were used to describe the economic boom periods in parts of East Asia and
• Celtic Tiger Celtic Tiger is a term used to describe the economy of Ireland during a period of rapid economic growth between 1995–2007, which came to a dramatic halt by 2008, with a GDP contraction of 14% by 2010
• Greek economic miracle The term Greek economic miracle has been used to describe the impressive rate of economic and social development in Greece from the early 1950s to the mid-1970s. Between 1950 and 1973, the country had an average rate of economic growth of 7%, second in the world only to Japan’s during the same period. Growth rates were highest during the 1950s,
• Japanese post-war economic miracle Japanese post-war economic miracle is the name given to the historical phenomenon of Japan's record period of economic growth following World War II, spurred mainly by United States investment but partly by Japanese government economic interventionism in particular through their Ministry of International Trade and Industry. The distinguishing
• Miracle of Chile The "Miracle of Chile" is a term used by neoliberal economists to describe liberal and free market reorientation of the economy of Chile upon in the 1980s, 1990s, and 2000s. In 1973, Chile was in shambles - inflation was hundreds of percents, the country had no foreign reserves, and GDP was falling. The economic reforms were originally
• Miracle on the Han River Miracle on the Han River refers to South Korea's highly accelerated export-fueled economic growth, overnight industrialization, technological achievement, education boom, exponential rise in living standards, rapid urbanization, skyscraper boom, modernization, successful hosting of the 1988 Summer Olympics and 2002 FIFA World Cup, fast
• Nordic Tiger The economy of Iceland is small and subject to high volatility. In 2007, gross domestic product was US $ $12.144bn in total and $38,400 per capita, based on purchasing power parity estimates. The financial crisis of 2007–2009 has produced a decline in GDP and employment, although the magnitude of this decline remains to be determined
• Gulf Tiger The Gulf Tiger or Arab Gulf Tiger is a nickname used to describe the period of rapid economic growth in the city of Dubai. The boom that Dubai has been experiencing since the 1990s is still going on. And it transformed the city from a desert village to a world class economic hub
• Spanish miracle The Spanish miracle was the name given to a broadly based economic boom in Spain from 1959 to 1973. The boom ended with the international oil crises of the 1970s
• Taiwan Miracle 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. As it has developed alongside Singapore, South Korea and Hong Kong, Taiwan became known as one of the "Four Asian Dragons"

References

1. ^ "Can Africa really learn from Korea?". afrol News. 24 November 2008. http://www.afrol.com/articles/22953. Retrieved 2009-02-16.
2. ^ "Korea role model for Latin America: envoy". Korean Culture and Information Service. 1 March 2008. http://www.korea.net/news/news/newsView.asp?serial_no=20080301004&part=103. Retrieved 2009-02-16.
3. ^ Leea, Jinyong; LaPlacab, Peter; Rassekh, Farhad (2 September 2008). "Korean economic growth and marketing practice progress: A role model for economic growth of developing countries". Industrial Marketing Management (Elsevier B.V. (subscription required)). http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6V69-4TR37CX-3&_user=10&_rdoc=1&_fmt=&_orig=search&_sort=d&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=5614827be8562007c3b0d6865ef92d15. Retrieved 2009-02-16.
4. ^ William Dean Kinzley (1991). Industrial Harmony in Modern Japan: The Invention of a Tradition. Routledge. ISBN The International Standard Book Number is a unique numeric commercial book identifier based upon the 9-digit Standard Book Numbering (SBN) code created by Gordon Foster, now Emeritus Professor of Statistics at Trinity College, Dublin, for the booksellers and stationers W.H. Smith and others in 1966 0415051673.

External links

• BBC report on the Asian Tigers in the aftermath of the 1997 Financial Crisis (includes map of the Asian Tigers)
• ASEAN tigers
• The Elephant at the Gate in China Economic Review

Categories: Asia The continent of Asia is defined by subtracting Europe and Africa from the great land mass of Afro-Eurasia. About 60% of the world's population live in Asia. The region of Asia is the continent of Asia plus nearby islands in the Indian and Pacific Oceans | Country classifications Categories: Countries | Development | Economywide country studies | Economic booms | Economic history Categories: Economics | Fields of history | History by topic | Economy of Hong Kong | Economy of Singapore Categories: Singapore | Economies by country | Economy of Southeast Asia | Economy of South Korea Categories: South Korea | Economy of Asia | Economies by country | Economy of Korea | Economy of Taiwan Categories: Taiwan | Economies by country | Economy of Asia

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