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Four Asian Tigers
A map showing the Four Asian Tigers  Hong Kong  Taiwan  Singapore  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
Literal meaning:	Four Tigers of Asia

Skyline of Central, Hong Kong's financial centre (viewed from Victoria Peak, Hong Kong)

Seoul, the capital of South Korea

The skyline of Singapore's town area at dusk. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders REPUBLIC OF CHINA ARTICLE GUIDELINES Singapore South Korea, officially the Republic of Korea and often referred to as Korea ( Korean: 대한민국 tɛː The Chinese Dragon or Oriental dragon is a mythical creature in East Asian culture with a Chinese origin Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders Victoria Peak ( is a Mountain in Hong Kong. It is also known as Mount Austin, and locally Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders Seoul ( soʊl is the Capital and largest City of South Korea. South Korea, officially the Republic of Korea and often referred to as Korea ( Korean: 대한민국 tɛː Singapore

Taipei is Taiwan's capital city and financial center. Taipei ( Taiwanese Pe̍h-ōe-jī: Tâi-pak-chhī Jhuyin Fuhao: ㄊㄞˊ ㄅㄟˇ ㄕˋ Hakka: Thòi-pet-sṳ has been the capital of

The term Four Asian Tigers or East Asian Tigers refers to the economies of Taiwan, Singapore, Hong Kong, and South Korea. An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the Republic of China (ROC government which The economy of Singapore is a highly developed capitalist Mixed economy. Hong Kong's highly favorable geographical position and Entrepot trading opportunities are wealth-generating assets The Economy of South Korea is the third-largest in Asia and the 13th-largest in the world by GDP ( PPP) as of 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. Economic growth is the increase in the amount of the goods and services produced by an economy over time is a process of social and economic change whereby a human group is transformed from a Pre-industrial society into an industrial one The 1960s decade refers to the years from the beginning of 1960 to the end of 1969 The 1990s collectively refers to the years between and including 1990 and 1999 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. The term developed country, or advanced country, is used to categorize countries with developed Economies in which the tertiary and quaternary sectors

Abandoning import substitution, 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. Import Substitution Industrialization (also called ISI) is a Trade and economic Policy based on the premise that a Country should 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. Productivity in Economics refers to measures of output from production processes per unit of input Education encompasses both the Teaching and Learning of Knowledge, proper conduct, and technical competency Money was also spent on improving the college and university system. A university is an institution of Higher education and Research, which grants Academic degrees in a variety of subjects

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. Egalitarianism (derived from the French word égal, meaning equal) is a political doctrine that holds that all people should be treated as equals and have Land reforms (also Agrarian reform, though that can have a broader meaning is an often- controversial alteration in the societal arrangements whereby government Also, policies of agricultural subsidies and tariffs on agricultural products were implemented as well.

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. PLEASE NO RANDOM FIGURES THERE ARE NO FIGURES BASED ON NATIONAL STATISTICS IN THIS ARTICLE
• A high degree of what is referred to as economic freedom. Economic freedom is freedom to produce trade and consume any goods and services acquired without the use of force fraud or theft 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. The Heritage Foundation is an American conservative Think tank. The Index of Economic Freedom is a series of 10 economic measurements created by the Wall Street Journal and The Heritage Foundation to measure the degree of Economic freedom

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. For a topic outline on this subject see List of basic Japan topics. ( 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. ^[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. Confucianism ( is a Chinese ethical and philosophical system originally developed from the teachings of the fifth century B Japan’s emphasis on long-term growth, scrupulous market evaluation, and process engineering are all well regarded as important components of its economic development.

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

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

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. The Asian Financial Crisis was a period of Financial crisis that gripped much of Asia beginning in July 1997 and raised fears of a worldwide economic meltdown ( While Taiwan was not as strongly affected, South Korea was badly battered by the crisis. Taiwan ( Taiwanese: Tâi-oân/Tāi-oân (historically 大灣/台員/大員/台圓/大圓/台窩灣 is an Island in East Asia. South Korea, officially the Republic of Korea and often referred to as Korea ( Korean: 대한민국 tɛː 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. India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National

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. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic 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. Taiwan ( Taiwanese: Tâi-oân/Tāi-oân (historically 大灣/台員/大員/台圓/大圓/台窩灣 is an Island in East Asia. However, there were no direct restrictions.

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. China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country

See also

• Economy of Hong Kong
• Economy of Taiwan
• Economy of Singapore
• Economy of South Korea
• Asian Century
• Chinese Century
• Sinosphere
• Tatra Tiger
• Baltic Tiger
• Celtic Tiger
• Taiwan Miracle
• Miracle of the Han River
• Japanese post-war economic miracle

References

External links

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