Four Asian Tigers known for their highly free-market and developed economy
The term Asian Tigers refers to the group of four South-Asian countries i.e., Hong Kong, Singapore, South Korea, and Taiwan who are known for their highly free-market and developed economies. These four countries are also known as Asian Dragon. These four Asian Countries also known for the economic miracle because from the period of 1960s to the 1980s marked by great change due to their pursuit of export-driven economic development by exporting to highly-industrialized nations.
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Common Characteristics of Asian Tigers
- These four countries follow similar patterns of development.
- Import substitution is one of the main components of their development process.
- All of the tigers had a Chinese influence: South Korea: 65% Chinese; Singapore: 75% Chinese; Hong Kong: 95% Chinese; Taiwan: 98% Chinese
- They have export-driven economy, developed by exporting to highly-industrialized nations.
- They are important hubs of global manufacturing in automobile/electronic components and information technology.
- The role of Confucianism has been used to explain the success of the Four Asian Tigers because the culture of Confucianism is very compatible with industrialization because it valued stability, hard work, and loyalty and respect towards authority figures.
Industries behind the economic miracle
- Petrochemical Industry
- The motor industry
- Consumer goods
- The steel industry
- The energy industry