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Tigers, Japan, Europe & America

Factors that account for the rapid development of these South-East Asian countries -Economic History of the Asian Tigers and Japan between 960-2000 -Meaning of Japanese ( Economic Miracle) -Lessons for the Nigerian Economy Four Asian Tigers The high growth economies of -Hong Kong -Singapore -South Korea -Taiwan The four Asian Tigers consistently maintained high levels of economic growth, since sass’s, fuelled by exports and rapid industrialization, which enabled these economies to Join the ranks of the worlds richest nations.

However they were noted for maintaining high growth rates and fast industrialization between asses and asses. Hong Kong and Singapore are among the biggest financial centre worldwide, while

South Korea and Taiwan are important hubs of global manufacturing in automobile/ electronic components and information technology respectively (In the asses, where many matins around the world were becoming independent the Asian Tigers stood out from the rest) According To Investigated Also nicknamed Asian Dragons they have common characteristics which includes 1 A focus on exports 2 An educated populace 3 High savings rates The economies of the four Tigers have proved to be resilient enough to with stand local crises such as the Asian financial crisis of 1997, as well as Global Shocks (crisis)-

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ECONOMICS NOTE ASS By aim f 35 advanced economies. Common Characteristics Of Asian Tigers 1 Focus on exports – pursued an export-driven model of economic development 2 Human Capital Development 3 They had an abundance of cheap labor, coupled with educational reform, they were able to use this favorably to have cheap productive work force. 4 Sustained rate of two-digit growth for decades 5 Non-democratic and relatively authoritarian political systems during the early years 6 High tariffs on imports in the early days 7 Undervalued currencies 8 High savings rate 9 They singled out education as a means of productivity.

These nations focused on improving the education system at all levels. Heavy weightings were placed on ensuring that all children attended elementary education and obligatory high school education money was also spent on improving the college and university system. 10 They also implement policies on agricultural subsidies and tariffs on agricultural products to encourage agricultural workers. Development Strategies Employed By The Asian Tigers These economies are notable for maintaining an exceptionally high growth-rates from the 1690 to sass’s through this period, they become industrialized, even though they are not rich in natural resources.

Comparative advantage – specializing of countries from the production of goods where it is already efficient and effective in terms of coast as compared to other countries 2 Focus on Education 3 Establishment of a banking system that favors their own states (smart finance) Development Strategies Of Europe, Latin America and Japan For Japan 1 High literacy rate 2 High GAP 3 Structural reforms in the public and private sector 4 Industrial revitalization For Europe 1 Improving employment rate of the population aged 20-64 from the current 67% to at least 75%. 2 To reduce the number of Europeans living below natural poverty lines y 25% lifting 20 million people out of poverty. 3 To achieve the target of investing 3% of GAP in Research and Development. To increase the share of the population aged 30-34 having completed tertiary education from 31% to at least 40% (Latin America (neo liberal strategies)) For America 1 It encourages rapid prevarication of state enterprises 2 Opening of economies to increasing trade and foreign investment 3 Shrinking of state led programs designed to alleviate poverty 4 Adoption of import substitution industrialization policies Skilled labor force 2 Capital accumulation 3 Outward oriented strategies/policies Slow population growth rates 5 Ethic homogeneity 6 Culture and religious beliefs 7 Knowledge driven economy 8 Effective and stringent public policies 9 Politically, many of the tiger economies have a recent history of military rule. 10 Quality and standardization. Skilled Labor Force In the asses, these nations were poor and had abundance of cheap labor. This excess labor was absorbed by labor intensive industries, example in 1965, Korea industrial sector only employed 9. 4% as opposed to 21. 6% in 1980 yet agriculture employment fell from 58. 6% to 34% over the same period. The excess labor was ransomed into productive workforce through the education at all levels, all children attending elementary education. Money was also spent on improving college and university system. Note that : Most researchers argue that labor should be enhanced not education and capital enhanced with technological progress. Physical Capital accumulation This can be basically traced to the high savings rates,policies also played an important role in increasing the investment rate of the economy as much as capital accumulation was key to the growth of these countries capital productivity was essential. Capital productivity was attained through adopting foreign knowledge and technology. The technological catch up coupled with capital accumulation was significant to the Asian Tigers’ growth. 3 Ethnic homogeneity Most of these Asian Tigers had largely homogeneous ethnicity, egg, 98% of the Twain’s population is than Chinese. Most researchers argue that ethnic homogeneity is beneficial with respect to creating institutions that are conducive to economic growth. Also lower transactions are associated with (E. H ).

This is opposed to ethnic fragmentation which leads to lower public expenditure on schooling, worse financial institutions and lower spending on infrastructure. 4 Knowledge driven economy It was realized that there is need research and development( R&D), if a country was to grow to economic maturity. The Asian Tiger government committed to improving R&D. egg in Malaysia, the research activity was or is determined by the needs of the industry including the needs of the small and medium scale industries (Semi’s). Even in these countries, the skills focus was professional and managerial skills and technical skills. The industries become knowledge driven industries and egg in

Singapore; gradually 2 out of 3 Jobs were for knowledge and skilled workers in manufacturing sector and 3 out of 4 were for workers in the export services sector. Policy decision making in these countries are therefore guided by evidence or findings as a result of their investment in Research and Development. 5 Quality and Emphasis was placed on production of high quality standardized goods that would compete favorably at the global level: experts on standardization and quality assurance were brought in from Japan, US and I-J. Through nearly five (5) decades of hard work, Taiwan has transformed from an under developed, agricultural island to an economic power that is a leading producer of high-technology goods.

The following highlights characterized the transformation period and process:- 1 Taiwan has transformed itself from a recipient of U. S. Aid in the asses and early asses to an aid donor and major foreign investor, especially in Asia. 2 In the asses, foreign investment in Taiwan helped introduce modern, labor intensive technology to the island. (and Taiwan became a major exporter of labor intensive products). In the asses, focus shifted towards capital and technology- intensive products for export and towards developing the service sector. 4 Taiwan is now a creditor economy, holding one of the world’s largest foreign exchange reserves of more than $100 billion in 1999. Despite the Asian financial crisis, the economy continues to expand at about 5% per year with virtually full employment and low inflation. 5 The Taiwan population also enjoys an annual average income equal to U. S. $13,152 in 1999. 6 Foreign trade has been the engine of Twain’s rapid growth during the past 40 years. Its economy therefore remains export-oriented or export- river (and so depends on an open world trade regime and remains vulnerable to down-turns in the world economy. The following highlights characterized Twain’s foreign trade:- The electronics sector is Twain’s most important industrial export sector and is the largest recipient of United States (U. S. ) investment.

Taiwan is the world’s largest supplier of computer monitors and is a leading personal computers (P. C. ) manufacturer. Imports are dominated by raw materials and capital goods (which account for more than 90% of the total imports). Taiwan imports most of its energy needs The United States is Twain’s second largest trading partner, taking 20% of Twain’s exports and supplying 16% of its imports. Taiwan is United States’ eight largest trading partner; Twain’s two-way trade with the U. S. Amounted to about $45 billion in 2002. Imports from the U. S, consists mostly of agricultural and industrial raw materials. Exports to the U. S. Are mainly electronics and consumer goods.

Conclusion- As Twain’s per capita income level has risen, demand for imported high quality consumer goods has increased. These developments reflect Twain’s importance and her desire to be further integrated into the global economy. B ECONOMY OF SINGAPORE The economy is a highly developed and successful free market per capita in the world. The following characterized their economic history of Singapore:- 1 Exports in electronic and chemicals; and services provide the main source of revenue for the economy which allows it to purchase natural resources and raw materials that it does not have. 2 Singapore has an entropy trade strategy which makes it more competitive than many of its neighbors. The success of Singapore education policy in producing skilled workers within this period is one of the reasons for its economic wealth. 4 The government promotes high levels of paving and investment through mandatory savings scheme known as the Central Provident Fund and large, huge government expenditure in education and education. 5 Singapore strategic location on major sea lanes, and industrious population has given her an economic importance irrespective of her small size. 6 Singapore economic strategy proved a success producing real growth at an average of 8% from 1960 – 1999. The economy recovered in 1999, after the regional financial crisis with a growth rate of 5. 4% and 9. 9% in 2000. Manufacturing and financial business services are the engines of the Singapore economy and accounted for 26% and 22% f her GAP respectively in 2000. Highlights of Singapore manufacturing and financial business services: The electronics industry leads Singapore manufacturing sector, accounting for 48% of Singapore total industrial output, but the government also is proportioning development of the chemicals and biotechnology. It has also opened / process of opening the financial services, telecommunications, power generation and retailing sectors; to Foreign Service providers and greater competition. The government has made effort to lower the cost of doing business in Singapore. Singapore total trade in 2000 amounted to $273 billion. This is a 21% increase of what it was in 1999.

Despite its small size, Singapore is the tenth largest trading partner of United States (U. S. ). In 2000, her imports totaled $135 billion and exports totaled $138 billion; while re-exports contributed 43% of Singapore total sales to other countries in 2000. Conclusion: Singapore continues to attract investment funds. More than 1 500 U. S. Firms operate in Singapore. The government has also encouraged firms outside Singapore. C Economy of Hong Kong The economy of Hong Kong has benefited from laissez-fairer capitalism. Though; the government often intervened actively in the economy. After the recession, caused by the region wide Asian financial crisis that began in 1997 has been recovering.

Highlights 1 Real GAP growth was 3. 1% in 1999 and reached double digits in the first half of 2000. In 2004, real GAP grew by 8. 1 %, the second fastest since 1988. 2 Her unemployment rate peaked at 6. 3% minion and reduced to 4. 8% in mid-2000. In 2005 it was at 5. 7%. 3 Hong Kong enjoyed economic growth in the past because of its strong manufacturing sector but recently the services sector (tertiary sector-growth engine), has surpassed it in importance and now accounts for 85% of her GAP. Highlights of the activities in Hong Gongs services sector The major components of Hong Gongs service trade are- shipping, civil aviation, tourism and various financial services.

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