Four Asian Tigers

Quick Facts: Who was Four Asian Tigers?

Subject:

Four Asian Tigers

Known for:

Developed Asian economies: Hong Kong, Singapore, South Korea, and Taiwan.

Verified Source:

2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

The Four Asian Tigers (a.k.a. the Four Asian Dragons or Four Little Dragons in Korean and Chinese) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1950s and 1990s, they underwent rapid industrialisation and maintained exceptionally high growth rates of more than 7 percent a year. By the middle 1990s, all of these economies had developed into high-income economies, specialising in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centres, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices; Taiwan now produces the most advanced semiconductor chips in the world; South Korea has also developed into a major global arms manufacturer.

Career & Major Achievements

Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of Southeast Asia. In 1993, a World Bank report The East Asian Miracle credited neoliberal policies with the economic boom, including the maintenance of export-oriented policies, low taxes and minimal welfare states. Other institutional and empirical analyses have argued that extensive state intervention and industrial policy had a much greater influence than the World Bank suggested. Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies. Unique to these economies were the sustained rapid growth and high levels of equal income distribution.

Enduring Legacy & Impact

A World Bank report suggests two development policies among others as sources for the Asian miracle: factor accumulation and macroeconomic management. A paper in The American Journal of Economics and Sociology attributes the Four Tigers' success to multiple factors: A transition from import substitution industrialisation (ISI) to export-oriented industrialisation (EOI); Heavy state intervention within a market-oriented economy, including state investment in agriculture and industry, land reform, and education, and policies to encourage a high rate of private investment; US support through free-trade policies, public policy consultation, and military backing. Other sources have noted that all of the Four Asian Tigers practiced authoritarianism during the peak of their economic growth, although they have since moved to hybrid or liberal democratic regimes. The Hong Kong economy was the first out of the four to undergo industrialisation with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation.

Chronological Milestones & Life Events

1. 1993: 1993 Milestone — In 1993, a World Bank report The East Asian Miracle credited neoliberal policies with the economic boom, including the maintenance of export-oriented policies, low taxes and minimal welfare states.
2. 1997: 1997 Milestone — Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies.

Historical Fact-Check Quiz: Four Asian Tigers

True or False: “The World Bank report 'The East Asian Miracle' solely credited neoliberal policies for the economic boom of the Four Asian Tigers.”

Answer (FALSE ❌): While neoliberal policies were cited, other analyses argued that extensive state intervention and industrial policy played a much greater influence.

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