The second through fourth phase show remarkably steady GDP growth in all but three years: the year of Parks assassination and the 1997 and 2003 crises. :'!cF{ OK0]T_Rjk>KoGCQ The recovery is highly attributed to government stimulus programs in each region, which resulted in greater than 4% growth in the GDP of each country in 2009. 1 - The economic growth of the Four Asian Tigers. [47] Trade, import refinement and finance all require skilled labour, much like high tech industry, and Singapores unique geographic position and recent market liberalisation allow this to serve as the high-level industry that cements its position as a fully developed nation, just as high tech industries do for South Korea and Taiwan. Lessons from Korean Economic Growth. The American Economic Review 80:2. The Four Asian Tigers refers to the four East 5. Rethinking the Taiwanese Developmental State. China Quarterly 177. Democracy at best provides a degree of instability in leadership it is hard to make effective Five Year Plans (as in South Korea) when the government could be radically different as little as three years into the future, let alone long-term plans for development of key strategic industries as in Taiwan. Meanwhile, South Korea and Taiwan started to industrialize in the mid-1960s with significant government intervention, including programs and policies. 2007. , the rise of the economies of the Four Asian Tiger nations (known as the Asian Miracle) was due to export-oriented policies and strict development policies. The governments of South Korea, Taiwan, and Singapore all sought to promote certain export sectors, which was described as an export-driven policy. Everything depends on what people do with the raw material of their culture.[53]. This website uses cookies to improve your experience. The unity and legitimacy of Korean leadership was based on forced unity against the ideological foe of the North. Although often Web"Asian tigers,` has led to a second generation of rapidiy industrializ-ing, fast-growing economies. Of the three models of development we can identify in literature, it is the state-led model that was successfully employed in the Asian Miracle of the Tigers. A World Bank study recommends two growth strategies, among others, as a cause of the Asian miracle macroeconomic management and factor accumulation. Because of limited domestic markets in Singapore and Hong Kong, domestic and foreign prices were linked. Investment in High Technology. What explains the fast growth of the four Asian Tigers? We may now have a model for economic development, but this does not not mean that we can easily transplant it to other parts of the world. WebHow did the Asian Tigers develop? Earn points, unlock badges and level up while studying. I will not dispute the value of democracy, but there is a fundamental difference between a thing being good in its own right and a good thing leading to other good things. As rational actors would never engage in sub-optimum activities, it requires the guidance of the state to invest in those industries which will (hopefully) pay off in future, and therefore develop the economy as a whole. This category only includes cookies that ensures basic functionalities and security features of the website. Development, Legitimacy, and the Role of the State:The Asian Tigers from Independence to Industrialisation. These three models are less cohesive blueprints and more categories of development policy broadly derived from the Neoliberal, Keynesian and Heterodox economic traditions respectively, which for our purposes we can identify as Market-led, Interventionalist and State-led models for economic development. However if we accept this as a viable method of development two questions remain unanswered: why was it particularly successful in East Asia, and how can we transplant it to other parts of the world in need? South Korea, Taiwan, Hong Kong, and Singapore. The Four Asian Tigers economies recovered strongly as the world revived from the financial crisis. The crucial element is the leadership. 1990. Fig. WebIn the early post-war period, the period of anti-colonialism, general enthusiasm toward development theory designated the states as the essential agent of development in newly independent countries. 1. 219269. A perfect summary so you can easily remember everything. Cambridge, Massachusetts: MIT Press. The Role of Medium-Term Plans in Development. In Liberalisation in the Process of Economic Development. Singapore had the highest growth rate, well outpacing the other three tigers from 1970 onward. Statebuilders need to generate in state leaders a pressing urgency to pursue sustained economic development that will make the government stable (non-democratic) flexible (not bound to ideology) and motivated to actively pursue sustainable development progression. ~/R#7 The four Asian tigers refer to some of the strongest economies in the world Hong Kong, Singapore, South Korea, and Taiwan. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Cryptocurrency & Digital Assets Specialization (CDA), Business Intelligence Analyst Specialization, Commercial Banking & Credit Analyst (CBCA), Financial Modeling and Valuation Analyst(FMVA), Financial Planning & Wealth Management Professional (FPWM). COLLIER, Paul. [24], To return to classical terminology, the optimum activity at this phase in Korean history for an individual actor to participate in would be those same light industries. amount, in any currency, is appreciated. All Rights Reserved | Site by Rootsy. Conneticut, USA: Greenwood. COLLINS, Susan. After Singapores independence, the Economic Development Board developed and adopted national economic policies to boost the countrys manufacturing sector. 1991. [3] In the beginnings of the great ideological war against Communism, he took care to articulate that his program of development would be based on the concept on of democratic fair-dealing. This vision shapes the nature of development even today, with economic development and state-building more generally predicated on the assumption that if liberal democracy is established then all other aspects of development will naturally follow. In particular, it firstly highlights the historical distinction between the countries, and it subsequently In-deed, one might think of the range of the tiger as defining "Asia." I would suggest the missing link here is the legitimacy of these countries leaders. Sustainable Development is the New Economic Paradigm. Development 56:2. South Korea was struck worst by the increase of its foreign debt pressures, resulting in its currency crashing between 35% and 50%. Social and Economic Policies in Korea: Ideas, Networks and Linkages. Test your knowledge with gamified quizzes. Lerne mit deinen Freunden und bleibe auf dem richtigen Kurs mit deinen persnlichen Lernstatistiken. Obviously this did not happen. Likewise, government investment in education is also reflected in the cultural emphasis on education in these places. If the success of state-led development in East Asia cannot be attributed to their shared culture, then what? By 1987, South Korea had an enrollment rate of 88% at the secondary level.3. CHANG, Ha-Joon, and Ilene GRABEL. The 2017 Catalan Independence Referendum. What countries make up the four Asian Tigers? Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. They are also known as the Four Asian Dragons. WebThe second chapter evolves around the development of the Four Asian Tigers. What are the Four Asian Tigers or the Four Asian Dragons? 1998. [1] Charles Harvey and Hyunhoon Lee, New Regionalism in East Asia: How Does It Relate To The East Asian Development Model? ASEAN Economic Bulletin 19:2 (2002), 126, [2] See Robert Garran, Tigers Tamed: The End of the Asian Miracle (Hawaii, USA: University of Hawaii Press, 1998) for a prime example; also Benjamin Cohen, Finance and Security in East Asia, in The Nexus of Economics, Security and International Relations in East Asia, eds. The rapid economic growth that the Four Asian Tigers had seen was impressive. The Four Asian Tigers were motivated by Japans recognizable progress and followed the same strategy through investments in the same categories education and infrastructure. 1986. Stop procrastinating with our study reminders. When taken into consideration with the other Tigers, we have a clear idea of how their economies developed. A state-led economy has every chance of failing if they are not sufficiently stable, flexible and motivated to pursue development, as other cases might suggest. Web2 Inevitably, the question arises what precisely these "four tigers" have in common to explain such an outstanding performance. In the early 1960s, all four economies were facing uncertain economic prospects and were looking for ways to shift their economies so that they could be on track for fast economic development. Aggregate wealth rose, inequality shrank, and [29] This international demand for Korean goods, coupled with a dramatic increase in domestic consumption and higher standards of living across society, marked the definite movement of Korea into successful state status. 10 0 obj This meant that the leaders of all four of these countries had considerable motivation to aggressively seek sustainable development, and the fact that legitimacy was based on neither democracy (which can lead to instability and a lack of long-term planning) or ideology (as in the Communist states, binding development to a prescribed course with no room for adaption) allowed them to pursue this sustained development with stability and flexibility, explaining their particular success. SdRj2C. DC, USA: The Washington Institute Press. Ultimately the pattern of economic development achieved by the Asian Tigers is replicable elsewhere in the world, if the key issue of legitimisation and the role of the leadership in development is addressed. O? L. Krause and K Kihwan, California, USA: University of California Press. Set individual study goals and earn points reaching them. pp. CHANG, Ha-Joon. While growth in the early 1960s was fantastic, as high as 10% in some years, the Park government did not see this as a sustainable means of growth. The state was able to implement these plans through a range of policy tools, without considerable domestic challenges and with the ability to adapt the details of the plans to the challenges they encountered along the way. At its worst, democracy provides yet another legitimisation for leaderships primarily concerned with its own benefit and not sufficiently motivated to aggressively push through development plans. Taiwan Public Opinion Trends, 1998-2009. Public Opinion Quarterly 74:4. Hong Kong, like Singapore, ended up as a financial centre for its region as well as a major industrial producer not bad for a former entrepot. South Korea and Taiwan implemented export incentives for the traded goods market. The biggest issue facing developing states is that in too many cases the leadership rests its legitimacy not on the economic benefits that it can bring to its subjects but rather on the military forces that it commands and with which it can suppress any dissent. [15] As a model, Chang and Grabel suggest the following policies should be pursued by the government seeking development: trade protectionism while new industries are developing, a clear strategy for systemic development of higher-value-added industries, a cautious approach to privitisation and the nationalisation of some industries where appropriate, a relaxed approach to intellectual property law and strict control of both capital and foreign debt.[16]. Food and water had to be provided for by imports, necessitating a quick push towards export-oriented light industries to balance trade. 1991. The primary reason for the rise of the economies of the Four Asian Tigers was their export policies. Check out these explanations: There have been some debates on what development strategies have led to the success of the Asian Tigers. WebBRUNO MARSHALL SHIRLEY, OCT 16 2014 Development, Legitimacy, and the Role of the State: The Asian Tigers from Independence toIndustrialisation Note: Whenever possible which experienced rapid economic growth from the 1960s to the 1990s. Investment in Skills 2. Many thanks! Whereas, Taiwan and South Korea adopted hybrid regimes that suited their export businesses. Which countries started rapid development after the Asian Tigers? Necessary cookies are absolutely essential for the website to function properly. Keep reading to find out! TAI, Hung-Chao. California, USA: Stanford University Press. In all cases barring to an extent Hong Kong, a strong central state created a long-term plan for development that saw it through from the early days of ISI all the way to the establishment of advanced technological or financial industries. Assessing Globalisations Contribution to the Sex Trafficking Trade. The four economies that make up the Asian Tigers are South Korea, Taiwan, Hong Kong, and Singapore. Donations are voluntary and not required to download the e-book - your link to download is below. World Bank. Poor domestic demand also impacted the revival of these economies. These took very different forms in practice. Krugmans Economics: An Introduction. Economic and Political Weekly 43:49. 1994. Hong Kong, Taiwan, and South Korea have largely maintained the relative gaps between their corresponding growth rates. In order to rectify this situation, and to encourage development in states sorely in need of it, some drastic measures must be taken. [43] Interestingly Singapore sought to supplement the local lack of technical and managerial knowledge by attracting international firms, albeit in a limited fashion, using their capital and resources to kick-start the light industry that would provide the backbone of Singapores economy for the next few decades. While there is some debate regarding what contributed to the successes of the Four Asian Tigers, it is widely recognized that export-oriented policies, an emphasis on education, and a stable macroeconomic environment supported their growth. 2004. Hawaii, USA: University of Hawaii Press. SO, Alvin. This is borne out of the Heterodox tradition, as it refutes a basic principle of classical economics that what is good for the rational actor is good for the economy as a whole. 1987. economic development, the Asian tigers focused on export-oriented. What are the issues of the rapid growth of the Tigers? [36], While Yongping Wu points out that small- to mid-sized firms had an important role to play during this phase of development,[37] the state never lost its firm grip over the direction of the economy. 1 - The economic growth of the Four Asian Tigers. This was called guided capitalism, in which the state shall either directly participate or indirectly render guidance to key industries, particularly the labour-intenstive light industries that would lead to rapid export growth. For example, the smaller economies of the four - Hong Kong and Singapore - had made credits available to the export industries. Marglins neoclassical, neo-Keynesian and neo-Marxist strands of economic thought analysed in Tariq Banuri, Sustainable Development is the New Economic Paradigm, Development 56:2 (2013), 209. New Regionalism in East Asia: How Does It Relate To The East Asian Development Model? ASEAN Economic Bulletin 19:2. {T=T3=(]a]c7x%
]hH tnPgAr@9:= s$Fw#Xzv[w5K-s`? However this is not to say that the state had no hand in pushing development forward when the market might have been content to stay in one phase. Create the most beautiful study materials using our templates. L. Krause and K Kihwan (California, USA: University of California Press, 1991),78 for analysis of the positive correlation of market liberalisation and good economic performance; Robert Ellickson, Bringing Culture and Human Frailty to Rational Actors, Yale Law School Faculty Scholarship Series Paper 461 (1989), 23 for an elegant summary of the rational actor concept. An Alternative Strategy To Manaing Mineral Wealth. Perspectives on Politics. Land Reform. 1 - GDP per capita for the Four Asian Tigers (https://commons.wikimedia.org/wiki/File:Four_Tigers_GDP_per_capita.svg) by Kanguole is licensed by CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0/deed.en), World Bank. WebUganda can learn from the growth and the development experience. This manifested most obviously in the continued nationalisation of the steel, petrochemical, electronics and vehicle manufacturing industries, as all have an obvious military application. The first phase of development constituted recovery from the devastation of the war, with an average of 15.9% of GNP coming from US aid (with a peak of 22.9% in 1957). There were occasional ongoing military hostilities between Taiwan and the Chinese mainland. [54] The division was based on ideological grounds, with leaders of both North and South claiming to represent the ideology that was in the peoples best interests, and so the success of either leadership could best be gauged by their subjects by how much better off they appeared to be when compared to their neighbours. Even today, much of Taiwans identity is based around its relationship with mainland China, and a recent study concluded that while public identification with the mainland is less clamourous than it was a decade ago, continuous GMD leadership until the 2000 elections meant that the leadership was always committed to their One China policy. Exports were down by an annualized rate of 50%. Models for economic development are as varied as there are development economists, but at the risk of sacrificing diversity for ease of analysis we can broadly identify three distinct models. Is China (mainland) one of the Asian Tigers? bandwidth bills to ensure we keep our existing titles free to view. COHEN, Benjamin. CHANDRASEKHAR, C.P. WebHong Kong. 1990. 2010. Advocates of market-led or interventionalist growth would say that we could not. [6], The Market-led development model is that traditionally pushed by the IMF, advocating market liberalisation following a classical faith in the rationality of market actors. Engagement of special Agencies. Trade Theory Status Quo Despite Krugman. Economic and Political Weekly 43:19. No culture, he concludes, is either unequivocally good or bad for economic development. Besides government policies, many point out that other factors also contributed to rapid industrialization in the Asian Tigers. The unexpected lack of decline in light industry once heavier industries were developed could perhaps be attributable to the role of small- and mid-sized industries as discussed by Chang with most heavy industries nationalised but small-scale entrepreneurship tolerated, this is a logical industry to gravitate towards. H-C. Tai. Hong Kong, Taiwan, Singapore, and South Korea. In the cases of all four Tigers we see a clear trend in the leadership and the location of its legitimacy to varying degrees the position of the leadership is sustained and justified by the economic development that they were able to deliver. This work can be used for background reading and research, but should not be cited as an expert source or used in place of scholarly articles/books. [50] It is unusual among the Tigers for having a fairly consistent laissez-faire approach to the market, and is by far the closest to a market-led model of development. During this period factor input increases, both in capital accumulation and in quality of labour through education, accounted for a massive degree of growth in industrial output, setting up Korea well for the next phase of development.[28]. [18] The long-awaited autonomy it achieved was rapidly overshadowed by the Korean War (1950-3) with the North, which destroyed two-thirds of existing production facilities worth some three times the GNP. 1. ;9MolY;=gL-d[i%pN(=r&&wx&nMp@*]JYenp[%3vf)\93{D+98ZkO0&TR&p=03M jE?HY>i_Ydb;yT!g6\()Z8 CzlW/,; ZAKARIA, Fareed. List the countries that constitute the Asian Tigers. True/False: The Asian Tigers placed an emphasis on public investment in education. romF their World War II colonial rulers they The Oriental Alternative: A Hypothesis on Culture and Economy. In Confucianism and Economic Development: An Oriental Alternative. [34], Heavy industry was quickly established, in particular steel, electronics and petrochemical, as soon as the state ascertained that domestic and international demand was sufficient. Chalmers Johnson, MITI and the Japanese Miracle: The Growth of Industrial Policy, 1924-1975 (Stanford: Stanford University Press, 1982); Robert Wade, Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization (Princeton: Princeton University Press, 1990), [16] Ibid at 66; 78-9; 90; 101; 114; and 120 respectively, [17] Chang and Grabel, Reclaiming Development, 38, [18] Chungil Kim, The History of Korea (Conneticut, USA: Greenwood, 2005), 144, [19] Dongmyeon Shin, Social and Economic Policies in Korea: Ideas, Networks and Linkages (London, UK: Routledge Cuzon, 2003), 47, [25] Ha-Joon Chang, Bad Samaritans (London, UK: Random House, 2007), 14-15, [26] Shin, Social and Economic Policies, 56-7, [28] Susan Collins, Lessons from Korean Economic Growth, The American Economic Review 80:2 (1990), 105, [29] The World Databank (World Bank, 2014), databank.worldbank.org (accessed 20th May 2014), [30] Shin, Social and Economic Policies, 17, [31] Ezra Vogel, Four Little Dragons: The Spread of Industrialisation in East Asia (Massachussets, USA: Harvard University Press, 1991), 13-4, [33] Samuel Ho, Economics, Economic Bureaucracy and Taiwans Economic Development, Pacific Affairs 60:2 (1987), 229, [37] Yongping Wu, Rethinking the Taiwanese Developmental State, China Quarterly 177 (2004), 105, [39] Vincent Chang, Developing the Information Industry in Taiwan: Entrepreneurial State, Guerilla Capitalists, and Accomodative Technologists, Pacific Affairs 68:4 (1995-6), 551, [42] Fareed Zakaria, Culture is Destiny: A Conversation with Lee Kuan Yew, Foreign Affairs 73:2 (1994), 109, [43] W.G. Huff, Patterns in the Economic Development of Singapore, The Journal of Developing Areas 21:3 (1987), 309-10, [45] Huff, Economic Development of Singapore, 317, [47] Based on statistics from The World Databank, [48] A summary of the market-led argument is found in Alvin So, The Economic Success of Hong Kong: Insights from a World-Systems Perspective, Sociological Perspectives 29:2 (1986), 242-3, [50] So, Economic Success of Hong Kong, 241, [51] Hung-Chao Tai, The Oriental Alternative: A Hypothesis on Culture and Economy, in Confucianism and Economic Development: An Oriental Alternative, ed. g$Z~IjT`e}fq%NVSEUWM{O6Mz-.jXYGU^0+CK>D>Ic+f=[9AyzJ:81| 1989. Ed. In contrast to the Neoliberal approach of market liberalisation and faith in the rationality of individual actors, this model describes a strong central state utilising a range of policy tools to aggressively pursue development even against the wishes of market actors. Chandavarkar, while refuting the existence of a Keynesian model for development, does concede that he presented the first economic rationale for a central bank as a development agency,[14] setting the stage for a development model in which both government and market work together to achieve economic growth and ultimately development. This began in the 1960s, with high growth in Japan followed by take-off of the "Four Tigers," Hong Kong, Korea, Singapore, and Taiwan. How did the Asian Tigers achieve their growth? 2008. The reliance on economic development for legitimacy rather than democratic elections or ideological justification allowed the East Asian states to have both stability and flexibility in their planning, effectively enacting long-term plans for reinvestment and development while still adapting to the situation of the international economy and any new challenges that might arise (such as Chinas development of light industry in competition to Singapores). In 1949 Harry Truman introduced the concept of development to the world, identifying it as a key priority of the West in order to maintain peace and prosperity amongst all the people of the world. Development strategies employed by the Asian Tigers. 2008. Finance and Security in East Asia. The Nexus of Economics, Security and International Relations in East Asia. a study of the economic development policies of the Asian tigers How times (and cultural stereotypes) have changed. Taiwanese leadership needed these industries in particular to have a strong foundation in order to support their claims, both necessitating development and removing the potential obstacles of democractic instability and ideological inflexibility. Bringing Culture and Human Frailty to Rational Actors. Yale Law School Faculty Scholarship Series Paper 461. This website uses cookies to improve your experience while you navigate through the website. However the importance of the Central Providence Fund in establishing the infrastructure needed for heavy industry and the dominant role of Li in both politics and economic direction both suggest that the state was the principal mover in the development of Singapores economy, with liberal elements only being introduced in the late phases of development to pave the way to a financial and trade hub. This has contributed to the build-up of human capital. Other countries, notably the Soviet Union, Maoist China and North Korea, have attempted to lead development from the state with little success. Dec 5th 2019 Share T HE FOUR Asian tigersHong Kong, Singapore, South Korea and Taiwanonce fascinated the economic world. Webremarkable to Taiwan i 1949 is an opportune time toof catastrophic failure to wealth, developmental trajectory.1Retracing assess Taiwansfrom the brinkhow Taiwan has Among the Asian tigers, I chose to focus on South Korea and Taiwan because Hong Kong and Singapore are considered more special cases: they have small populations and their development process did not start from an agrarian or raw material base that is typically taken to be the starting point for industrialization. Written at: Victoria University of Wellington Export orientation. 1987. The World Databank. There is the "neoclassical view" which attributes their success to the governments playing a limited role and letting the market do its wishes.2, This view has been criticized by others as being factually incorrect. Webdevelopment of the Asian Tigers . By registering you get free access to our website and app (available on desktop AND mobile) which will help you to super-charge your learning process. Taiwan Once the competitive advantage in labour-intensive products seemed to be slipping (both as a result of a more educated workforce and the rising competition from China in the late 1970s) the state essentially decided to jump before they were pushed: the export-oriented economic structure must be upgraded to become more technology- and skill-intensive.[39] The states role in the inception of pivotal technologies and in the export vigour of Taiwans information industry, as well as in key large-scale industries like semiconductor production was immense,[40] and as in Korea led to the development of a substantive skilled-labour population who with their increased disposable incomes stimulated both domestic consumption and the service industry. [61] Democracy is certainly a good thing and should be a goal of statebuilding, but it is not the only good thing, and it may even provide an obstacle to development better perhaps to wait until the government is more institutionalised and society is more stable overall than to introduce it too soon. }U{)C/mF7dnC0p34x4GvIw2?@EcT%zN\~=]j\KLEcX+. But from where did the leaders of the Tigers derive their legitimacy? As we will see below, and unsurprisingly given its origins in analysis of the Asian Tigers themselves, all of the countries under discussion conform to the state-led development model in contrast to the market-led or state-intervention models. 2004. As Taiwan typically uses the more archaic Wade-Giles system readers may be unfamiliar with Pinyin names for individuals like Jiang Jieshi (Chiang Kai-Shek in WG) or even Mao Zedong (Mao Tse-Tung in WG), but they have been employed forconsistencythroughout. The History of Korea. The term "Four Asian Tigers" refers to the four economies in Asia - South Korea, Taiwan, Hong Kong, and Singapore - that achieved rapid economic growth from the 1960s to the 1990s. Aggressive reinvestment in infrastructure, state-owned industries and clearly communicated economic plans over a long period of time allowed for a progression through distinct phases of development even when reinvestment in the newer phases would have appeared the less optimal to individual market actors. [42], Singapores development follows a now-familiar path. WebGet Started Now Four Asian Tigers Economic Growth The rapid economic growth that the Four Asian Tigers had seen was impressive. Police Brutality Against Voters? Key Takeaways An export-led growth strategy is one where a country seeks economic development by opening itself up to international trade. Chapter 2. https://documents1.worldbank.org/curated/en/975081468244550798/pdf/multi-page.pdf, Page, John. He describes culture as having a Jekyll and Hyde nature, the positives and negatives being called on as needed to justify an argument. Sign up to highlight and take notes. Hong Kong also had a tumultuous time - the then-British colony had been a hub for re-export trade between mainland China and the rest of the world. Source: Wikimedia Commons. HUFF, W.G. This saw them through, with some variation, from backwards islands, peninsulas, and losers in war, to four of the most powerful economies in East Asia. Bad Samaritans. Taiwan followed a similar trajectory to Korea in its progression through four distinct stages of development, though with two exceptions of note: first that light industry played a key role in the economy all the way into the 1980s, and second that leadership did not seek to move beyond the first phase until threatened with aid reductions by the US. Culture is Destiny: A Conversation with Lee Kuan Yew. Foreign Affairs 73:2. In Koreas economic history we can identify four discrete phases of development: a period of Import Substitution Industrialisation; the development of light industry and export-led growth while reinvesting in and protecting heavy industry; the development of heavy industry, increases in labour quality through education and permissal of limited degrees of foreign capital; and finally the development of the high-tech industry, the skilled labour required for which stimulating domestic consumption. Vincent Chang describes the final phase in economic development, to fully-fledged technological state. Are We Entering an Asian Century?: The Possibility of a New International Order. Create beautiful notes faster than ever before. Their economic growth serves as a model for many developing nations, particularly Southeast Asias Tiger Cub Economies (Indonesia, the Philippines, Malaysia, Thailand, and Vietnam). RAINIS, Gustav. Web1 INTRODUCTION From the early 1970s to the late 1990s, East and Southeast Asias economic growth transfixed the world. Eds. We'll assume you're ok with this, but you can opt-out if you wish. This chapter begins by defining the group, then analyses their strategies for success, in Setting up the Pilot project. The importance of market actors in the development of Hong Kong cannot be denied, but there are some features of development (glossed over in Neoliberal accounts) that suggest that the state had a not-insignificant role in guiding the economy. 1. It is mandatory to procure user consent prior to running these cookies on your website. Describe briefly the Economic History of the Asian Tigers. The 2008 Global Financial Crisis hit hard the economies of Four Asian Tigers that profited from consumption by Americans. The Tiger approach to development is perhaps best characterised then as success due to coherent and flexible policies, effective implementation by the state and political capacity to insulate economic planning from competing interests.[58], Putting It Together: Replicating the Tigers Success. The effects of industrial policies in these economies remain the subject of heated debate.3, There is consensus in some areas regarding the Asian Tigers' development strategies. Note: Whenever possible Simplified Pinyin has been used throughout for the transliteration of Chinese names and places for its ease of use and predominance in modern literature. [13] Actors may be rational, but oversight is needed to stabilise output. [17] The failures of state-led economies like China under Mao, North Korea and the Soviet Union all indicate that strong states do not necessarily mean strong economies there must be some other factors missing from past analyses of development in the Asian Tigers that can make the state-led model work. In the case of South Korea, the country had emerged from the devastating aftermath of the Korean War in 1953 and experienced yet another turbulent event in the form of a coup by General Park Chung-hee in 1961. For B to develop its industrial base and ultimately engage in higher value-added activities in the future, it would require considerable investment in activities that currently are sub-optimum. So how could we replicate the success of the Tigers in other developing states? EAST ASIAN SOCIETIES AND THEIR GEOGRAPHY OF THINKING 2014. databank.worldbank.org (accessed 20th May 2014). Park knew that he was relatively safe from uprising (though apparently not from assassination) because the USA would not tolerate the fall of an anti-Communist regime, meaning that he had considerable stability and the ability to make long-term plans, but he also knew that the best means to maintain legitimacy was by proving ideological superiority over the North by achieving greater economic gains.[55]. Industrial estates were established, and the country offered tax incentives that attracted foreign investment. Japan suffered terrible destruction during World War II. Which are common factors that can explain the rapid growth of the Asian Tigers? XING, Guoxin. The high levels of physical capital can be attributed to more complicated factors. Your donations allow us to invest in new open access titles and pay our Given the wide array of salient structural differences between the Four, the task of finding an answer to that question is far from easy. The four economies in Asia -- South Korea, Taiwan, Hong Kong, and Singapore -- that achieved rapid economic growth from the 1960s to the 1990s. This model is essentially a reworking of the developmental state hypothesis used by commentators to explain the very cases we will be examining, but it has not received much favour as a model for development. The propensity to save more rather than consume is a common cultural factor across the Asian Tigers. To What Extent Is Great Power Competition A Threat to Global Security? The Asian Tigers provide us with an interesting alternative to the developmental strategies most commonly seen in statebuilding exercises, with their emphasis on liberal values like democracy and market-led growth. [23], The Park coup in 1961 demarcates the second phase of Korean economic development: the development of light industries and export-oriented growth. 1997. Well, this has nothing to do with animals, whether real or imaginary. Four Little Dragons: The Spread of Industrialisation in East Asia. Our story again begins at the end of a war, but Taiwan itself was left relatively unscathed by the fighting and still bearing the remnants of Japanese colonial attempts at development: some established agricultural exports in rice, sugar and pineapples, basic food processing plants and a handful of textile factories. E-IR is an independent non-profit publisher run by an all volunteer team. [22] Korean economic growth in this period was highly dependent on US aid and investment savings and vulnerable to intense fluctuations. But opting out of some of these cookies may affect your browsing experience. Based on these premises and in addition to acknowledgement of other schools of thoughts the paper contributes to cultural and institutional explanation of the East Asian economic phenomenon. London, UK: Routledge Cuzon. 4. [21] Workers unions were suppressed by the Rhee government to keep labour cheap. By the 1960s, production in the British Colony had grown and diversified to include electronics, garments, and plastics for exports. (eds.). Industrialising and aiming exports at highly industrialised nations. JOHNSON, Chalmers. An economic miracle is the term given to a period of great change, such as the period of dramatic economic growth the four Asian tigers went through from the 1960s to the 1980s due to them pursuing export-driven economic development by exporting to highly-industrialized nations. What contributed to their rapid. Geographic factors have also played a role. This model broadly follows from the writing of Lord Keynes and his views on the role of government in moderating the errors of the free market when necessary. [25], This set up the third stage of development, articulated in Parks second Five-Year Plan: the development of heavy and chemical industries, supported by legislation and key policy instruments. This was true prior to the 1997 Asian financial crisis. The clearest way to illustrate this is with an example in the two-factor HOS tradition: given Country As high level of industry and skilled labour, and their trading partner Country Bs high level of unskilled labour, the optimum activity for entrepeneurs in B to engage in would be along the lines of light industries or resource extraction. We see this in IMF loan conditionality, requiring liberalisation of economies in regions where the government formally had tight control,[4] and even in post-conflict statebuilding exercises, where the end goal is often the establishment of democratic elections.[5]. Expansionary and Contractionary Monetary Policy, Comparative Advantage vs Absolute Advantage, Factors Influencing Foreign Exchange Market, Expansionary and Contractionary Fiscal Policy, Long-Run Consequences of Stabilization Policies, Measuring Domestic Output and National Income, Fig. Its 100% free. industrial development to richer countries. Japan had developed prior to the Asian Tigers. In South Korea and Taiwan, the governments used financial incentives or public investments to promote investments in certain industries. This hypothesis, the developmental state, is one that has been argued for by a number of economists for some time now. Eds. Open-Economy Expectations, Decisions and Equilibria: Applying Keynes Aggregate Supply and Demand Model. Journal of Post Keynesian Economics 19:4. Hong Kong experienced extreme speculative assaults on its stock exchange and currency, prompting extraordinary market interference by the Hong Kong State Monetary Authority. In one form or another, the government intervened to foster development in all three Asian economies Web0.The Origin of Export-led Growth Strategy 1.Defination of Outward-Looking Development Strategies 2.Washington Consensus 3.Import-Substitution and Export-led Growth 4.Trade Reform in Selected Developing Countries 5.The Four Asian Tigers 6.How did the Four Asian Countries Achieve ? Rather than dwell in any particular phases of development, the Tigers pushed forward, aggressively reinvesting in the infrastructure needed to establish the next phase and protect it from the advantages of the international market until it was ready to shoulder the burden of economic growth. The Rise of Pacific Rim Economies Page 3 of 20. Alternate sources of legitimisation, such as military strength, need to be stripped by some means from leaders who show no signs of interest in the long-term economic interests of their state in order to refocus their attentions, while short-term revenue streams that will eventually dwindle need to be limited extractive industries for instance should have their exports limited to fight the resource curse and force consideration of alternate industries.[60]. There is wide agreement on these governments' good performance in maintaining macroeconomic stability. Everything you need to know on . 2006. 3. of the four Asian tiger economies in the following ways; Focus on exports. Explore our app and discover over 50 million learning materials for free. L. Krause and K Kihwan (California, USA: University of California Press, 1991), 146, [14] Anand Chandavarkar, Was Keynes a Development Economist? Economic and Political Weekly 21:7 (1986), 305, [15] Ha-Joon Chang and Ilene Grabel, Reclaiming Development: An Alternative Economic Policy Manual (New York, USA: Zed Books, 2004), 38; cf. If they had not industrialised and maintained a position of economic necessity within the region (as trading ports and later as financial centres) then they would not have been able to feed their population. H-C. Tai (DC, USA: The Washington Institute Press, 1989), [52] This paragraph from Chang, Bad Samaritans, Chapter 9: Lazy Japanese and Thieving Germans, [55] Similar to the strategy adopted by the Hu government in China, see Guoxin Xing, Hu Jintaos Political Thinking and Legitimacy Building: A Post-Marxist Perspective, Asian Affairs 36:4 (2009), 213, [56] Richard Sobel, William-Arthur Haynes and Yu Zheng, Taiwan Public Opinion Trends, 1998-2009, Public Opinion Quarterly 74:4 (2010), 784, [58] Shin, Social and Economic Policies, 17, [60] Erika Weinthal and Pauline Jones Luong, An Alternative Strategy To Manaing Mineral Wealth, Perspectives on Politics (2006), 39-42, Written by: Bruno Marshall Shirley What about Japan? Older forms of government have derived their legitimacy from the Divine Right of kings or from Hobbess Leviathan, to name a few examples. Singapore, sandwiched between its economic rivals of Malaysia and China, had no such fallback and the leaderships continued rule rested solely on their ability to deliver the economic goods. These cookies do not store any personal information. A key measure here was control of foreign exchange, limiting the access of private firms to imported materials and serving both to keep up domestic demand for processed raw materials (which was done in state firms and onsold to selected firms) and to reduce capital risk.[38]. [45] This was largely in response to the challenge that Chinas burgeoning light industry under Deng posed to Singapores output, and was pushed forward by the central government through a combination of reinvestment of wages in industry, infrastructure, housing and communications through the Central Provident Fund and an increase in minimum wage, forcing employers to seek more efficient modes of production.[46]. https://www.nber.org/system/files/chapters/c11011/c11011.pdf, IMF, Growth in East Asia What We Can and What We Cannot Infer, 1997, https://www.imf.org/external/pubs/ft/issues1/. 7.And Turkey 2005. Results: Weathering the Asian Fiancial Crisis. Advancement in Technology. Which contributed to the development of the Asian Tigers? WebAs economic growth represents the outcome of specific issues, the paper aims to identify and present the main factors that contributed to the meteoric growth of the Asian Tigers by They point to the fact that the governments in South Korea and Taiwan have promoted selected sectors of the economy. StudySmarter is commited to creating, free, high quality explainations, opening education to all. Princeton: Princeton University Press. WebThe term Asian Tiger refers to a group of countries in the south east of Asia which includes Hong Kong which is the administrative zone of China, Taiwan, Singapore, South Korea and Indonesia from 1960 to the year 2000, these Asia Economies did something miraculous hence they are popularly referred to as the Asian Miracles. Written for: Professor Jon Fraenkel What are the Four Asian Tigers or the Four Asian Dragons? Are there lessons to be learnt from the rapid economic growth of the Tigers, from the 1960s through to the 1990s, and do these have a practical application in contemporary development? Chandrasekhar, Investment Behaviour, Economies of Scale and Efficiency in an Import-Substituting Regime: A Study of Two Industries, Economic and Political Weekly 22:19/21 (1987), 62, [11] A withering critique is found in K.S. The actual policies pursued by the state will be highly reactive and tailored to the needs of the market. GARRAN, Robert. [27] This phase of development has lasted the longest of any thus far, with export-driven growth from heavy industry carrying Korea forwards until the early nineties. Everything you need for your studies in one place. Let's summarize some of the common characteristics of the Asian Tigers here. [51] Confucianisms emphasis on social hierarchy and the nation-family, they would say, provides East Asians with the unique outlook required to tolerate the submission of personal economic interest to the states long-term goals. However supporters of the market-led and interventionist models would argue that while state-led development may have been effective in East Asia, it is not applicable to other parts of the world. 2. High savings rates have enabled a large amount of investment in physical capital. In particular, they invest in the primary and secondary levels where the social rates of return to education are higher and where public investment is needed the most due to the large positive externalities.3, Between 1970 and 1989, real expenditure per student at the primary level rose by 355% in South Korea, compared to 64% in Mexico and 38% in Kenya over the same period. Invested in unis so students could go to uni abroad. By creating a secure banking system as well as encouraging savings among households, they were able to direct the savers money to public investments with high returns, such as infrastructure Singapore was perhaps the most democratic of the Tigers in its early life, if in name only: so charismatic was the leadership of Li Guangyao that in the words of a British diplomat politics disappeared leaving only an administrative state.[41] After reluctantly accepting Singapores independence from Malaysia in 1965, Li took control of Singaporean politics in soft authoritarianism until his retirement in 2011 and much of Singapores success is directly attributed to his personal vision and ability. Upload unlimited documents and save them online. But can this success be replicated elsewhere? The IMF: a Cure or a Curse? Foreign Policy 111. This established clear macro-economic growth targets in investment, industrial structure and trade balance, and established trade policy, industrial policy, and macro-economic policy in pursuit of these goals. All four economies are in proximity to global shipping lanes and have access to natural harbors which enable the low-cost transportation of goods to and from far-flung places. Taiwan shares a similar story to Korea, although at least in economic terms its origins are marginally less humble. All four economies had maintained their macroeconomic stability well in terms of their budget deficits, inflation, foreign debt, and exchange rates. In particular Vogel points to the allocation of public funds, with the vast majority diverted to developing the infrastructure that would be required by heavier industries roads, universities, and most interestingly land development specifically for the use of factories; and all this a good decade before there was any significant market-led demand for these public goods. Singapore was recently kicked out of Malaysia and faced an uncertain economic future as a new small city-state. Chang and Grabel suggest that this results from the challenge a state-centric development model posed to the Neoliberal establishment, an argument discussed in a later section. Indeed, when East Asia was still in the early stages of development the blame was placed as firmly on Confucianism as its current success is today. 1986. As in Singapore the pressing need to balance trade deficits due to poor agricultural potential led to a rapid development of light industry, but then advocates of market-led development would argue that the next steps through to trade and financial services would have been a logical step for market actors to take, given the proximity to China and the historical nature of Hong Kong as a trade port.[48]. 1991. [32] Only then did Jiang and the GMD begin to industrialise along the lines we saw in Korea. Was Keynes a Development Economist? Economic and Political Weekly 21:7. Government policies that promoted export-oriented development, public investment in education, a stable macroeconomic environment, as well as some cultural and geographic factors contributed to their development. [26] Foreign capital, though still under heavy government restrictions, was sought to help bolster growth and exports grew at almost 39.2% per annum. WebPeople intuitively understood what was expected from them, even if they did not always like it. This sees development follow a clear progression through ISI, light industry, heavy and chemical industries, and then finally technological industry, with the export revenue of each stage being used to fund the next and heavy protection from the international market until industries have been sufficiently established. Four Asian Tigers is a term given to the economies of four countries Hong Kong, Taiwan, Singapore, and South Korea. ELLICKSON, Robert. [10] While critics point out that this leaves high value-added industries controlled by the developed countries of today, with the countries pursuing this model stuck with low-value-added industries like agriculture, resource extraction, and at best light industry, advocates would respond that it is still a clear improvement over the current situation of developing states.[11]. HO, Samuel. Of course, tigers did not exist everywhere in Asia, A World Bank study recommends two growth strategies, among others, as a cause of the Asian miracle macroeconomic management and factor accumulation. All four economies began to industrialize in the 1960s with heavy state involvement. SHIN, Dongmyeon. 1994. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). This unfortunately reinforces the imbalance in value-added activities between A and B. Date written: June 2014, All content on the website (with the exception of images) is published under the following Creative Commons License, Copyright E-International Relations. Most governments today derive their legitimacy from democratic elections when the Obama administration makes a decision, the decision is made by the people and for the people. 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f pNv5sPIbMP@4g1yj[)]{R7aLN,G'qjGvI^A"emB lPj&3Jo`nWr/P2&-6)t8("Vx%'OFs+x}! 4GBsY JOMO, J.S., and Rudiger VON ARNIM. support open access publishing. Before this period the primary sector (mainly agriculture and fishery) accounted for nearly a third of GDP before rapidly dropping to just 7% in the industrial explosion, and food processing (the dominant industry on GMD occupation) fell from 47% of manufactory output in the 1950s to just 31% in the industrialised 60s, finally dropping to 12% in the early 1980s (the end of the heavy industry era). [9], In practical terms, the liberalisation of both the domestic market and international trade is expected to result in semi-sustainable economies relying on export of either raw materials or (in land-scarce, labour-abundant states) perhaps even the product of light industry to balance the import of the machinery and other tools needed for these industries. 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