Four Asian Tigers
{{short description|Economies of South Korea, Taiwan, Singapore and Hong Kong}}
{{Infobox Chinese
| pic = Four Asian Tigers with flags.svg
| piccap = The Four Asian Tigers, from north to south: South Korea, Taiwan, Hong Kong and Singapore
| t = 亞洲四小龍
| s = 亚洲四小龙
| p = Yàzhōu sì xiǎo lóng
| myr = Yàzhōu sz̀ syǎu lúng
| w = {{tone superscript|Ya4-chou1 szu4 hsiao3 lung2}}
| mi = {{IPAc-cmn|ya|4|.|zh|ou|1|-|si|4|-|x|iao|3|-|l|ong|2}}
| tp = Yàjhōu sìh siǎo lóng
| bpmf = ㄧㄚˋ ㄓㄡ ㄙˋ ㄒㄧㄠˇ ㄌㄨㄥˊ
| j = aa3 zau1 sei3 siu2 lung4
| y = aa jāu sei síu lùhng
| ci = {{IPAc-yue|aa|3|-|z|au|1|-|s|ei|3||-|s|iu|2|-|l|ung|4}}
| poj = A-chiu sì sió lêng
| l = Asia's Four Little Dragons
| hangul = 아시아의 네 마리 용
| hanja = 아시아의 네 마리 龍
| rr = Asiaui ne mari yong
| mr = Asiaŭi ne mari yong
| lk = Asia's four dragons
| msa = Empat Harimau Asia
| tam = நான்கு ஆசியப் புலிகள்
}}
The Four Asian Tigers ({{a.k.a.}} the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan.{{cite journal |last1=Day |first1=Dong-Ching |title=Four Asian Tigers' Political and Economic Development Revisited 1998-2017: From the Perspective of National Identity |journal=Asian Journal of Interdisciplinary Research |date=2021 |volume=4 |issue=4 |pages=54–61 |doi=10.54392/ajir2147 |doi-access=free}} Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.
By the early 21st century, these economies had developed into high-income economies, specializing 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; South Korea has also developed into a major global arms manufacturer. Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of Southeast Asia.
{{Cite web
|url=http://www.afrol.com/articles/22953
|title=Can Africa really learn from Korea?
|date=24 November 2008
|publisher=Afrol News
|access-date=16 February 2009
|url-status=live
|archive-url=https://web.archive.org/web/20081216151452/http://www.afrol.com/articles/22953
|archive-date=16 December 2008
}}{{Cite news|url=http://www.korea.net/news/news/newsView.asp?serial_no=20080301004&part=103 |title=Korea role model for Latin America: Envoy |publisher=Korean Culture and Information Service |date=1 March 2008 |access-date=16 February 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090422054358/http://www.korea.net/news/news/newsView.asp?serial_no=20080301004&part=103 |archive-date=22 April 2009 }}
{{Cite journal
|title=Korean economic growth and marketing practice progress: A role model for economic growth of developing countries
|last=Leea
|first=Jinyong
|author2=LaPlacab, Peter
|author3=Rassekh, Farhad
|journal=Industrial Marketing Management
|date=2 September 2008
|doi=10.1016/j.indmarman.2008.09.002
|volume=37
|issue=7
|pages=753–757
}}
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. Institutional analyses found that some level of state intervention was involved.
{{Cite book
|title = The Dictionary of Human Geography
|url = https://archive.org/details/dictionaryhumang00greg
|url-access = limited
|year = 2009
|publisher = Blackwell
|location = Malden, MA
|isbn = 978-1-4051-3287-9
|edition = 5th
|editor1 = Derek Gregory
|editor2 = Ron Johnston
|editor3 = Geraldine Pratt
|editor4 = Michael J. Watts
|editor5 = Sarah Whatmore
|page = [https://archive.org/details/dictionaryhumang00greg/page/n56 38]
|chapter = Asian Miracle/tigers
}} Some analysts argued that industrial policy and state intervention had a much greater influence than the World Bank report suggested.{{Cite journal|date=1 April 1997|title=The 'paradoxes' of the successful state|journal=European Economic Review|language=en|volume=41|issue=3–5|pages=411–442|doi=10.1016/S0014-2921(97)00012-3|issn=0014-2921|last1=Rodrik|first1=Dani}}{{Cite book|url=https://books.google.com/books?id=nSqXpDiQ4ggC|title=The East Asian Development Experience|last=Chang|first=Ha-Joon|isbn=9781842771419|year=2006|publisher=Zed Books |access-date=28 September 2020|archive-date=11 April 2023|archive-url=https://web.archive.org/web/20230411205409/https://books.google.com/books?id=nSqXpDiQ4ggC|url-status=live}}
Overview
File:Four Tigers GDP per capita.svg
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. A World Bank report suggests two development policies among others as sources for the Asian miracle: factor accumulation and macroeconomic management.{{Cite book
|given=John |surname=Page
|chapter=The East Asian Miracle: Four Lessons for Development Policy
|chapter-url=http://www.nber.org/chapters/c11011
|pages=219–269
|doi=10.1086/654251
|title=NBER Macroeconomics Annual
|volume=9
|editor1-given=Stanley |editor1-surname=Fischer
|editor2-given=Julio J. |editor2-surname=Rotemberg
|location=Cambridge, Massachusetts |publisher = MIT Press
|year=1994
|isbn=978-0-262-06172-8
|s2cid=153796598
|url=https://www.nber.org/books/fisc94-1
|url-status=live
|archive-url=https://web.archive.org/web/20130202071659/https://www.nber.org/books/fisc94-1
|archive-date=2 February 2013
}}
The Hong Kong economy was the first out of the four to undergo industrialization 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.[http://eh.net/encyclopedia/economic-history-of-hong-kong/ "Economic History of Hong Kong"] {{webarchive|url=https://web.archive.org/web/20150417050303/http://eh.net/encyclopedia/economic-history-of-hong-kong/ |date=17 April 2015 }}, Schenk, Catherine. EH.net 16 March 2008. Following Singapore's independence from Malaysia, the Economic Development Board formulated and implemented national economic strategies to promote the country's manufacturing sector.{{cite web | title = Singapore Infomap – Coming of Age | publisher = Ministry of Information, Communications and the Arts | access-date = 17 July 2006 | url = http://www.sg/explore/history_coming.htm | url-status = dead | archive-url = https://web.archive.org/web/20060713023054/http://www.sg/explore/history_coming.htm | archive-date = 13 July 2006 | df = dmy-all }} Industrial estates were set up and foreign investment was attracted to the country with tax incentives. Meanwhile, Taiwan and South Korea began to industrialize in the mid-1960s with heavy government involvement including initiatives and policies. Both countries pursued export-oriented industrialization as in Hong Kong and Singapore.{{cite book|author=Michael H. Hunt|title=The World Transformed: 1945 to the Present|url=https://archive.org/details/worldtransformed0000hunt|url-access=registration|date=10 November 2003|publisher=Bedford/St. Martin's|isbn=978-0-312-24583-2|page=[https://archive.org/details/worldtransformed0000hunt/page/352 352]}} The four countries were inspired by Japan's evident success, and they collectively pursued the same goal by investing in the same categories: infrastructure and education. They also benefited from foreign trade advantages that set them apart from other countries, most significantly economic support from the United States; part of this is manifested in the proliferation of American electronic products in common households of the Four Tigers.{{citation needed|date=October 2022}}
By the end of the 1960s, levels in physical and human capital in the four economies far exceeded other countries at similar levels of development. This subsequently led to a rapid growth in per capita income levels. While high investments were essential to their economic growth, the role of human capital was also important. Education in particular is cited as playing a major role in the Asian economic miracle. The levels of education enrollment in the Four Asian Tigers were higher than predicted given their level of income. By 1965, all four nations had achieved universal primary education. South Korea in particular had achieved a secondary education enrollment rate of 88% by 1987. There was also a notable decrease in the gap between male and female enrollments during the Asian miracle. Overall these advances in education allowed for high levels of literacy and cognitive skills.
The creation of stable macroeconomic environments was the foundation upon which the Asian miracle was built. Each of the Four Asian Tiger states managed, to various degrees of success, three variables in: budget deficits, external debt and exchange rates. Each Tiger nation's budget deficits were kept within the limits of their financial limits, as to not destabilize the macro-economy. South Korea in particular had deficits lower than the OECD average in the 1980s. External debt was non-existent for Hong Kong, Singapore and Taiwan, as they did not borrow from abroad. Although South Korea was the exception to this – its debt to GNP ratio was quite high during the period 1980–1985, it was sustained by the country's high level of exports. Exchange rates in the Four Asian Tiger nations had been changed from long-term fixed rate regimes to fixed-but-adjustable rate regimes with the occasional steep devaluation of managed floating rate regimes. This active exchange rate management allowed the Four Tiger economies to avoid exchange rate appreciation and maintain a stable real exchange rate.
Export policies have been the de facto reason for the rise of these Four Asian Tiger economies. The approach taken has been different among the four nations. Hong Kong, and Singapore introduced trade regimes that were neoliberal in nature and encouraged free trade, while South Korea and Taiwan adopted mixed regimes that accommodated their own export industries. In Hong Kong and Singapore, due to small domestic markets, domestic prices were linked to international prices. South Korea and Taiwan introduced export incentives for the traded-goods sector. The governments of Singapore, South Korea and Taiwan also worked to promote specific exporting industries, which were termed as an export push strategy. All these policies helped these four nations to achieve a growth averaging 7.5% each year for three decades and as such they achieved developed country status.{{Cite news
|title=Troubled Tigers
|year=2009
|newspaper=The Economist
|volume=390
|issue=8616
|pages=75–77
|url=https://www.economist.com/briefing/2009/01/29/troubled-tigers
|author=Anonymous
|access-date=6 September 2018
|archive-url=https://web.archive.org/web/20181122141754/https://www.economist.com/briefing/2009/01/29/troubled-tigers
|archive-date=22 November 2018
|url-status=live
}}
Dani Rodrik, economist at the John F. Kennedy School of Government at Harvard University, has in a number of studies argued that state intervention was important in the East Asian growth miracle.{{Cite journal|last1=Rodrik|first1=Dani|last2=Grossman|first2=Gene|last3=Norman|first3=Victor|date=1995|title=Getting Interventions Right: How South Korea and Taiwan Grew Rich|jstor=1344538|journal=Economic Policy|volume=10|issue=20|pages=55–107|doi=10.2307/1344538|s2cid=56207031|url=http://www.nber.org/papers/w4964.pdf|access-date=27 August 2019|archive-url=https://web.archive.org/web/20180602114911/http://www.nber.org/papers/w4964.pdf|archive-date=2 June 2018|url-status=live}} He has argued "it is impossible to understand the East Asian growth miracle without appreciating the important role that government policy played in stimulating private investment".
= 1997 Asian financial crisis =
The Tiger economies experienced a setback in the 1997 Asian financial crisis. Hong Kong came under intense speculative attacks against its stock market and currency necessitating unprecedented market interventions by the state Hong Kong Monetary Authority. South Korea was hit the hardest as its foreign debt burdens swelled resulting in its currency falling between 35 and 50%.{{Cite news
|title=East Asian Economies: Tigers adrift
|newspaper=The Economist
|year=1998
|publisher=The Economist Intelligence Unit
|location=London; US
|issn=0013-0613
|pages=S3–S5
|author=Pam Woodall
|id={{ProQuest|224090151}}
}} By the beginning of 1997, the stock market in Hong Kong, Singapore, and South Korea also saw losses of at least 60% in dollar terms. Singapore and Taiwan were relatively unscathed. The Four Asian Tigers recovered from the 1997 crisis faster than other countries due to various economic advantages including their high savings rate (except South Korea) and their openness to trade.
= 2008 financial crisis =
The export-oriented tiger economies, which benefited from American consumption, were hit hard by the 2008 financial crisis. By the fourth quarter of 2008, the GDP of all four nations fell by an average annualized rate of around 15%.
Exports also fell by a 50% annualized rate.
Weak domestic demand also affected the recovery of these economies. In 2008, retail sales fell 3% in Hong Kong, 6% in Singapore and 11% in Taiwan.
As the world recovered from the 2008 financial crisis, the Four Asian Tiger economies have also rebounded strongly. This is due in no small part to each country's government fiscal stimulus measures. These fiscal packages accounted for more than 4% of each country's GDP in 2009.
Another reason for the strong bounce back is the modest corporate and household debt in these four nations.
A 2011 article published in Applied Economics Letters by financial economist Mete Feridun of University of Greenwich Business School and his international colleagues investigates the causal relationship between financial development and economic growth for Thailand, Indonesia, Malaysia, the Philippines, China, India and Singapore for the period between 1979 and 2009, using Johansen cointegration tests and vector error correction models. The results suggest that in the case of Indonesia, Singapore, the Philippines, China and India financial development leads to economic growth, whereas in the case of Thailand there exists a bidirectional causality between these variables. The results further suggest that in the case of Malaysia, financial development does not seem to cause economic growth.{{cite journal |surname1=Mukhopadhyaya |given1=Bidisha |surname2=Pradhana |given2=Rudra P. |surname3=Feridun |given3=Mete |year=2011 |title=Finance-growth nexus revisited for some Asian countries |journal=Applied Economics Letters |volume=18 |issue=6 |pages=1527–1530 |doi=10.1080/13504851.2010.548771|s2cid=154797937 }}
Gross domestic product (GDP)
File:Worlds regions by total wealth(in trillions USD), 2018.jpg
File:Maddison GDP per capita Four Asian Tigers 1950-2018.svg
In 2018, the combined economy of the Four Asian Tigers constituted 3.46% of the world's economy with a total Gross domestic product (GDP) of 2,932 billion US dollars. The GDP in Hong Kong, Singapore, South Korea and Taiwan was worth 363.03 billion, 361.1 billion, 1,619.42 billion and 589.39 billion US dollars respectively in 2018, which represented 0.428%, 0.426%, 1.911% and 0.696% of the world economy. Together, their combined economy surpassed the United Kingdom's GDP of 3.34% of the world's economy some time in the mid-2010s. In 2021, each of the Four Asian Tigers' GDP Per capita (nominal) exceeds $30,000 according to IMF's estimate.
File:Skylines of the Central Business District, Singapore at dusk.jpg|Singapore
File:Seoul (175734251) (cropped).jpg|Seoul, South Korea
File:Hong Kong Night view.jpg|Hong Kong
File:Taipei Night Skyline 20230402.jpg|Taipei, Taiwan
Education and technology
The four governments focused on investing heavily in their infrastructure as well as education to benefit their country through skilled workers and higher level jobs such as engineers and doctors. The policy was generally successful and helped develop the countries into more advanced and high-income industrialized developed countries. For example, all four countries have become global education centers with Singapore, Taiwan, South Korea and Hong Kong high school students scoring well on math and science exams such as the PISA exam{{Citation needed|date=December 2021}} and with Taiwanese students winning several medals in International Olympiads.* {{cite news|url=http://focustaiwan.tw/news/aedu/201708060014.aspx|title=Taiwan team wins gold at International Linguistic Olympiad|date=6 August 2017|first1=Tai|last1=Ya-chen|first2=S.C.|last2=Chang|publisher=The Central News Agency|work=Focus Taiwan|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170807070553/http://focustaiwan.tw/news/aedu/201708060014.aspx|archivedate=7 August 2017|df=dmy-all}}
- {{cite news|url=http://taiwantoday.tw/news.php?unit=10,10,10&post=119180|title=Taiwan students excel at International Biology Olympiad|date=31 July 2017|publisher=Ministry of Foreign Affairs, Republic of China|work=Taiwan Today|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222306/http://taiwantoday.tw/news.php?unit=10%2C10%2C10&post=119180|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=http://taiwantoday.tw/news.php?unit=2,6,10,15,18&post=118517|title=Taiwan students shine at International Chemistry Olympiad|date=17 July 2017|publisher=Ministry of Foreign Affairs, Republic of China|work=Taiwan Today|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170807021029/http://taiwantoday.tw/news.php?unit=2%2C6%2C10%2C15%2C18&post=118517|archivedate=7 August 2017|df=dmy-all}}
- {{cite news|url=http://focustaiwan.tw/news/aedu/201707220013.aspx|title=Taiwan wins 6 medals at Math Olympiad in Brazil|date=22 July 2017|first1=Chen|last1=Chih-chung|first2=Romulo|last2=Huang|publisher=The Central News Agency|work=Focus Taiwan|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222051/http://focustaiwan.tw/news/aedu/201707220013.aspx|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=https://www.forbes.com/sites/maureensullivan/2016/11/30/who-has-the-smartest-math-and-science-students-singapore/#79a59f291913|title=Who Has The Smartest Math And Science Students? Singapore|first=Maureen|last=Sullivan|date=30 November 2016|work=Forbes|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170815185934/https://www.forbes.com/sites/maureensullivan/2016/11/30/who-has-the-smartest-math-and-science-students-singapore/#79a59f291913|archivedate=15 August 2017|df=dmy-all}}
- {{cite news|url=https://www.bbc.com/news/education-38212070|title=Pisa tests: Singapore top in global education rankings|first=Sean|last=Couglan|date=6 December 2016|work=BBC News|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170717162717/http://www.bbc.com/news/education-38212070|archivedate=17 July 2017|df=dmy-all}}
- {{cite news|url=http://www.businessinsider.com/the-10-smartest-countries-based-on-math-and-science-2015-5|title=The 10 smartest countries based on math and science|first=Matthew|last=Speiser|date=13 May 2015|work=Business Insider|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222412/http://www.businessinsider.com/the-10-smartest-countries-based-on-math-and-science-2015-5|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=https://www.usnews.com/news/best-countries/articles/2016-12-06/2015-pisa-scores-are-no-surprise|title=The Best Students in the World|first=Deidre|last=McPhillips|date=6 December 2016|accessdate=16 August 2017|work=US News|url-status=live|archiveurl=https://web.archive.org/web/20170806220954/https://www.usnews.com/news/best-countries/articles/2016-12-06/2015-pisa-scores-are-no-surprise|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=http://www.businessinsider.com/pisa-worldwide-ranking-of-math-science-reading-skills-2016-12|title=The latest ranking of top countries in math, reading, and science is out — and the US didn't crack the top 10|first1=Abby|last1=Jackson|first2=Andy|last2=Kiersz|date=6 December 2016|work=Business Insider|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222216/http://www.businessinsider.com/pisa-worldwide-ranking-of-math-science-reading-skills-2016-12|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=http://www.chinapost.com.tw/taiwan/national/national-news/2016/12/11/486406/taiwanese-students.htm|title=Taiwanese students sweep olympiad to finish in first place|date=11 December 2016|work=The China Post|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222148/http://www.chinapost.com.tw/taiwan/national/national-news/2016/12/11/486406/taiwanese-students.htm|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=http://www.taipeitimes.com/News/taiwan/archives/2011/07/18/2003508529|title=Taiwanese win gold at Biology Olympiad|date=18 July 2011|work=The Taipei Times|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806221019/http://www.taipeitimes.com/News/taiwan/archives/2011/07/18/2003508529|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=http://www.taiwannews.com.tw/en/news/2525699|title=Taiwan crowned International Biology Olympiad champion|date=12 July 2014|accessdate=16 August 2017|work=Taiwan News|url-status=live|archiveurl=https://web.archive.org/web/20170807020319/http://www.taiwannews.com.tw/en/news/2525699|archivedate=7 August 2017|df=dmy-all}}
- {{cite news|url=http://www.taiwannews.com.tw/en/news/2773257|title=Taiwan wins 3 gold medals, 1 silver at Biology Olympiad|date=19 July 2015|accessdate=16 August 2017|work=Taiwan News|url-status=live|archiveurl=https://web.archive.org/web/20170806222704/http://www.taiwannews.com.tw/en/news/2773257|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=http://www.taiwannews.com.tw/en/news/2261871|title=Taiwan wins 1 gold, 3 silvers at International Biology Olympiad|date=21 July 2013|work=Taiwan News|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806221438/http://www.taiwannews.com.tw/en/news/2261871|archivedate=6 August 2017|df=dmy-all}}
- {{cite news|url=http://english.moe.gov.tw/ct.asp?xItem=16329&ctNode=11414&mp=2012|title=Taiwan Wins Four Gold Medals at International Biology Olympiad|date=7 December 2014|publisher=Ministry of Education, Republic of China|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806221156/http://english.moe.gov.tw/ct.asp?xItem=16329&ctNode=11414&mp=2012|archivedate=6 August 2017|df=dmy-all}}
In relation to higher-level education, there are many prestigious colleges as in most developed countries. In the 2023 QS University Rankings, the top 100 universities in the world include 5 universities from Hong Kong, 6 universities from South Korea, 2 from Singapore and 1 from Taiwan. Despite the small populations and the relatively short history of universities in the four countries, they together account for a quarter of the top 100 universities located outside of the United States or the United Kingdom. Notable schools include the National Taiwan University, Chinese University of Hong Kong, The Hong Kong University of Science and Technology, Seoul National University, National University of Singapore, Nanyang Technological University and University of Hong Kong. The cities of Hong Kong, Singapore and Seoul are prominent hubs in higher education.
Cultural basis
The role of Confucianism has been used to explain the success of the Four Asian Tigers. This conclusion is similar to the Protestant work ethic theory in the West promoted by German sociologist Max Weber in his book The Protestant Ethic and the Spirit of Capitalism. The culture of Confucianism is said to have been compatible with industrialization because it valued stability, hard work, discipline, and loyalty and respect towards authority figures.{{cite book|last=Lin|first=Justin Yifu|title=Demystifying the Chinese Economy|url=https://books.google.com/books?id=rxzJoskK_rwC&pg=PA107|date=27 October 2011|publisher=Cambridge University Press|isbn=978-0-521-19180-7|page=107|url-status=live|archive-url=https://web.archive.org/web/20160729074006/https://books.google.com/books?id=rxzJoskK_rwC&pg=PA107|archive-date=29 July 2016}} There is a significant influence of Confucianism on the corporate and political institutions of the Asian Tigers. Prime Minister of Singapore Lee Kuan Yew advocated Asian values as an alternative to the influence of Western culture in Asia.{{cite book|last=DuBois|first=Thomas David|title=Religion and the Making of Modern East Asia|url=https://books.google.com/books?id=7NH4Jeh5QG4C&pg=PA227|date=25 April 2011|publisher=Cambridge University Press|isbn=978-1-139-49946-0|pages=227–228|url-status=live|archive-url=https://web.archive.org/web/20160103032318/https://books.google.com/books?id=7NH4Jeh5QG4C&pg=PA227|archive-date=3 January 2016}} This theory was not without its critics. There was a lack of mainland Chinese economic success during the same time frame as the Four Tigers, and yet China was the birthplace of Confucianism. During the May Fourth Movement of 1919, Confucianism was blamed for China's inability to compete with Western powers.
In 1996, the economist Joseph Stiglitz pointed out that, ironically, "not that long ago, the Confucian heritage, with its emphasis on traditional values, was cited as an explanation for why these countries had not grown."[http://documents.worldbank.org/curated/en/786661468245419348/pdf/765590JRN0WBRO00Box374378B00PUBLIC0.pdf Some Lessons from the East Asian Miracle] {{Webarchive|url=https://web.archive.org/web/20180929035245/http://documents.worldbank.org/curated/en/786661468245419348/pdf/765590JRN0WBRO00Box374378B00PUBLIC0.pdf |date=29 September 2018 }}, a 27-page paper published by the World Bank, Joseph E. Stiglitz, Aug. 1996. In addition to the Four Asian Tigers, Stiglitz also lists the economies of Japan, Indonesia, Malaysia, and Thailand as part of the East Asian Miracle.
Territory and region data
{{Update|part=Territory and region data|date=June 2024}}
=Credit ratings=
= Demographics =
| class="wikitable sortable" border="1" |
| style="background:#ececec;"
! Country or ! Area ! Population ! Population ! Life ! Median ! Birth rate ! Death rate ! Fertility ! Net ! Population |
| style="text-align:left;" | Hong Kong
| align="center" | 1,106 | align="center" | 7,496,981 | align="center" | 7,140 | align="center" bgcolor=#ccffcc| 85.29 | align="center" | 45 | align="center" | 0.8% | align="center" | 0.80% | align="center" | 0.40% | align="center" bgcolor=#ccffcc| 0.15 |
| style="text-align:left;" | Singapore
| align="center" | 728 | align="center" | 5,850,342 | align="center" bgcolor=#ccffcc| 8,358 | align="center" | 84.07 | align="center" bgcolor=#ccffcc| 42 | align="center" bgcolor=#ccffcc| 0.9% | align="center" bgcolor=#ccffcc| 0.42% | align="center" bgcolor=#ccffcc| 1.10[https://fred.stlouisfed.org/series/SPDYNTFRTINSGP Fertility Rate, Total for Singapore] {{Webarchive|url=https://web.archive.org/web/20221122230310/https://fred.stlouisfed.org/series/SPDYNTFRTINSGP |date=22 November 2022 }} Economic Research. Retrieved 22 November 2022. | align="center" bgcolor=#ccffcc| 0.47% | align="center" | 0.90 |
| style="text-align:left;" | South Korea
| align="center" bgcolor=#ccffcc| 100,210 | align="center" bgcolor=#ccffcc| 51,269,185 | align="center" | 527 | align="center" | 83.50 | align="center" | 44 | align="center" | 0.8% | align="center" | 0.73% | align="center" | 0.02% | align="center" | 0.23 |
| style="text-align:left;" | Taiwan
| align="center" | 36,197 | align="center" | 23,816,775 | align="center" | 673 | align="center" | 81.04 | align="center" bgcolor=#ccffcc| 42 | align="center" | 0.8% | align="center" | 0.80% | align="center" | 0.13% | align="center" | 0.03 |
= Economy =
| class="wikitable sortable" border="1" style="font-size:100%" |
| style="background:#ececec;"
! rowspan=2|Country or ! colspan=2|GDP (millions of USD, 2024) ! colspan=2|GDP per capita (USD, 2024) ! rowspan=2| Trade ! colspan=2|(billions of USD, 2023) ! rowspan=2|Industrial ! rowspan=2|Currency |
| Nominal
! PPP ! Nominal ! PPP ! Exports ! Imports |
|---|
| style="text-align:left;" | Hong Kong
| align="center" | 422,057 | align="center" | 569,830 | align="center" | 53,165 | align="center" | 75,128 | align="center" | 1,416 | align="center" | 673.3 | align="center" | 669.1 | align="center" bgcolor=#ccffcc| 5.1 | align="center" | Hong Kong dollar |
| style="text-align:left;" | Singapore
| align="center" | 561,725 | align="center" | 879,980 | align="center" bgcolor=#ccffcc| 89,370 | align="center" bgcolor=#ccffcc| 148,186 | align="center" | 917 | align="center" bgcolor=#ccffcc| 778.0 | align="center" | 475.5 | align="center" | -2.9 | align="center" | Singapore dollar |
| style="text-align:left;" | South Korea
| align="center" bgcolor=#ccffcc| 1,947,133 | align="center" bgcolor=#ccffcc| 3,260,000 | align="center" | 36,132 | align="center" | 62,960 | align="center" bgcolor=#ccffcc| 1,663 | align="center" | 769.5 | align="center" bgcolor=#ccffcc| 738.4 | align="center" | -1.1 | align="center" | South Korean won |
| style="text-align:left;" | Taiwan
| align="center" | 814,438 | align="center" | 1,840,000 | align="center" | 33,234 | align="center" | 79,031 | align="center" | 1,005 | align="center" | 536.1 | align="center" | 437.3 | align="center" | 3.9 | align="center" | New Taiwan dollar |
= Quality of life =
= Technology =
= Politics =
| class="wikitable sortable" border="1" style="font-size:100%" |
| style="background:#ececec;"
! Country or ! Democracy Index ! Press ! Corruption ! Global ! Ease of ! Property rights index ! Bribe Payers Index ! width=200|Current political status |
| style="text-align:left;" | Hong Kong
| align="center" | 5.28 | align="center" | 44.86 | align="center" | 76 | align="center" | 83.1 | align="center" | Very Easy (3rd) | align="center" | 7.6 | align="center" | 7.6 | style="text-align:left;" | Executive-led Special Administrative |
| style="text-align:left;" | Singapore
| align="center" | 6.22 | align="center" | 47.88 | align="center" bgcolor=#ccffcc| 85 | align="center" bgcolor=#ccffcc| 84.8 | align="center" bgcolor=#ccffcc| Very Easy (2nd) | align="center" bgcolor=#ccffcc| 8.1 | align="center" bgcolor=#ccffcc| 8.3 | style="text-align:left;" | Parliamentary Republic |
| style="text-align:left;" | South Korea
| align="center" | 8.03 | align="center" | 70.83 | align="center" | 63 | align="center" | 79.6 | align="center" | Very Easy (5th) | align="center" | 5.9 | align="center" | 7.9 | style="text-align:left;" | Presidential Republic |
| style="text-align:left;" | Taiwan
| align="center" bgcolor=#ccffcc| 8.99 | align="center" bgcolor=#ccffcc | 75.54 | align="center" | 68 | align="center" | 80.2 | align="center" | Very Easy (15th) | align="center" | 6.9 | align="center" | 7.5 | style="text-align:left;" | Semi-Presidential Republic |
= Organizations and groups =
| class="wikitable sortable" border="1" style="font-size:100%" |
| style="background:#ececec;"
! Country or ! UN ! WTO ! OECD ! DAC ! APEC ! ADB ! AIIB ! SEACEN ! G20 ! EAS ! ASEAN |
| style="text-align:left;" | Hong Kong
| align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ffcccc" | {{N}} |
| style="text-align:left;" | Singapore
| align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} |
| style="text-align:left;" | South Korea
| align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} (APT) |
| style="text-align:left;" | Taiwan
| align="center" bgcolor="#ffcccc" | {{N}}{{efn|Founding member of the United Nations and permanent member of the United Nations Security Council (1945–1971)}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ccffcc" | {{Y}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ffcccc" | {{N}} | align="center" bgcolor="#ffcccc" | {{N}} |
See also
{{Portal|Hong Kong|Singapore|South Korea|Taiwan}}
{{div col |colwidth=20em|small=yes}}
- Developed country
- Developmental state
- The Pacific Pumas
- Economic miracle (full list of miracles and "tigers")
- Asian Century
- Baltic Tiger
- Celtic Tiger
- Tatra Tiger
- Newly industrialized country
- Gulf Tiger
- Tiger economy
- Korean Wave
- Miracle on the Han River (South Korea)
- Japanese economic miracle
- Taiwan Miracle
- Taiwanese Wave
- Chinese economic reform
- Tiger Cub Economies
- List of country groupings
- List of multilateral free-trade agreements
{{div col end}}
Notes
{{Notelist}}
References
{{Reflist|30em}}
Further reading
- Ezra F. Vogel, The Four Little Dragons: The Spread of Industrialization in East Asia (Cambridge, Massachusetts: Harvard University Press, 1991).
- Hye-Kyung Lee & Lorraine Lim, Cultural Policies in East Asia: Dynamics between the State, Arts and Creative Industries (Palgrave Macmillan, 2014).
- H. Horaguchi & K. Shimokawa, Japanese Foreign Direct Investment and the East Asian Industrial System: Case Studies from the Automobile and Electronics Industries (Springer Japan, 2002).
- {{cite book |last1=Kim |first1=Eun Mee |title=The Four Asian Tigers: Economic Development and the Global Political Economy |date=1998 |publisher=Emerald Publishing |isbn=9780124074408}}
External links
- [http://news.bbc.co.uk/1/hi/special_report/1998/asian_economic_crises/72222.stm BBC report on the Asian Tigers in the aftermath of the 1997 Financial Crisis] (includes map of the Asian Tigers)
- [http://gbr.pepperdine.edu/001/tigers.html ASEAN tigers]
- [https://web.archive.org/web/20060427062209/http://www.chinaeconomicreview.com/subscriber/articleprintable.php?id=731 The Elephant at the Gate in China Economic Review]
{{East Asian topics}}
{{Economy of Hong Kong navbox}}
{{Economy of Taiwan}}
{{Economy of South Korea}}
{{Singapore topics}}
{{Economic miracle and tiger economy}}
{{United States – Commonwealth of Nations recessions}}
{{Use dmy dates|date=January 2021}}
Category:Economic history of Asia
Category:Economic history of Taiwan
Category:Economy of South Korea