Four Asian Tigers

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 early 21st century, 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. 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.

Overview

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.