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What are the Asian Tigers
Taiwan, South Korea, Hong Kong and Singapore all followed similar development patterns from 1960 and became fully developed by 2000
What are the common characteristics of the 4 Asian Tigers
- Abundance of cheap labour
- Authoritarian governments in the early years
- Strong Chinese influence
- Domestic consumption was discourage and high tariffs were placed on all imports
- Trade Unions were discouraged
- Agriculture was protected
- Focused on exports to the West
- Education was key to improving productivity
Was the development of the Asian Tigers successful
Yes, between 1970 and 2009, the average increase in GDP per capita in the Asian Tigers was 27,000 US dollars.
What were the disadvantages of the Asian Tigers
- Relied on the economic health of the countries they targeted with exports
- As the labour became more expensive, so did their costs
- When stock markets crashed in 1990 due to their too fast expansion, there was much social unrest and political instability
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