Final answer:
Developing countries engaged in successful industrialization are known as Newly Industrializing Economies (NIEs), which have grown by adopting export-based strategies and competing globally in various industries, such as technology and manufacturing.
Step-by-step explanation:
Developing countries that have begun to successfully embark on a process of industrialization are commonly referred to as Newly Industrializing Economies (NIEs). These economies, such as those in East Asia—including Hong Kong,
South Korea, Singapore, and Taiwan—have utilized export-based, market capitalist strategies to achieve higher per capita income and output. By entering and competing in the global market with products ranging from computers and automobiles to chemicals and sporting goods, these countries have linked standardized production technologies with low-cost labor to propel their economic development.
The story of NIEs like Singapore, South Korea, and Taiwan is particularly noteworthy, as they have transformed from postcolonial states into nations that are now considered developed themselves.