Question

With reference to international political economy, can you identify the following concepts and terms, or provide the required answer: Four Tigers

a. Refers to the four major global financial institutions.
b. A term for emerging economies in South America.
c. Asian economies of Hong Kong, Singapore, South Korea, and Taiwan known for rapid industrialization.
d. A group of countries advocating for fair trade practices.

Answer 1

The 'Four Tigers' refer to Hong Kong, Singapore, South Korea, and Taiwan, known for their rapid economic growth and industrialization, contributing to their status as East Asian Tigers alongside Japan's earlier rise as an economic dragon.

Step-by-step explanation:

The term 'Four Tigers' refers to the Asian economies of Hong Kong, Singapore, South Korea, and Taiwan, which are known for their rapid industrialization and impressive economic growth. These economies, also referred to as the 'East Asian Tigers,' have maintained high growth rates and undergone rapid export-led industrialization between the early 1960s and 1990. This incredible economic development has allowed them to converge with the technological leaders in high-income countries.

Japan is often considered an economic dragon and was the forerunner of this kind of economic success in Asia, recovering from devastation post-World War II to become a global economic powerhouse. The East Asian Tigers achieved significant growth through a combination of investment in human and physical capital, market-oriented economic reforms, and integration into the global economy through trade and financial linkages. However, during the Asian Financial Crisis in the late 1990s, these nations faced significant economic challenges as the rapid outflow of international capital severely affected their economies.