Asian Tigers, NICs, and BRICS

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Presentation transcript:

Asian Tigers, NICs, and BRICS

Not this kind of tiger

The Four Asian Tigers Hong Kong Singapore South Korea Taiwan

Keys to economic success: They embraced free market economies Encouraged foreign investment Capitalized on low paid labor They invested aggressively in education and infrastructure and switched to high tech manufacturing Today Hong Kong and Singapore are leaders in banking/finance (they switched to quaternary production)

Hong Kong

Quick review of “sectors of production”: Primary production: agriculture, mining Secondary: manufacturing Tertiary: Basic services: transportation, retail Quaternary: Business services (Finance, insurance, advertising, marketing) Quinary: Geared toward innovation (Scientific research, higher education)

NICs (Newly Industrialized Countries)

NICs (cont.) In the 1970s & 80s, the Asian Tigers were the NICs Today’s NICs: South Africa, Mexico, Brazil, China, India, Malaysia, the Philippines, Thailand, and Turkey

Special Economic Zones in China As part of its economic reforms and policy of opening to the world, between 1980 and 1984 China established special economic zones (SEZs) in Shantou, Shenzhen, and Zhuhai in Guangdong Province and Xiamen in Fujian Province and designated the entire island province of Hainan a special economic zone.

Comparative Advantage A country has the ability or resources to produce a good or service at less cost and more efficiently than other countries. As such these advantageous goods and services are selected for industrial production over other possible alternatives.

BRICS Brazil, Russia, India, China, and South Africa (called “emerging markets” in the investment world)