1. Asian Tigers Hong Kong and Singapore – Huge financial centers South Korea and Taiwan. – hubs of global manufacturing in automobile/electronic components and information technology Rapidly developing, free market economies rising standard of living NIEs=Newly Industrialized Economies Japan = also rapidly developed

2. New Industrialized Economies (NIEs) Discipline & hardworking labor force (cheap labor) HUGE government investment in education (elementary, secondary, college). High rates of personal saving that allowed generous fund investments in new technology. Economic focus on exports to highly-industrialized nations. Relatively authoritarian gov’ts during the early years of development

3. Today: North Korea & South Korea

5. Kim Jong Il Passed away December 2011 Kim Jong Uh 31 years old

6. Satellite Image of Gulags

10. Oh, and by the way, while we are on the topic of Asia…

11. 4/29/14 Headline China is poised to overtake the U.S. as the world’s biggest economy earlier than expected, possibly as soon as this year, using calculations that take purchasing power into account. “There’s a symbolic element to this, to China overtaking the U.S., and that seems to be happening,” said Subramanian, a senior at the Washington-based Peterson Institute. The latest data “plays to the idea that China is very big and getting bigger. It’s not to be underestimated.”