Newly Industrialised Countries Essay Example | Topics and Well Written Essays - 2000 words

Newly Industrialised Countries - Essay ExampleThe Asiatic countries of India, china Korea, Taiwan, Hong Kong, Singapore, Indonesia, and Malaysia are notable examples NICs and their dramatic successes in stinting growth go often been referred to as the East Asian Miracle. Other Asian countries like China and India have also achieved successes in economic growth. The economic miracle of these East Asian countries is provided not exclusive to Asia as countries in the Americas like Chile, Brazil and Mexico have also achieved appreciably high growth rates in their economies and could thus be referred to as NICs as well. It must be said though the growth rates vary amongst all the NICs and as such some growths may be relatively higher compared to others in other NICs. Countries like China, India Singapore and Hong Kong however standout of the rest due to the rapid nature of their growth within a space of about 30 years. Also, the use of NICs is a matter of definition and as such a co untry like southerly Africa that was largely secluded from the international economy due to its apartheid policies may now be categorised as an NIC by some, while others may classify it as a developed country.This essay will setoff conduct a generalised or panoramic view of the features that underlie the outgrowth experiences of NICs before labor movement a closer look at the experiences of selected NICs. It must be said that though the development experiences may be very varied, some common cardinal features can be seen in the experiences of all NICs. approximately NICs were able to achieve high growth rates by instituting market reforms that favoured exports. (Hamilton 1987) There was also a strong emphasis on value added manufacturing that changed their economies from predominantly agrarian economies into industrial and manufacturing based economies. Increased nifty investments from foreign and domestic sources played a key role in the development experiences of NICs and so did the development of domestic corporations that could compete with other foreign corporations both on the domestic market and on the regional or international markets as well. (Bhagwati, 1996) Typical examples are the automotive, steel and ship building companies of Korea. Political lead also contributed significantly to the high growths in the economies of NICs. As stated earlier, though the authoritarian thesis is a repugn one, the fact that relative governmental stability pertained in the countries that recorded significant growths in their economies goes to show that political leadership played a crucial role in the development experience of NICs (Combie, 2000). The next instalment of this essay will undertake a closer look at selected country experiences of NICs. China has been undergoing a dramatic transformation to a market economy. As a result, it currently is the world leader in terms of economic growth, industrial expansion, and exports. It contains an array of pote ntial consumers that far exceeds the markets in Europe or the western sandwich Hemisphere, and it is rapidly emerging as a new epicentre for industry, commerce, and finance. In addition, the so-called greater China has substantial amounts of technology and manufacturing capability, outstanding entrepreneurial, marketing, and services acumen in Hong