MN2165 
RHUL Student ID(s)
100788928
Year
1
Course Code
MN2165 GLOBAL ECONOMY
Course Tutor(s)
Dr Diego Vazques-Brust
Assignment No
1
Degree Title
Bachelor of Science (Hons), Management
Question No. & Title
5. Compare and contrast policies, factors influencing success and outcomes achieved by the following “Asian Miracle” countries: Taiwan, Korea, Thailand, Malaysia, Vietnam and Laos.
After the end of World War 2, East Asia experienced a rapid economic growth which lasted till 1990; before the Asian Financial Crisis.
The countries that achieved substantial growth were Taiwan, South Korea, Hong Kong, Singapore and Japan. These countries were referred to as the Asian Tigers and they were known for achieving and maintaining incomparably high growth rates and rapid industrialization between 1960 and 1990 (Lall, 1996). By the 21st century, the Asian Tigers had grown into high-income and advanced economies (Page, 1994).
Initially, these countries were not expected to achieve such rapid growth as compared to Western countries (Amsden,1993).
The other countries which were not far behind from the five miracle economies were Malaysia, Thailand and Indonesia. These countries were known as the Second-Generation Tigers.
However, less fortunate countries such as the former French Indochina (Focusing on Vietnam and Laos) remained lagged in terms of development.
Source: Summers and Heston (1991). Barro (1989). World Bank data.
Figure 1 shows the eight HPAEs; all have a positive outlier in the income-growth distribution. While Malaysia, Thailand, and Indonesia are closer to the predicted values, the other five economies, Taiwan, Korea, Japan,
Singapore and Hong Kong, are significantly above the predicted
Gross Domestic Product growth rates on the basis of relative income level. From this chart, it is concluded that all of the HPAEs were catching up to the more developed countries.
This essay analyses the causes that
100788928
Year
1
Course Code
MN2165 GLOBAL ECONOMY
Course Tutor(s)
Dr Diego Vazques-Brust
Assignment No
1
Degree Title
Bachelor of Science (Hons), Management
Question No. & Title
5. Compare and contrast policies, factors influencing success and outcomes achieved by the following “Asian Miracle” countries: Taiwan, Korea, Thailand, Malaysia, Vietnam and Laos.
After the end of World War 2, East Asia experienced a rapid economic growth which lasted till 1990; before the Asian Financial Crisis.
The countries that achieved substantial growth were Taiwan, South Korea, Hong Kong, Singapore and Japan. These countries were referred to as the Asian Tigers and they were known for achieving and maintaining incomparably high growth rates and rapid industrialization between 1960 and 1990 (Lall, 1996). By the 21st century, the Asian Tigers had grown into high-income and advanced economies (Page, 1994).
Initially, these countries were not expected to achieve such rapid growth as compared to Western countries (Amsden,1993).
The other countries which were not far behind from the five miracle economies were Malaysia, Thailand and Indonesia. These countries were known as the Second-Generation Tigers.
However, less fortunate countries such as the former French Indochina (Focusing on Vietnam and Laos) remained lagged in terms of development.
Source: Summers and Heston (1991). Barro (1989). World Bank data.
Figure 1 shows the eight HPAEs; all have a positive outlier in the income-growth distribution. While Malaysia, Thailand, and Indonesia are closer to the predicted values, the other five economies, Taiwan, Korea, Japan,
Singapore and Hong Kong, are significantly above the predicted
Gross Domestic Product growth rates on the basis of relative income level. From this chart, it is concluded that all of the HPAEs were catching up to the more developed countries.
This essay analyses the causes that