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The East Asian Tigers pursued an export-driven model of economic development; these nations focused on developing goods for export to highly-industrialized nations. Domestic consumption was discouraged through government policies such as high tariffs.
The East Asian Tigers singled out education as a means of improving productivity; these nations focused on improving the education system at all levels; heavy emphasis was placed on ensuring that all children attended elementary education and compulsory high school education. Money was also spent on improving the college and university system.
Since the East Asian Tigers were relatively poor during the 1960s, these nations had an abundance of cheap labor. Coupled with educational reform, they were able to leverage this combination into a cheap, yet productive workforce.
The East Asian Tigers committed to egalitarianism in the form of land reform, to promote property rights and to ensure that agricultural workers would not become disgruntled. Also, policies of agricultural subsidies and tariffs on agricultural products were implemented as well.
The common characteristics of the East Asian Tigers were:
The East Asian Tigers were able to move from third world status to first world status in a few decades and were able to progress past other developing areas, particularly Latin America and sub-Saharan Africa. Until the mid- 1970sMillennia: 1st millennium 2nd millennium 3rd millennium Centuries: 19th century 20th century 21st century Decades: 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010s 2020s Years: 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 Events and trends it was not clear that the East Asian Tigers were a particular area of fast growth and that the Tiger development model produced superior results to either neoliberal (U.S.-backed policies), SovietThe Union of Soviet Socialist Republics (USSR ( Russian: ; tr. Soyuz Sovetskikh Sotsialisticheskikh Respublik (SSSR) also called the Soviet Union ( ; tr. Sovetsky Soyuz , was a state in much of the northern region of Eurasia that existed from 1922 until 1, or import substitutionImport substitution is a trade and economic policy based on the premise that a developing country should attempt to substitute products which it imports (mostly finished goods) with locally produced substitutes. This usually involves government subsidies development models.
Because of the success of the initial Tigers, many nations have followed similar development models. In part, this led to the Asian Economic Crisis in the 1990s..
The East Asian Tigers were strongly affected by the Asian Economic Crisis, which impacted each Tiger to varying degrees. While Taiwan was not as strongly affected, South Korea was badly battered by the crisis. Because of the focus on export-driven growth, many of the Tigers became caught up in a game of currency devaluation.
The current criticism of the East Asian Tigers is that these economies focus exclusively on export-demand, at the cost of import-demand. Thus, these economies are heavily reliant on the economic health of their targeted export nations.
In addition, these nations have met difficulties after their initial competitive edge, cheap productive labor, no longer exists, especially with the emergence of India and China.
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