Asian Tigers • Hong Kong and Singapore– Huge financial centers

• South Korea and Taiwan.– hubs of global manufacturing in automobile/electronic components and informationtechnology

• Rapidly developing, free market economies

• rising standard of living• NIEs=Newly Industrialized Economies• Japan = also rapidly developed

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

Today: North Korea & South Korea

Kim Jong IlPassed away

December 2011

Kim Jong Uh

31 years old

Satellite Image of Gulags

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

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.”