From the 1960s to 1990s, Asian tiger economies regularly enjoyed double-digit growth. How did they lose their stride?
Asian tigers—Hong Kong, Singapore, South Korea and Taiwan—once fascinated the economic world. From the early 1960s until the 1990s, they regularly achieved double-digit growth. A generation that had toiled as farmers and labourers watched their grandchildren become some of the most educated people on the planet. The tigers started by making cotton shirts, plastic flowers and black wigs. Before long, they were producing memory chips, laptops and equity derivatives.
But it is a mistake to write off the tigers. A closer look at their economic record shows that, contrary to the gloom that sometimes pervades them, they have much to boast about. The trajectory of theirper person, calculated at purchasing-power parity, has remained impressive . They blew past the supposed middle-income trap long ago. And South Korea will soon become the fourth tiger to overtake Japan, its former imperial ruler and economic mentor.
Lee Kuan Yew, Singapore’s founding father, once claimed that harmony and stability are chief among “Asian values”. The tigers still cherish these things , but many of their citizens see fairness as a precondition for both. That observation leads to this report’s second big claim: when a sophisticated citizenry aspires to democracy, frustrating that aspiration can be imprudent as well as unjust.
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