Newly Industrialized Country - Historical Context

Historical Context

The term began to be used circa 1970 when the Four Asian Tigers of Hong Kong, Singapore, South Korea, and Taiwan rose to global prominence as NICs in the 1970s and 1980s, with exceptionally fast industrial growth since the 1960s; all four economies have since graduated into advanced economies and high-income economies. There is a clear distinction between these countries and the nations now considered to be NICs. In particular, the combination of an open political process, high GNI per capita, and a thriving, export-oriented economic policy has shown that these countries have now not only reached but surpassed the ranks of many developed countries.

All four economies are classified as High-income economies by the World Bank and Advanced economies by the International Monetary Fund (IMF) and U.S. Central Intelligence Agency (CIA). All of them, like Western European countries, possess Human Development Index considered to be "very high" by the UN.

Read more about this topic:  Newly Industrialized Country

Famous quotes containing the words historical and/or context:

    We can imagine a society in which no one could survive as a social being because it does not correspond to biologically determined perceptions and human social needs. For historical reasons, existing societies might have such properties, leading to various forms of pathology.
    Noam Chomsky (b. 1928)

    Parents are led to believe that they must be consistent, that is, always respond to the same issue the same way. Consistency is good up to a point but your child also needs to understand context and subtlety . . . much of adult life is governed by context: what is appropriate in one setting is not appropriate in another; the way something is said may be more important than what is said. . . .
    Stanley I. Greenspan (20th century)