THE IMPORTANCE OF STATE INTERVENTION IN THE RISE OF THE “ASIAN TIGERS”
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Abstract
Newly Industrialized Countries (NICs) - such as the “Four Asian Tigers” of South Korea, Taiwan, Singapore, and Hong Kong had achieved phenomenal economic growth between the 1960s and 1990s. Their growth from poverty to prosperity has brought controversy on whether it is a contribution of state intervention or market liberalization. This article argues that the main driver to the success was the state intervention in shaping the development, and uses examples of Asian Tigers.
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