East Asian Economies
In this activity, you will learn about the postwar economic booms in East Asian economies. Then complete a Venn diagram and analyze the similarities and differences between the economies of Japan, China, and the "Four Asian Tigers."
What does it mean to analyze? Watch this:
- "Four Asian Tigers": emerging Asian economies that looked to Japan as their model for successful industrialization in the 20th century.
- speculative profits: income that may or may not materialize from high risk investments.
- infrastructure: the basic underlying structure of a system or organization. Used in reference to a country's military or civil framework, it may describe how many permanent military installations the country possesses or the state of its public works (roads, utilities, etc.).
- revaluing currency: changing a currency's exchange rate, or its value as compared to another currency.
As a result of rapid industrialization and modernization in the decades after World War II, the nations of China, Japan, and the "Four Asian Tigers" (South Korea, Taiwan, Hong Kong, and Singapore) became the key economic centers of East Asia. Each of these nations made dramatic advances in economic growth in the late 20th century. Their apparently miraculous economic rise was halted in the mid-1990s, however, as national debt burdens were exposed by currency traders whose quest for speculative profits crippled precisely the companies that had become the mainstays of the economic growth. The Asian nation that best weathered the crisis was China, whose partially closed economy had sheltered it from the worst speculation.