BUSS1005 - Business Economics - Financial Sector - Political Systems - Economic Assessment Answer

BUSS1005 - Business Economics - Financial Sector - Political Systems - Economic Assessment Answer

Assessment Task:

Overview

The Asian Tigers and Economic Growth Lessons

The Asian Tigers or Asian Dragons is a term used in reference to the highly free and developed economies of Hong Kong, Singapore, South Korea, and Taiwan. These nations and areas were notable for maintaining exceptionally high growth rates (in excess of 7 percent a year) and rapid industrialization between the early 1960s and 1990s. By the 21st century, all four had developed into advanced and high-income economies, specializing in areas of competitive advantage. For example, Hong Kong and Singapore have become world-leading international financial centers, whereas South Korea and Taiwan are world leaders in manufacturing information technology. Their economic success stories have served as role models for many developing countries, especially the Tiger Cub Economies. Despite a World Bank report crediting neoliberal policies with the responsibility for the boom, including maintenance of export-led regimes, low taxes, and minimal welfare states, the institutional analysis also states some state intervention was involved. The World Bank report acknowledged benefits from policies of the repression of the financial sector, such as state-imposed below-market interest rates for loans to specific exporting industries. However, it also pointed out free trade and less government spending were the driving force. As a result, these economies enjoyed extremely high growth rates sustained over decades. Other important aspects include major government\ investments in education, non-democratic and relatively authoritarian political systems during the early years of development, high levels of U.S. bond holdings, and high public and private savings rates. However this is highly debated, and many have argued that industrial policy had a much greater influence than the World Bank report suggested.

Answer The Following Questions :

Question 1
Discuss the differences and similarities between economic growth and economic development, highlighting the aspects indicating Asian Tigers' development with appropriate illustrations from the case context.

Question 2

Discuss the Free Market Economic Policy, highlighting the extent to which the Asian Tigers have benefited from the Economic freedom of their countries in a bid to attain a high export drive.

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