Economic Lessons from Asian Tigers

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Welcome to class! 

In today’s class, we will be talking about the economic lessons from Asian Tigers. Enjoy the class!

Economic Lessons from Asian Tigers

Lessons from Asian tigers, Japan, Europe and America

CONTENT

1. Economic History of the Asian Tiger and Japan (1960-2000).
2. Review of the Development Strategies employed by the Asian Tiger.
3. Lessons for the Nigerian Economy.

• Economic History of the Asian Tigers and Japan (1960-2000):

The term Asian Tiger refers to a group of countries in the south-east of Asia which includes Hong Kong which is the administrative zone of China, Taiwan, Singapore, South Korea and Indonesia from 1960 to the year 2000, these Asia Economies did something miraculous hence they are popularly referred to as the Asian Miracles. There was this aggression to develop their economies. The South-East Asia states have placed regional economic integration as a top priority. They formed the Association of South-East Asian Nations (ASEAN) with the ambition of becoming an official Economic Community in 2015.

In that short period of 40 years, those five Economies became a big part of the workshop of the world. They were not just regional players expanding locally they were expanding globally.

• The Japanese miracle:

The Japanese Miracle refers to Japan’s phenomenal economic recovery following the devastation of World War II. Within short decades of its capitulation, Japan had joined the community of prosperous nations.

Evaluation

1. List the countries that constitute the Asian Tigers.
2. Describe briefly the Economic History of the Asian Tigers.

Development strategies employed by the Asian Tigers

1. Investment in Skills
2. Advancement in Technology.
3. Engagement of special Agencies.
4. Setting up the Pilot project.
5. Involvement of some international.

Lessons for the Nigerian Economy

The Nigerian Economy can indeed learn from the Asian Tiger in a number of ways these include;

1. Formulation and implementation of deliberate government policies.
2. Strengthening the development of Agriculture
3. Encouraging Industrial development.
4. Development of small and medium scale enterprise (SMEs).

Evaluation

1. What are the lessons Nigeria will need to learn from the Asian Tiger’s Economy?
2. What strategies were employed by the Asian Tiger?

Reading assignment

1. Essential Economics textbook for SSS by C.E and page 337-342.
2. Amplified and Simplified Economics textbook for SSS by Femi Longe page 535-537.

General evaluation

1. Distinguish between personal income and national income.
2. Describe any four uses of national income data.
3. Explain the method of measuring national income.
4. What are the sources of government revenue?
5. How does the government finance deficit budget?

Theory

1. Discuss the factors that account for the rapid development of the Asia Tiger.
2. What are the problems facing Small and Medium-scale Enterprise in Nigeria?

 

In our next class, we will be talking about Human Capital Development.  We hope you enjoyed the class.

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