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‘The Global Economy Has Moved On From The Asian Tigers; The Present And The Future Of The Global Economy Now Lie Elsewhere’. To What Extent To You Agree With This Statement

1130 words - 5 pages

‘The global economy has moved on from the Asian Tigers; the present and the future of the global economy now lie elsewhere’. To what extent to you agree with this statement.
(40 marks)
The global economy is the economy of the world, considered as the international exchange of goods and services expressed in monetary units. The Asian Tigers, (Hong Kong, Singapore, Taiwan and South Korea) were economically developing states during the 1960’s and 1970’s, and are a rare example of third-world-rapid-development - development that nobody could have predicted 50 years ago! However, does this mean that the global economy still relies on them in the same way? And can there be a practical ...view middle of the document...

Any larger TNC’s could also take advantage of the lax restrictions on business and trade, with fewer rules imposed/to comply by. This made it easier for TNC’s to exploit their third world workers and deny allegations of abuse, which is what Nike did in 2004. They outwardly denied that their workers were underpaid in the factories in Taiwan, and as there was little paperwork or filed work to back up the allegations Nike were able to continue exploiting the workers there. The average wage in the Taiwanese factories was 72p daily (or around $1), and for every £100 pair of shoes made for consumers in the first world, the workers would receive around 40p.
South Korea is an example of an Asian Tiger whose rapid development saw them aid the growth of many manufacturers in Europe. During the 1960’s South Korea was a key player in the steel industry, with large reserves throughout the state. This made them appealing to companies such as Hyundai, Samsung, LG because of the largely abundant resources that could be used to meet European supply and demand for cars and mobile devices. Lower wages and taxes, paired with a hugely hardworking population made South Korea a hotspot for TNC investment. As a result of which, its inclusion in global development has dramatically increased. In 2009 the GDP per capita of South Korea was $8600, whereas in 2013 the GDP had skyrocketed to $33,440! This rapid expansion made South Korea able to invest more into education (around 14% of GDP annually goes into education in the state), and as a result of which they are now able to train a more advanced and highly skilled workforce to meet first world needs in goods and services. In this respect, they are lucky in that they are still desirable to the western world.

However, the Asian Tigers now face a new threat with the establishment of BRIMC (Brazil, Russia, India, Mexico and China). These five countries are seen as the contemporary, newly industrialised and fastest developing states, leaving the Asian Tigers left in the dust. They provide services that the Asian Tigers cannot offer and so TNC’s are beginning to move into these states to continue business where profit margins will be bigger. Increasingly competitive wages in China, and a workforce of over 1 billion (largest in the world) have seen Nike...

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