The Asian Tigers refer to the following four economies: Hong Kong, Singapore, South Korea and Taiwan, which showed remarkable economic development from the 1960s to the 1990s.

There are some similarities among these four economies: however, each economy is significantly distinct. The naming of the Asian Tigers focuses more on the outcome represented in GDP growth rates, rather than the causes of such economic growth.

The following are the major similarities of the Asian Tigers. First, all four economies are located in the east of the Eurasian continent. This is not a trivial issue in relation to the post­World War Two world order. During the Cold War, which coincided with the time of the Tiger's rapid economic growth, this location was often the frontline between communist and capitalist countries. The relations between these economies and the United States (or Great Britain in the case of Hong Kong) are therefore not a negligible factor. Second, all four economies invested significantly in human capital. They rank very high — almost always top contenders — in various international educational achievement tests such as the Programme for International Student Attainment and Trends in International Mathematics and Science Study. Third, there are similarities of ethnicity — all but South Korea are of Chinese ethnicity, with the main religion and philosophy being Confucianism and Buddhism, and the language of three is Chinese, with a strong influence even in South Korea.

Fourth, these economies received significant Japanese influence as a coloniser before World War Two. Japan was also a predecessor in rapid economic development after World War Two, although its influence varied economy by economy. Fifth, all economies have focused on export- oriented industrialisation. Historically, all the Asian Tigers have had marked trade surpluses since the 1960s. Finally, all economies had political regimes of so-called ‘developmental dictatorship'. Although Hong Kong and Singapore were more of a soft authoritarianism, no Tiger was under full-fledged democracy during the height of its economic growth.

The differences among these economies, however, are more significant in terms of the causes of their economic growth. The economic ideas employed in these economies in order to facilitate development can be gauged in terms of the level of similarities/differences between the United States as the most liberal market-oriented economy, at least conceptually if not in reality, and Japan, where government intervention in the economy has played a key role since the Meiji Restoration of 1868. They can be situated in this US-Japanese axis in the following order: Hong

Kong, Singapore, Taiwan and South Korea. Hong Kong's economic development is the most similar to the laissez-faire free-market model, while the heaviest government intervention took place in South Korea, reminiscent of Japan. As such, this chapter will eventually discuss the four economies one by one. However, it is helpful to first map out the basic uniqueness of the economic thought that applies in the Asian Tigers, although the level of application varies among the four economies.