Explain the Characteristics of the Newly Industrialized Economies (NIEs) of the Pacific

question 85

Essay

Explain the characteristics of the newly industrialized economies (NIEs) of the Pacific Rim that allowed those nations to quickly industrialize and become global economic powers. Be specific.

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Definitions:

Monitor

To monitor is to regularly observe and check the progress or quality of something over a period of time, often to detect changes or to ensure that it is in a satisfactory condition.

Leader

An individual who guides or directs a group towards achieving specific goals or objectives, often exhibiting qualities such as vision, initiative, and inspiration.

Formal Organization

An organization structured with established laws, regulations, policies, and procedures to achieve specific objectives, characterized by a defined hierarchy and roles.

Success-Disengagement

The process where successful entrepreneurs gradually reduce their involvement in the business, either through retirement or by delegating responsibilities.