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The "Little Tigers" of Asia Have Been Able to Escape

question 40

Essay

The "little tigers" of Asia have been able to escape the cycle of economic colonialism that has haunted so many former colonies.What factors account for this reversal?


Definitions:

Economic Analysis

The systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective.

Poverty

The state of being extremely poor, where individuals or communities lack the financial resources to meet basic living needs.

Marginal Cost

The price of generating one more unit of a product or service.

Economic Loss

The difference between what is actually earned and what could have been earned in the best alternative scenario.

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