FT 08-Q Dragons, Giants, and Tigers: Asian and the World Economy
Kealoha Widdows, Department of Economics
Why have Asian economies grown so phenomenally? Why have some succeeded and not others? How will that growth affect the US and the global economy in the 21st century?
Beginning with the emergence of the Asian Tigers (Singapore, S. Korea, Hong Kong, and Taiwan) as world economic powers in last quarter of the 20th century, many Asian economies have transformed themselves into powerhouses on the global economic stage. These events have caused economists to rethink standard models of economic development and have spawned new prescriptions for growth out of poverty. In this tutorial, we will look at the economies of China and India, as well as those of several smaller Southeast Asian nations (such as Vietnam, Malaysia, and Thailand). We will also study the factors responsible for their success and the effects of their growth on the rest of the world in the 21st century. In addition to readings and some analytical work with data using Excel, students will have substantial responsibility for researching individual countries and presenting their results.