<Tr> <Th> McCune--Reischauer </Th> <Td> asia ŭi ne mari yong </Td> </Tr> <P> The Four Asian Tigers, Four Asian Dragons or Four Little Dragons, are the economies of Hong Kong, Singapore, South Korea and Taiwan, which underwent rapid industrialization and maintained exceptionally high growth rates (in excess of 7 percent a year) between the early 1960s (mid-1950s for Hong Kong) and 1990s . By the early 21st century, all four had developed into high - income economies, specializing in areas of competitive advantage . Hong Kong and Singapore have become world - leading international financial centres, whereas South Korea and Taiwan are world leaders in manufacturing electronic components and devices . Their economic success stories have served as role models for many developing countries, especially the Tiger Cub Economies of southeast Asia . </P> <P> A controversial World Bank report (The East Asian Miracle 1993) credited neoliberal policies with the responsibility for the boom, including maintenance of export - oriented policies, low taxes, and minimal welfare states; institutional analysis also states some state intervention was involved . However, others argued that industrial policy and state intervention had a much greater influence than the World Bank report suggested . </P> <P> Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies . Unique to these economies were the sustained rapid growth and high levels of equal income distribution . A World Bank report suggests two development policies among others as sources for the Asian miracle: factor accumulation and macroeconomic management . </P>

What explains the fast growth of the four asian tigers
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