Economy developed from backward to complex system with 6% annual growth. Government promoted private investment and foreign capital absorption. Agricultural output rose 87% between 1923-1926
Four Asian Tigers: Hong Kong, Singapore, South Korea, and Taiwan. Rapid industrialization between 1950s and 1990s with annual growth over 7%. Achieved high-income economies specializing in competitive advantage
NICs are developing countries with higher economic growth than others. They experience rapid, export-oriented economic growth. Incipient or ongoing industrialization is an important indicator. Better living conditions, transportation, and access to water are common
Russian-American economist Simon Kuznets won the 1971 Nobel Prize in Economics. He established the standard for national income accounting. Kuznets taught at various universities from 1930 to 1985