THE ECONOMY DEVELOPMENT "THE FOUR LITTLE DRAGONS" IN 1997-2003

Abstract

This paper analyzes the economic comparison among Singapore, Taiwan, Hong Kong and South Korea. After World War II, the colonial countries became independent one after another and began to seek their own development. In the 1960s, the economies of Taiwan, Hong Kong, Singapore and South Korea began to take off, entered a sustained high-speed growth and quickly got rid of poverty. Their per capita income had caught up with that of the United States, Japan and other developed countries. However, with the 1997 Asian monetary crisis, it also had a great impact on the economy of all countries. South Korea mainly developed economic construction. In order to realize industrialization, South Korea put forward the principle of "export priority" according to the characteristics of small domestic market. Singapore's strategic position was very important because of its superior geographical position and its central position in the conflicts between great powers. At the same time, during the economic crisis, Taiwan's economic growth dropped sharply, and Hong Kong's Hang Seng Index fell sharply on October 23, 1997. This paper uses the theories of regionalism, game theory and Neo liberalism to analyze the development background and economic development policies of the "four little dragons", and analyzes and evaluates the economic development of Singapore, Taiwan, Hong Kong and South Korea from 1997 to 2003.