How history’s ‘economic miracles’ redefined growth and development

Image source: istitutomarangoni.com
Image source: istitutomarangoni.com

Economy refers to the overall wealth of a particular region, city, or nation. It also describes the accessibility of resources based on the performance of both the production and consumption of the goods and services available. This very definition makes economy one of the most important factors that may contribute to the rise and fall of many countries or territories around the world.

As a major player that has shaped the course of history, the concept of economy has helped us understand how it has encouraged development and progress even among the once low-performing countries in the past.  These ‘economic miracles’ marked the stage of a sudden and unexpected strong economic development, much similar to modern-day economic booms in most developing countries.

India’s economic liberalization, for instance, has resulted into a high economic growth in the country between the 1990s and the 2000s. Its initial goal was to shift the economy’s focus on more service and market-oriented approaches, highlighting the important roles played by the private and foreign investments. Some of the policy changes fueled the reduced rates of import tariffs, inspired market deregulations and most importantly, lowered the taxes that invited outside investments.

Singapore, Taiwan, Hong Kong, and South Korea have made their mark in the economic history by dramatically transforming their economy through industrial and high-tech developments during the early 1990s. All these four nations focused huge investments on infrastructure and the development of their human intellectual resources, encouraging institutions to produce technology geniuses that have helped sparked a new technological revolution in Asia and beyond.

The policies that these four technological innovators laid out made them the top high-income, industrialized, and developed nations, giving them an unbreakable competitive edge in the world.