Inic’s Have Been and Continue to Be the Driving Force of Globalization. to What Extent Do You Agree with This Statement?’
‘NIC’s have been and continue to be the driving force of globalization. To what extent do you agree with this statement?’
A newly industrialized country (NIC) is a socioeconomic classification applied to several countries including Thailand, China, India, Malaysia, Philippines, South Africa and Mexico. NICs have not yet reached a developed status but have, in an economic sense, overtaken their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth (usually export-oriented). Globalisation is a set of processes leading to the integration of economic, cultural, political and social systems across geographical boundaries. It refers to increasing economic integration of countries, especially in terms of trade and movement of capital. But the question is, what was the main motivating factor behind this massive increase in economic, cultural, political and social systems across geographical boundaries? Was it as some have argued the rapid growth of NICs such as China, India and South Africa? Or were other factors such as Transnational Corporations (TNCs) more influential?
The classification of countries as NICs has only happened in the last 30 years. In 1970 when the Four Asian Tigers; Hong Kong, Singapore, South Korea, and Taiwan all became classed as NICs in the 1970s and 1980s, with exceptionally fast industrial growth since the 1960s; all four economies have since graduated into advanced economies and high-income economies. There is a clear distinction between these countries and the nations now considered to be NICs. In particular, the combination of an open political process, high GNI per capita, and a thriving, export-oriented economic policy has shown that these countries have now not only reached but exceeded the ranks of many developed countries.
A newly industrialized country (NIC) is a socioeconomic classification applied to several countries including Thailand, China, India, Malaysia, Philippines, South Africa and Mexico. NICs have not yet reached a developed status but have, in an economic sense, overtaken their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth (usually export-oriented). Globalisation is a set of processes leading to the integration of economic, cultural, political and social systems across geographical boundaries. It refers to increasing economic integration of countries, especially in terms of trade and movement of capital. But the question is, what was the main motivating factor behind this massive increase in economic, cultural, political and social systems across geographical boundaries? Was it as some have argued the rapid growth of NICs such as China, India and South Africa? Or were other factors such as Transnational Corporations (TNCs) more influential?
The classification of countries as NICs has only happened in the last 30 years. In 1970 when the Four Asian Tigers; Hong Kong, Singapore, South Korea, and Taiwan all became classed as NICs in the 1970s and 1980s, with exceptionally fast industrial growth since the 1960s; all four economies have since graduated into advanced economies and high-income economies. There is a clear distinction between these countries and the nations now considered to be NICs. In particular, the combination of an open political process, high GNI per capita, and a thriving, export-oriented economic policy has shown that these countries have now not only reached but exceeded the ranks of many developed countries.