NICs
- Created by: Charlie Davies
- Created on: 21-05-14 11:37
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- NIC's
- Newly Industrialised Countries
- First Phase
- Asian Tigers ( Taiwan, South Korea, Hong Kong & Singapore) Started to appear in the 1960's, as developed countries looks at their less developed neighbours
- Rapid industrialisation due to increased spread of TNC's
- Share similar charactersitics which allowed for such industrialisation
- Large populations
- Well educated populations
- Work ethic culture
- less rigid laws on health and safety
- government support through loans and grants
- Rely less on foreign support and set up their own business
- E.G. Chaebols in South Korea comprimising LG, Samsung
- Second Phase
- as wage prices increased in the primary NIC's (Asian Tigers)
- Countries that could offer lower wage prices
- Malaysia, Indonesia
- Third Phase
- China
- China has seen the fastest rate of economic growth of any country
- Indias industry is heavily based around services- 50% of GDP
- India
- Positives
- Large english speaking population
- 37% cheaper than China
- Professional salaries 1/4 of UK & USA
- Huge labour force for labour intensive jobs- call centres
- Low telecommunication costs
- Negatives
- Rising wage rates
- High costs of training
- Other countries beginning to compete
- Negative reaction in MEDC
- Corruption and Bankruptcy
- Command economy- government spending on subsidies rather than investment
- Positives
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