The concept of economic tiger refers to the state, in which a country undergoes a rapid economic evolution, which is usually accompanied by a highly improved standard of living by the residents. Most of these tigers developed in Asia between 1960s and 1990s. Today the countries regarded as the economic tigers are considered to be rich. Examples include Ireland, Japan, South Korea, Singapore, Hong Kong and Taiwan. These countries were helped by the United States, which tried to guide them not to become the communist ones. They allowed industrial competition, which led to many exports to the developed nations; consequently, their economic growth remained at double digits for long periods of time.
China is among the rising Tiger economies. For decades it has been using its geographical location to its advantage, since it is situated in the Southern part of the hemisphere, where it can easily access the Asian and African markets. Their core market is located exactly there. At the same time, Asia, being the largest producer of petroleum, gives China a geographical advantage, since there is little transportation of the raw material. Secondly, the economic factors, such as endowment with resources, are high, leading to an easy economic development. Finally, its high population has led to cheap and readily available labor force; thus, a relatively low cost of production of their exports.
Transportation was the major factor that aided the economic development in Europe. They had elaborated road and water transportation systems, as they widened and deepened waterways for the easier navigation. They have made various inventions, such as the steam boat, and later the locomotive, that transported bulky goods. China’s growth has come at a time, when there were many inventions in the transportation field. Therefore, they have had an easier time in developing their transport, since they only need to improve their infrastructure, such as roads, airports, railways among other economic-supporting transport developments. For instance, there was a total of 21800 km of railway before 1950, in comparison to about 91000 km in 2010.
Political changes have influenced the economic development of Europe. Power was shared among the rich, who controlled economic evolution, where the wealthy merchants and rich landowners were the key heads. This resulted into a decision-making process that was geared towards the economic development of the region. The Chinese government has also been affected by the political trends. The government controls most of the processes, which has led to the centralization of power and its dispensation. Therefore, the policies were made by experts and industries that are not beneficial to the economy and are highly discouraged. As the citizens elect their political leader, he proves his ability to retain the high growth of the economy.
Innovations were the key to the economic industrialization in Europe. Transport, communication and other infrastructures have led to the development of industries that would later become an axle in the actual development. Road making, as well as railway transport, were the result of innovations that eventually led to the economic development. In China, there were innovations that have resulted in a creation of the new industries. It happened because of the ventures into the new markets, such as the electronic one. It is ranked as one of the biggest exporter of electronics to the African market. Their innovations have led to the manufacturing of the low cost products that form a very important line of commodities to the developing economies.
In conclusion, I believe that the economic tigers should be tamed. Their rapid growth can result into poor economic performances in comparison to other world economies. In this case, other economies should convince the tigers to align their economic growth with the rest of the world. For instance, China needs to rebalance their economic growth, as well as clear the allegations that they alter their currency to their advantage. Their growth model should be in line with the rest of the world, in order to ensure that there is enough evaluation of their economic performances.