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Newly industrialized countries

From Academic Kids

The category of Newly industrializing countries (NICs) is a social/economic classification status applied to several countries around the world by political scientists and economists.

NICs are countries that are not quite yet at the status of a full-fledged first world nation, but still more advanced than countries in the third world or in the category of least developed countries. The most significant feature in a country being classified as a NIC is obtaining a considerable level of industrialisation, the switching of primary business from agricultural to industrial economies.

NICs usually share some other common features, including:

  • Recent reforms allowing for greater political liberalization and democracy.
  • Increased social freedoms and civil rights.
  • A switch from agricultural to industrial economies, specially in the manufacturing sector.
  • An increasingly "open" economy, allowing for freer trade with its neighbours, such as that obtained by joining a trade block.

NICs often receive support from non-governmental organizations such as the WTO and other internal support bodies.

NICs began to be recognised in the 1970s when countries such as Hong Kong, South Korea, Singapore and Taiwan underwent rapid industrial growth, most now having evolved beyond this status. Current examples are Turkey, Thailand, Malaysia, Mexico and South Africa. China and India are special cases: their tremendous population means that per capita income is likely to remain low even after these countries achieve a certain kind of economic sophistication.

References

nl:Newly industrializing country

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