Asian Economic Tigers - Essay Example

Singapore is one of the leading economies in the world and is one of the economic tigers experiencing rapid economic progress over the period of time. Though smaller in geographical size, Singapore is considered one of the leading economic hubs in the international economy. One of the essential characteristics of the growth rates achieved by Singapore was its highly skilled and educated labor force.  (Tulshyan, 2010). It is also important to note that Singapore, as against other countries in the block, developed itself also as a financial hub of the region rather than achieving growth mainly through industrialization. The overall economic growth is attributed to export-led growth which is mostly controlled through state-owned institutions. (Medina, 1996). The export of chemicals, refined oil as well as electronics is the main source of revenue for the country. Though geographically Singapore may be at disadvantage owing to its overall size and proximity with other countries, however, Singapore has been able to achieve economic growth through a mixture of economic liberalization and state-controlled institutions that are supporting the economy and creating the required level of economic prosperity.

To make a comparison between the European industrial revolution and India, it is important to note that Singapore matches closely with that of the industrial revolution which took place in Europe. This is owing to the fact that besides developing an open business environment free from government corruption, Singapore has developed its industrial base duly supported by a sound financial system. (Blij, Muller, & WinklerPrins, 2009).  It is also because of this reason that Singapore is considered one of the financial centers in the world. The overall revolution which is taking place in India is also backed up by the educated and skilled labor force which is propelling its economy however; India has still lot to achieve and may not achieve the same level of economic prosperity owing to its high population.

Economic tigers should neither be tamed nor feared because of their overall record in terms of their geopolitical situation. Despite achieving economic progress, these economies are still smaller in size and are heavily dependent on US and EU regions for their own economic progress. Further, they have remained benign in their overall economic progress and have not created any significant political and economic challenges for any other country. The rise of China in their neighborhood is a very good example in this regard where China has achieved higher economic growth without affecting or taming the economic tigers.