NICs

MwanaFalsafa1 · 2009-09-23T03:14:59+00:00

NICs stands for Newly Industrialized Countries. So far there have been two groups of NICs identified NICs 1........Mexico, Brazil, Argentina, Chile etc or other wise known as the South American NICs. This was from the period of 1950-1970 These groups of NICs in what is called Import Substitution Industrialization. This means that the consumers the governments were aiming to get were the citizens themselves. What the governments basically did is produce as many goods as they could on their own. So lets say if a countries natural resources allowed for a steel industry then the government would subsidize any one who wanted to invest in steel etc. Another example is that if they needed experts for lets say in the field of technology. What the government would do is offer scholarships for students who wanted to go study in the field of technology under the condition that they would come back home and work for a certain number of years. Most of these NICs now are not developing as fast as they were but they are middle income nations and can hold their own for the most part. NICs 2.....Soth Korea, Taiwan, Hong Kong etc other wise known as the Asian NICs. 1970-1990.......2002- These countries unlike the South American NICs they practiced what is known as Export Oriental Industrialization. What these countries did was rather than consuming their own products they tried to gain a certain percentage of the international market. An example is South Korea and its export of cars....Hyundai, KIA. These countries are doing much better than the South American NICs and are almost equal to the West in some areas such as health, education and infrastructure. Now The West is already developed. South America and South East Asia have had their periods of rapid development. So when is Africa's turn? If countries like Indonesia had an economy almost equal to as during the 1960's but are now way ahead of us why can't we do it? When are we going to have a NICs 3....an African NICs? Anyway I have just started learning about the whole NICs concept and what I have said here is very basic. But I think we can get an idea of what they are. If there are people who know more about these NICs please share with us. I have decided to share the little knowledge I have. Tuendelee kuelimishana.

Thread starter MwanaFalsafa1
Start date Sep 23, 2009

MwanaFalsafa1

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NICs

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