What Are Newly Industrialized Countries?
Newly industrialized countries are members of a socioeconomic classification given to locations that have recently experienced an economic shift towards stability and industry. These countries typically sit at a juncture between Third and First World governments. They have shifted towards a stable government and industrialized economy, but haven’t made permanent changes. Newly industrialized countries have a higher standard of living and per capita income than other developing nations, but still lower than that of First World countries. Due to this discrepancy, it isn’t uncommon to outsource certain industries or manufacturing jobs to these locations. The term newly industrialized countries originally applied to four emerging Asian countries: Hong Kong, Taiwan, South Korea and Singapore. These four countries developed significantly faster than many other nearby countries. In order to describe the distinction made by these governments, economists found they needed to develop a new term.
