Economic miracle
Encyclopedia
The terms "economic miracle", "economic boom", "tiger economy
" or simply "miracle" have come to refer to great periods of change, particularly periods of dramatic economic growth, in the recent histories of a number of countries:
Tiger Economy
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was initially used for Japan, South Korea, Singapore, Hong Kong, and Taiwan , and in the 1990s it was applied to the Republic of Ireland...
" or simply "miracle" have come to refer to great periods of change, particularly periods of dramatic economic growth, in the recent histories of a number of countries:
Post-World War II
See Post-war economic boom.- Record yearsRecord yearsThe record years, rekordåren, describes the economy of Sweden during the global post–World War II economic expansion, until the 1973 oil crisis, largely coinciding with the mandate of Prime Minister Tage Erlander...
in Sweden, from World War II to early 1970s - WirtschaftswunderWirtschaftswunderThe term describes the rapid reconstruction and development of the economies of West Germany and Austria after World War II . The expression was used by The Times in 1950...
- Post-World War IIWorld War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
economic growth in Austria and West Germany - Trente GlorieusesTrente GlorieusesLes Trente Glorieuses refers to the thirty years from 1945-1975 following the end of the Second World War in France. The name was first used by the French demographer Jean Fourastié...
- Post World War IIWorld War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
economic growth in France (c. 1945-1975) - Greek economic miracleGreek economic miracleThe "Greek economic miracle" was the high rate of economic and social development in Greece from 1950 to 1973. The economy grew an average of 7% a year, second in the world only to Japan during that period. Growth rates were highest during the 1950s, often exceeding 10%, close to those of a modern...
(c. 1950s-1970s) - Japanese post-war economic miracleJapanese post-war economic miracleThe Japanese post-war economic miracle is the name given to the historical phenomenon of Japan's record period of economic growth following World War II, spurred mainly by Japanese economic policy, in particular through the Ministry of International Trade and Industry...
(c. 1950-1975) - Italian economic miracleItalian economic miracleThe Italian economic miracle is the name often used by historians, economists and mass media to designate the prolonged period of sustained economic growth in Italy comprised between the end of World War II and the late 1960s, and in particular the years 1950-63...
(c. 1950-1973)
Later
- Baltic TigerBaltic TigerBaltic Tiger is a term used to refer to any of the three Baltic states of Estonia, Latvia, and Lithuania during their periods of economic boom, which started after the year 2000 and continued until 2006–2007...
(Estonia, Latvia, Lithuania, c. 2000–present) - Brazilian miracle (1968–1973) and Brazilian economic boom (1994-present)
- Celtic TigerCeltic TigerCeltic Tiger is a term used to describe the economy of Ireland during a period of rapid economic growth between 1995 and 2007. The expansion underwent a dramatic reversal from 2008, with GDP contracting by 14% and unemployment levels rising to 14% by 2010...
(Ireland, c. 1990s-2001, 2003–2006) - Four Asian Tigers (Taiwan, South Korea, Hong Kong, Singapore, c. 1960s-1990s)
- Miracle on the Han RiverMiracle on the Han RiverMiracle on the Han River refers to South Korea's highly accelerated export-fueled economic growth, including rapid industrialization, technological achievement, education boom, exponential rise in living standards, rapid urbanization, skyscraper boom, modernization, successful hosting of the 1988...
(South Korea, c. 1962-2007) - Taiwan MiracleTaiwan MiracleThe Taiwan Miracle or Taiwan Economic Miracle refers to the rapid industrialization and economic growth of Taiwan during the latter half of the twentieth century...
- Miracle on the Han River
- Massachusetts MiracleMassachusetts MiracleThe term "Massachusetts Miracle" refers to a period of economic growth in the state of Massachusetts during most of the 1980s. Previous to this, the state had been hit hard by deindustrialization and resulting unemployment. The growth was heavily centered in high-tech industry and financial...
(1980s) - Miracle of ChileMiracle of ChileThe "Miracle of Chile" was a term used by free market Nobel Prize winning economist Milton Friedman to describe liberal and free market reorientation of the economy of Chile in the 1980s, 1990s and the purported benefits of his style of economic liberalism...
(c. 1970s-present) - Chinese economic boomChinese economic reformThe Chinese economic reform refers to the program of economic reforms called "Socialism with Chinese characteristics" in the People's Republic of China that were started in December 1978 by reformists within the Communist Party of China led by Deng Xiaoping.China had one of the world's largest...
(1978-present) - Spanish miracleSpanish miracleThe Spanish miracle was the name given to a broadly based economic boom in Spain from 1959 to 1974. The international oil and stagflation crises of the 1970s ended the boom.- The pre-boom situation :...
(1959–1973) - Indian economic boomEconomic liberalization in IndiaThe economic liberalization in India refers to ongoing economic reforms in India that started on 24 July 1991. After Independence in 1947, India adhered to socialist policies. In the 1980s, Prime Minister P. V. Narasimha Rao initiated some reforms...
(1991-present) - Anatolian TigersAnatolian TigersAnatolian Tigers is a term internationally used in the context of the Turkish economy to refer to and to explain the phenomenon of a number of cities in Turkey which have displayed impressive growth records since the 1980s, as well as to a defined new breed of entrepreneurs rising in prominence...
- Gulf TigerGulf TigerThe Gulf Tiger or Arab Gulf Tiger is a nickname used to describe the period of rapid economic growth in the city of Dubai. The boom that Dubai has been experiencing since the 1990s is still going on, transforming the city from a desert village to a world class economic hub.- Characteristics :The...
- Nordic Tiger