ABSTRACT
This chapter focuses on economic development in the Asian newly industrialised countries (NIC): Taiwan, South Korea, Hong Kong, and Singapore. It presents a detailed analysis of their economic development and explores the role of government in their economic development. The chapter discusses the comparative picture of the various countries' economic developmental history and their policies on housing. In Singapore, government owned companies, or partnerships with private corporations, became the main locomotive for economic development. The role of the state in guiding economic development is relatively small compared to Singapore and other Asian NICs. The government in Korea plays an even more critical and dominating role in economic development than is the case in Taiwan. The government can support not only favoured industries but specifically chosen individual firms. The Taiwan government provides incentives to attract foreign and private investment in industrial development, especially in manufacturing.
