ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The sample consists of nine countries-the four East Asian newly industrialized countries (Hong Kong, Singapore, South Korea, and Taiwan) and the Group-of-Five industrialized countries (France, West Germany, Japan, the United Kingdom, and the United States).

Detailed explanation-2: -In the 1970s and 1980s, examples of newly industrialized countries included Hong Kong, South Korea, Singapore, and Taiwan. Examples in the late 2000s included South Africa, Mexico, Brazil, China, India, Malaysia, the Philippines, Thailand, and Turkey.

Detailed explanation-3: -The category of “newly industrialized country” is not completely agreed upon; thus, many on a list can easily be disputed. However, many experts deem the following countries as NICs: Thailand, Mexico, South Africa, Brazil, Singapore, Turkey, Taiwan, India, and Hong Kong.

Detailed explanation-4: -Several other countries-such as Turkey, Thailand, Malaysia, Mexico, Brazil, Argentina, South Africa, Russia, China, and India-industrialized during the late 20th and early 21st centuries.