Explain the characteristics of the newly industrialized economies (NIEs) of the Pacific Rim that allowed those nations to quickly industrialize and become global economic powers. Be specific
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ANSWER:
Pacific Rim nations, such as Korea, Taiwan, Singapore, and Hong Kong, share several important features. They have well-disciplined and hard-working work forces, and they invested heavily in education. All have high rates of personal savings. These savings are used to fund investment in new technologies. All these economies benefit from government sponsorship and protection. All benefited from the expansion in world trade and international communication that permitted technology to be disseminated rapidly.
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