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EXPLAIN AND DESCRIBE THE CHARACTERISTICS OF ECONOMIC ACTIVITY IN NEWLY INDUSTRIALISED COUNTRIES (20 MARKS) Newly industrialised countries (NIC's) are a group of countries (mainly in Asia and south America) that have attained a high level of industrialisation. These countries include Japan, South Korea, Singapore, Hong Kong and Taiwan, who have undergone rapid and successful economic transformation since the 1960's. Three generations of NICs have been recognised, First Generation NIC's for example South Korea, Singapore, Taiwan and Hong Kong, Second Generation NIC's such as Malaysia and Thailand and Third Generation NIC's such as India. One of the main characteristics associated with NICs is the idea of rapid industrialisation. There are two policies that are used in regard to industrialisation. They are: Export Oriented Industrialisation (EOI) and Import Substitution Industrialisation. South Korea, as an example of a First Generation NIC, had very low prospects after the Korean War of 1950-3. However from the 1960's the...

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