As the name implies, newly industrialized countries (NICs) are generally understood to be those countries that have in the past few decades transitioned their economies from being primarily agricultural to becoming newly industrialized. The economies of these countries are not as advanced as those of the developed countries such as the United States, Japan, and the western European states. However, they are more advanced than those of the so-called undeveloped or “third world countries.” Newly industrialized countries is a socioeconomic term applied to countries that derive a significant portion of their national income from the goods-producing sector, which consists of industries associated with manufacturing, construction, and mining operations.

Regions and Characteristics

NICs began to be recognized in the 1970s and 1980s when countries such as Hong ...

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