East AsiaEast Asia is the easternmost region of Asia, which is defined in both geographical and ethno-cultural terms. The modern states of East Asia include China, Japan, Mongolia, North Korea, South Korea, and Taiwan. Hong Kong and Macau, two small coastal quasi-dependent territories located in the south of China, are officially highly autonomous but are under Chinese sovereignty. Japan, Taiwan, South Korea, Mainland China, Hong Kong, and Macau are some of the world's largest and most prosperous economies.
Four Asian TigersThe Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year. By the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage.
Japanese asset price bubbleThe Japanese asset price bubble was an economic bubble in Japan from 1986 to 1991 in which real estate and stock market prices were greatly inflated. In early 1992, this price bubble burst and Japan's economy stagnated. The bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion. More specifically, over-confidence and speculation regarding asset and stock prices were closely associated with excessive monetary easing policy at the time.
Aftermath of World War IITwo global superpowers, the Soviet Union (USSR) and the United States (US), rose in the aftermath of World War II. The war's aftermath was also defined by the rising threat of nuclear warfare, the creation and implementation of the United Nations as an intergovernmental organization, and the decolonization of Asia and Africa by European and east Asian powers, most notably by the United Kingdom, France, and Japan.
