It generally refers to the model of development pursued in East Asian economies such as Japan, South Korea, Hong Kong and Taiwan.
For instance, the percentage of annual average growth between 1970-96 was 3-5% in China, Hong Kong, Taiwan, South Korea and Singapore.
[9] Behind this success is export-oriented economies which brought high foreign direct investment and greater technological developments which caused significant growth of GDP.
The governments in those countries were crucial in controlling trade unions, provisions, justice and also in providing necessary public infrastructure (roads, electricity, good education etc.).
Along investors, Asian countries got foreign aid from the West (especially from the United States in order to discourage communism as a Cold War Containment policy) and get better access to the Western markets.
The over-investment, misallocation of foreign capital inflows[9] (big corporations getting money from each other, whether investment was sufficient or not),[6] and other problems in the financial sector.
Because of the crisis GDP and exports collapsed, unemployment & inflation both went up, and as result of all this the governments accumulated huge foreign debt.
In general, there has also often been a lack of transparency in policy implementation, for example decisions with regards to public infrastructure projects and ad hoc tax exemptions.