The free market is actually a system of economy formed on the basis of demand and supply with no or a little control of government. Basically, it is the voluntary exchanges’ summary description which occurs in a give environment of the economy. The characterization of free markets is on the basis of spontaneous and decentralized arrangement order through which people tend to make decisions about the economy. On the basis of legal and political rules, the free market economy of a country might range between a black and a large market. The Asian Tigers have gained several benefits from the free market economy. The very first benefit which they have attained is the consumer sovereignty. In a market that is free, the desires of consumers are fulfilled by producers at an affordable price. Due to it, consumers are given more choices for the price which they want to invest. The second benefit they have gained concerns the absence of bureaucracy. The reduction of cost due to the presence of free markets is inevitable and it leads to more development and innovation since there is no red tape.

        The Asian Tigers don’t have to produce what the governments want. They only study the needs of the customers, research trends, and demand while trying to meet the expectations through innovation. When it comes to the production sectors, the free market economy allows the existence of a firm competition which plays an important role in the improvement of service and product. Another benefit which they have gained concerns the free enterprise’s motivational influence. In the sector of production, entrepreneurs have taken risk of fulfilling the demands of the customers(PERRY, 2017).

        This way, they have been rewarded and got their returns through profits. The Asian Tigers due to the free economic market have gained the benefit of being more efficient and maximizing their profits in the best possible way. The main player behind it is the optimum resources’ allocation. The loop of selling and purchasing is more better which actually avoids too much production which is not sold. Considering the fact that customers are happier to pay for the product’s certain quantity, it ensures that organizations are selling effectively and the same can be said about the Asian Tigers(CHEN, 2018).

Conclusion on the Asian Tigers and Economic Growth Lessons

        Summing up the discussion it can be said that the economical growth is the overall increment in the value of things produced in the economy. Economic development also allows progress in rate of life expectancy, literacy rate, poverty rates and infant mortality rate. It can be seen in the case of Asian Tigers that there development happen with constant growth in the economy. The Singapore and Hong Kong came up with trade rule that were encouraged free trade and neoliberal. GDP is determined or calculated on the basis of years but if required, it can also be calculated on the basis of quarters. The production approach measures the economic output’s total value and deducts costs which are related with the intermediate goods and invested. On the basis of legal and political rules, the free market economy of a country might range between a black and a large market. The Asian Tigers due to the free economic market have gained the benefit of being more efficient and maximizing their profits in the best possible way.

References of Market Economic Policy, highlighting the extent to which the Asian Tigers have benefited from Economic freedom of their countries in a bid to attain a high export drive.

CHEN, J., 2018. Four Asian Tigers. [Online]
Available at: https://www.investopedia.com/terms/f/four-asian-tigers.asp

PERRY, B., 2017. 4 Key Indicators That Move The Markets. [Online]
Available at: https://www.investopedia.com/articles/fundamental-analysis/10/indicators-that-move-the-market.asp