During the 1980s and 1990s, there was a great deal of talk that the achievements of Japan and the "little tigers" indicated that the world was about to enter a new historical phase, that of the

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The term "Asian Miracle" was used to describe the rapid economic growth experienced by several East Asian countries including Japan, South Korea, Taiwan, Singapore, and Hong Kong during the 1980s and 1990s. This period was characterized by high levels of economic development, industrialization, and technological advancement, which led many to believe that these countries would dominate the global economy in the future.

During the 1980s and 1990s, There Was a Great Deal