= (NIC)

A country which has recently increased the proportion of industrial production in its national income and of industrial exports in its trade. The NICs have been the most rapidly growing part of the world economy in the last quarter of the twentieth century. There is no standard list of NICs: they include the ‘East Asian tigers’, Hong Kong, Korea, Singapore and Taiwan, and various other countries including Brazil, China, India, Malaysia, Mexico, South Africa and Thailand, and their number is growing.

• shock
• shoe-leather costs of inflation
• shop steward
• shortage
• short-dated security
• short position
• short run
• short-run capital movements
• short-run cost curve
• short-run marginal cost
• short-run Phillips curve
• short-termism
• short-time working
• shut-down price
• SIB
• SIC
• sickness benefit
• side-effects
• side-payment
• sigma
• signalling
• significance, tests of
• silicon valley
• simple interest
• simulation