Newly industrialized countriesThe category of Newly Industrializing Countries (NICs) is a social/economic classification status applied to several countries around the world by political scientists and economists.
NICs are countries that are not quite yet at the status of a full-fledged capitalist liberal democracy, but still more advanced than countries in the third world or in the category of least developed countries.
NICs usually share some common features, including:
- A recent switch from agricultural to industrial economies.
- Recent reforms allowing for creater political liberalization and democracy.
- Increased social freedoms and civil rights.
- An increasingly "open" economy, allowing for freer trade with its neighbours.