ABSTRACT
The term "newly industrializing countries" (NICs) is found in the literature on development describing countries in the process of industrializing whose industries are making important contributions to economic growth as traditional reliance on primary products decreases. Most NICs assemble products providing good value and quality, both for domestic and foreign consumption. The expressions "economic development" and "economic growth" are both used in the literature discussing the changes necessary for improvement in a country's level of living. "Economic growth" is the more restricted term and refers to an increase in output and productivity, whereas "economic development" includes "growth" along with broad societal and industrial changes necessary to facilitate increases in output (Kindleberger 1965:3). Today's expression "newly industrializing countries" is similar to the "takeoff stage," a term proposed by W. W. Rostow in his theory of stages of economic growth (Rostow 1971:36-58). Economic development is a sustained dynamic process.
