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If you go back half a century, the average Latin American was far wealthier than the average East Asian, but that's been turned on its head as the Tiger economies of South Korea, Taiwan and Singapore have enjoyed an economic boom. Our business correspondent Monica Miller has been looking at the reasons for Singapore's success.

This clip is taken from Business Daily and forms part of a series about the economies of Latin America. Listen to the whole episode and five-part series – just search for Business Daily wherever you get your podcasts.