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I'm shocked at the number of people who still think that East Asia's rapid economic development happened thanks to free trade and laissez-faire.The crucial ingredient was state intervention.The industrial policy toolbox among East Asia's developmental states was humongous.
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I'm shocked at the number of people who still think that East Asia's rapid economic development happened thanks to free trade and laissez-faire.
The crucial ingredient was state intervention.
The industrial policy toolbox among East Asia's developmental states was humongous.

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由 Jostein Hauge 提交

I'm shocked at the number of people who still think that East Asia's rapid economic development happened thanks to free trade and laissez-faire.

The crucial ingredient was state intervention.

The industrial policy toolbox among East Asia's developmental states was humongous. Here are the main pillars of the toolbox.

Trade policy: tariffs, import licensing, export subsidies, etc.

State-directed investment: state-owned enterprises and development banks.

Long-term investment in firms’ capabilities: R&D and worker training.

Attraction of foreign direct investment (with conditions): local content requirements, joint venture requirements.

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