This Is How Industrial Policy Can Go Bad
Odd Lots
00:00
The State Must Steer Economic Growth
The success of economic growth in countries like Korea and Taiwan can be attributed to a strong, capable state that effectively engages with its domestic business class, facilitating movement towards competitive foreign markets. In contrast, countries such as Malaysia and Thailand, despite having access to foreign partners and technology, falter because their business classes resist external competition and prioritize protected domestic markets. In these cases, the government fails to motivate or compel businesses to pursue international expansion, highlighting the crucial role of state strength and negotiation in achieving economic advancement.
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