Strategies for economic development
Development strategies are policy frameworks pursued by developing countries to promote economic growth and development. Approaches include market-oriented strategies (trade liberalisation, FDI promotion) and interventionist strategies (industrialisation, infant industry protection).
Real World
South Korea pursued an interventionist export-led industrialisation strategy from the 1960s, with the government directing credit to chosen industries like Samsung and Hyundai, lifting per capita income from under $100 to over $30,000 within 50 years.
Exam Focus
Compare at least one market-oriented and one interventionist strategy when 'evaluate' is the command word — one-sided answers are capped at Level 2.
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