December 16, 2013

What the Rest Should Learn from the West

Pankaj Mishra, Bloomberg

The Associated Press

It was the bitter experience of “free trade” under the auspices of imperialism that led most postcolonial countries in Asia after 1950 “to start with import substitution in the manufacturing sector.” For the most successful of these economies in East Asia, “development was more about the visible hand of the state rather than the invisible hand of the market.” And “industrialization,” Nayyar adds, refuting Friedman’s popular binary, “was not so much about getting-prices-right as it was about getting-state-intervention right.” Specific strategies and solutions mattered, such as “the use of borrowed technologies, an intense process of learning, the creation of managerial capabilities in individuals and technological...

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TAGGED: Francis Fukuyama, Globalization, Trade, Free Trade, Latin America, Asia, Japan, China


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