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Article

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The fourth lesson is the reliance on the private sector. In these economies, the private sector was allowed a free hand in the production, distribution and trade of goods and services. Japan had shown the way through big industrial conglomerates Keiretsus/Zaibatsus as did Korea through Chaebols. Taiwan adopted a different strategy – to promote industrialisation through smalland-medium enterprises. China, Thailand, Indonesia, Philippines and Malaysia encouraged foreign direct investment and joint ventures. In China, the share of state owned enterprises in the economy has fallen to 30-40 percent from 100 percent. Most of the town and village enterprises owned by the local governments were guided by market signals and acted as if they were private-sector entities

Publication Source

The News

Publication Date

3-11-2022

Pages

1-2

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