a column by Reda Cherif and Fuad Hasanov for VOX: CEPR’s Policy Portal
The 'Asian miracles' and their industrial policies are often considered as statistical accidents that cannot be replicated.
The column argues that we can learn more about sustained growth from these miracles than from the large pool of failures, and that industrial policy is instrumental in achieving sustained growth. Successful policy uses state intervention for early entry into sophisticated sectors, strong export orientation, and fierce competition with strict accountability.
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