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From time immemorial, the role of the state in economic development has attracted attention of different individuals and institutions with interests in economy. In theory, the neoclassical orthodoxy favors the rise of non-interventionist state. They argue that the economy should…
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Download file to see previous pages Looking at the economic growth and development of Asia Pacific, clearly, such developments were due to state policy recommendations (Kraemer, Gurbaxani and King, 1992). For instance, in China and South Korea it emerges that the competitiveness of the economies was sharpened by an active role played by the state in both cases. In the realization of economic development in Asia Pacific region, the state is active in pursuing trade and industrial policies, fostering of human resource development, and in managing the financial sector. As such, the transition of most economies in this region from import-substituting to export-led growth strategies was a strategy to move from interventionist economy to market free economy. The countries affected included Thailand, Taiwan, South Korea, and China. Although this was a measure put in place, no doubt the state intervention continued to arbitrate in the pursuit of trade and industrial policies especially in the period of 1960s through 1970s. Therefore, the involvement has continued to manifest through the protection of import-competing sectors in the Asia Pacific region. The region in the 1980s had higher real tariff rates for imports in order to spur their growth rate and protect their industries. The real tariff rates in China and Taiwan, for instance, was 7.60 in 1983 as compared to that of US, which was at 3.24 while Singapore was at 1.83. This was an indication that Taiwan among other countries of Asia Pacific region was ready to protect their locally produced goods.
During the transition period to export growth in the region, the states supported numerous mechanisms, which included the creation of uniform and almost equilibrium exchange rates. These exchange rates would then replace the multiple rate structures that were in operation at the time. The support of the state was evident during the time they waited for share of permissible imports to increase then they ...Download file to see next pagesRead More
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