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1. Trade justice - developing nations trade on fair basis as developed nations without protectionist impediment

2. Debt relief - release funds that can be invested into physical and human capital

3. Free trade (only once smaller markets have achieved a competitive scale, sound infrastructure, quality labour force, and technological and managerial expertise)

4. Political stability and elimination of corruption

5. Effective and targeted aid that promotes growth and abates poverty (e.g. infrastructure, R&D, education and training…)

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Infrastructures, which are the basis of economic activity provided by the government (e.g. roads, signs.. etc) are likely to be provided.

Developing countries are vulnerable in competition with the developed countries who are heavily subsidized  // government intervention to protect these industries are effective at times.

Export-led industries are likely to be protected, which provides a base for rapid economic development. A well-known example is the ‘Asian Tigers’ - which refers to the four economies: Singapore, South Korea, Hong Kong, and Taiwan. These nations exemplifies an economic growth thanks to the rise in the net export (X-M) value.

While market-based policies more focus on the potential of gaining profit, interventionist policies also concentrate on the improvement of the living standards of the young, old, and the weaker population.

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Dominance of the public sectors- leading to bureaucracy, overstaffing and inefficiency.

Provided opportunity for the growth of corrupt practices.

Nationalized industries (which took a large proportion of the whole industry!) tended to be inefficient and loss-making. Hidden unemployment arose.

The increases in the money supply (this is how interventionist policies are done) put huge upwards pressure on inflation.

Much of the expenditure was on large infrastructure projects that saw little success.

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Until when was interventionist policy popular development strategy?

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Until when was interventionist policy popular development strategy?

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Until the end of the Second World War (1945 Sept 2), most of the efforts to develop a nation’s economy was focused in the government perspective.

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1. Import substitution policies

2. Protectionist trade policies

3. Exchange rate intervention

4. Regulations

5. Nationalization of private industries

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Policies involving an active role by the government and manipulation of the workings of the markets in the economy.

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1. Soviet Union and its satellite states transitioned to market-based economy (late 1980s)

Subsequent success signaled that central planning was not a bright option for optimal growth

However, it removed financial support for many developing nations that sided with Eastern Bloc countries with a Communist ideology

2. Free-market cons:

Monopoly

Inequality

Exploitation due to deregulation: affecting the working conditions and salary of low-skilled workers

Unsustainable growth (environment)

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1. Third World Debt Crisis (developing nations borrowing too much money from IMF) => IMF would only grant loans if countries adopt Structural Adjustment Policies (development framework - inflexible)

2. 1980s: Movement towards free-market (e.g. Ronald Reagan in US and Thatcher in UK)

3. Success examples: Asian Tigers (Japan, Hong Kong, Singapore…) adopted export-led strategies and encouraged FDI for economic growth

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1. Reduction or elimination of gov. policies (e.g. price controls, subsidies)

=> increase competition, better allocation of resources as supply is adjusted accordingly with demand

2. Deregulation (environment, working hours, holidays, safety hazards)
=> minimize cost, increase productivity

3. Privatization of national industries (sell off public assets to private sector)
=> more efficient planning

4. Export-led development/trade-liberalization (removal of trade barriers)
=> capital transfer, reduce poverty (more job opportunities), economy of scale allows specialization

5. FDI
=> improve physical (infrastructure) and human capital

6. Structural Adjustment Policies

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Policies that are designed to minimize the role of the government and to maximize the free operation of supply and demand in markets:

1. Deregulation

2. Privatization of national industries

3. Export-led development

4. FDI

5. Structural Adjustment Policies