By Mauricio Mesquita Moreira
This e-book demanding situations the proven, neoclassical view of commercial good fortune in constructing international locations. by means of re-examining the position of presidency intervention within the industrialization of Brazil and South Korea, it seeks to teach that the foremost to commercial good fortune doesn't lie in an easy mix of outward-orientation and laissez-faire, yet within the government's good fortune in remedying the most important industry disasters within the product and issue markets.
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Extra resources for Industrialization, Trade and Market Failures: The Role of Government Intervention in Brazil and South Korea
Example text
These are all imperfections that do not depend on capital market failures. They act by depressing the expected private returns and by magnifying the private investor's perception of risk. , those that would prevail if dynamic and static economies were non-existent, would be certainly more attractive to latecomers. Accordingly, if allowed to operate freely, the market will, in all likelihood, lead to below-the-socially-optimum investment in industries where there might be dynamic comparative advantages, 15 or even in industries where changes in factor prices suggest static advantages.
Second, the high debt-equity ratios - which inevitably characterises the system - for making both firms and banks more responsive to interest rates and preferential credit, gives the government a powerful instrument to stimulate aggregate investment (along Keynesian lines) and to force allocation of resources to those sectors where dynamic and static economies drive a wedge between the expected private and social returns. Finally, as Wade (1988:134) pointed out, the creditbased system helps to avoid the 'short-termism' that affects decisionmaking in a stock market system.
A complex multiple exchange rate system was introduced, used concurrently with high and escalating tariffs and comprehensive NTBs. 31 Unlike typical IS regimes, though, exports benefited from a range of export incentives, including preferential finance, and import licensing conditional on export performance (1957). 32 The results in terms of manufacturing growth were far from disastrous. 3), driven by a 'preemptive' IS in the light industry. 33 Yet, this figure looks less impressive if one takes into account the reduced size of the post-war manufacturing base.