By Mauricio Mesquita Moreira
This publication demanding situations the validated, neoclassical view of business good fortune in constructing international locations. via 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 an important industry disasters within the product and issue markets.
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Additional info for Industrialization, Trade and Market Failures: The Role of Government Intervention in Brazil and South Korea
They need to develop the capital markets to boost manufacturing investment and economic development. Yet, to have a well-functioning capital market, relatively high levels of per capita income are necessary. This problem was acknowledged even by Balassa (1975:375) who argued that, the development of capital markets is a function of the general process of economic development. The Theoretical Background 25 Thus, it is not surprising that late industrialized countries such as Germany and Japan, and NICs such as Korea and Taiwan, which for being late comers could not afford to wait for a gradual development of the capital markets, have turned to what Zysman (1983) called creditbased systems.
Labour mobility gives rise to externalities, and therefore to under-investment. It is clear, then, that countries where the government intervenes and invests heavily in education and training are bound to have a better educated and trained work-force, and accordingly, their industry more likely to achieve international competitiveness faster and at lower costs. 28 Industrialization, Trade and Market Failures Thus, the sharp contrast between Brazil's and Korea's experiences with education and training, with the former largely neglecting its relevance and the latter pouring significant resources, cannot be left out of the explanation of the performance differential.
These were problems that could not be solved overnight, least of all by market forces alone, and that were severely undermining the industry's performance and ability to respond to relative prices. So, even if prices were completely 'right' - and as shown they were not far from it - it seems unlikely that manufacturing growth would have been higher, or that exports would have promptly responded. More to the point, without the protection given by the IS policies, the most probable result would have been a Korea along the lines suggested by the American consultants.