Japan and Korea use or have used many industrial policies, and they are both considered to be countries that have developed successfully. Does that mean that the industrial policies caused their successful development?
What will be an ideal response?
Opponents of industrial policies continue to argue that sound macroeconomic policies, high rates of saving and investment, and high levels of schooling were the keys to success in those two countries, and that industrial policies were a distraction at best. It is difficult to determine cause and effect in economic development.
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