What is state-led development? Why do countries adopt this approach for economic development?
What will be an ideal response?
State-led development is a strategy to promote economic growth that includes such policies as government coordination of private sector investment, forced savings, and preferential treatment to certain industries regarded as essential for national economic development.
This path is taken by poor countries that seek to develop their economies as rapidly as possible. State?led development strategies are less concerned than social democracy with questions of inequality and redistribution—for example, Japan, South Korea, and China do not have particularly large "welfare state" policies that protect the economic and social well?being of the poor and focus most on growing the economy.
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Indicate whether this statement is true or false.
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