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Free markets and economic development in postwar developing countries

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  • Free markets and economic development in postwar developing countries
  • Rabushka, Alvin; USAID(Bur. for Program and Policy Coordination)
  • United States Agency for International Development


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Title Free markets and economic development in postwar developing countries
Similar Titles
Material Type Reports
Author(English)

Rabushka, Alvin; USAID(Bur. for Program and Policy Coordination)

Publisher

[Washington, D.C.]:United States Agency for International Development

Date 1983-12
Series Title; No Other USAID Supported Study, Document
Pages 157
Subject Country Chile(Americas)
Sri Lanka(Asia and Pacific)
Singapore(Asia and Pacific)
South Korea(Asia and Pacific)
Taiwan(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding United States Agency for International Development

Abstract

Of the handful of developing countries that have succeeded in raising their standards of living since World World II, most have stressed free market economies as the keystone of their development strategy. This study analyzes examples of such successful, market-oriented economies. An initial section shows how economic theory establishes the essential conditions under which free, or competitive, markets operate and demonstrates that free markets maximize economic efficiency. It points out further that economic activity does not operate in a vacuum, but depends on government to provide an institutional framework in which the market economy can function. In section two, the author considers what mix of fiscal, monetary, regulatory, and international policies is appropriate to the free market economy. Sections three through eight examine in detail post war economic policies, and their results, in Hong Kong, Singapore, Taiwan, Korea, the Ivory Coast, Chile, and Sri Lanka in order to determine the central components of rapid economic growth. Recognizing that most countries do not stress free market policies, the author then explores how more modest policy reforms can improve efficiency.