Mechanisms of state-led development

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Reference no: EM133783478

Assignment:

Mechanisms of State-Led Development:

Industrial Policy: Both countries used targeted industrial policies to support specific sectors, such as electronics and automobiles in Japan, and shipbuilding and semiconductors in South Korea. Japan: Focused on heavy industries such as steel, shipbuilding, and later, high-tech industries like electronics and automobiles. MITI played a crucial role in selecting and nurturing these industries.

South Korea: The government identified strategic sectors, such as textiles, shipbuilding, and electronics, and provided them with support to compete internationally.

Reference no: EM133783478

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