By Mauricio Mesquita Moreira
This booklet demanding situations the verified, neoclassical view of commercial good fortune in constructing international locations. by way of re-examining the function of presidency intervention within the industrialization of Brazil and South Korea, it seeks to teach that the main to commercial luck doesn't lie in an easy mixture of outward-orientation and laissez-faire, yet within the government's good fortune in remedying the most 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
Example text
G. fiscal incentives to R&D, investments in the S&T infrastructure, selective FDI and technology licensing restrictions - are likely to acquire technological capabilities faster, and therefore, to achieve and maintain international competitiveness quicker and at lower costs. 3 SUMMING UP All things considered, it seems clear that even though Neoclassicals are correct about the role of trade orientation in the East Asian success, they are wrong to equate outward-orientation with a lack of state intervention.
20 Industrialization, Trade and Market Failures The option of short periods of low and neutral protection seems to be closer to a more effective intervention. Yet, it also underestimates the latecomer's cost disadvantages and overlooks the fact that the relevant market failures affect industries differently. The 'new theories of trade' have already demonstrated that under certain circumstances, protection can be a powerful instrument to allow latecomers to take advantage of dynamic and static economies of scale, and therefore reduce the productivity gap.
Yet, the same problem occurs with these indicators in other IS regimes, and they all tend to favour imports rather than exports. Moreover, whatever the relative level of the export and import exchange rates, one cannot dismiss the former's rapid devaluation as irrelevant. So, if incentives were not that 'wrong', the explanation for the mixed industrial performance and negative export growth has at least to incorporate other factors. In this regard, there are two important variables that appears to be extremely relevant: the state of Korea's industry in the early 1950s, and the overall orientation of government policies.