The balance between markets and intervention (4.7)

 Revision cards for section 4.7 (chapter 33) in the International Baccalaureate economics course. Before reading this, I'd advice to read the other in this section (4.1-4.6)

Market-led versus interventioninst growth strategi

Market-led strategies - policies designed to minimize government intervention and maximise the free operation of supply and demand in markets. For example, export-led growth, growth through FDI, privatization of national industries, Structural Adjustment Policies and the World Bank

In Cold War terms, this was the free market and led by the West

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Market-led versus interventioninst growth strategi

Interventionist strategies - policies involving an active role by the goverment and manipulation of the workings of the markets. For example, import substitution, protectionist trade policies, exchange rate intervention, regulations, nationalization of industries and government intervention in export markets

In Cold War terms, these strategies were generally used by the Soviet Union

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