Distinguish between interventionist and market-led strategy, Microeconomics

Distinguish between interventionist and market-led strategies of development.

Explanation of interventionist strategy; heavy government involvement in the planning of output, prices and also limits to free trade (and possible references to notable exceptions - for instance Singapore). Market-led strategies commonly focus on reducing/removing barriers and limits on trade and capital, with non-intervention by government as a guiding general principle.

 

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