How Developing Countries Create Industrial Champions
Japan, South Korea, and other Asian economies achieved high-income status through strong state interventions that helped domestic firms venture into sophisticated high-tech sectors and compete globally. By applying these lessons, today’s developing countries can provide similar opportunities for their companies, as well as good returns for global investors.
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WASHINGTON, DC – For many firms in emerging and developing economies, emulating the success of the likes of Samsung and Hyundai may seem like an impossible dream. But the rapid economic growth of Japan, South Korea, and other Asian countries in the second half of the twentieth century shows how it can be done.