Which of the following best describes the Asian Economic Model?
a. There is minimal government involvement in regulation of the economy and little social welfare spending.
b. It involves a substantial role for government in the regulation of the economy and the establishment of social welfare programs.
c. It is a combination of state-led development measures and authoritarian political practices.
d. It preserves private property and generally views the market as the best way to allocate resources, but does not see the market as a legitimate means to distribute the proceeds of economic growth.
e. It provides for government protection of domestic industries from foreign competition and subsidies of key inputs such as energy and steel.
Question 2
Proponents of modernization theory point to the economic success of countries in which region to support their theory?
a. Asia
b. Middle East
c. Central America
d. South America
e. Eastern Europe
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