Seventh, direct administrative intervention, if necessary for promoting efficient industrialization, should be minimal, strategic, selective, purposive, time bound, and market friendly. When the initial objectives are attained, the controls should be eliminated. The objective of controls should be to foster and promote entrepreneurial efforts. Domestic and international competition should be stimulated to provide enterprises with incentives to improve investment and productive efficiency.
Finally, a competitive environment can be created by an export-oriented or export-promoting strategy; this strategy would discipline policy-makers, financial institutions, and enterprises.
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Publication information: Book title: The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies. Contributors: Masahiko Aoki - Editor, Hugh Patrick - Editor. Publisher: Oxford University Press. Place of publication: Oxford. Publication year: 1994. Page number: 522.
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