34
An Empirical Overview of State Intervention
Many of the suggested empirical counterparts can indeed be found in the country cases. There is no doubt about the degree of state involvement in the four countries. In all of them, the state has actively participated in the process of investment and capital accumulation. The menu of policy measures has been rich. The four countries have in varying degrees used:
direct state ownership of key industries
overall credit rationing and policy of low interest rates
selective credit allocation to favoured industries
selective administrative control over investment
selective and general subsidies to investment
administrative and political control of prices and wages
publicly sponsored research on potential growth sectors and resource endowments.

So we see a rich menu of policy measures, which does make sense in terms of the simple economic model presented above.

The industrial policies of the case countries cannot easily be described or analysed in general terms. One important characteristic, however, which seems to be common for the industrial policy of the Asian miracles as well as Finland and Austria (and, more generally, for the Nordic countries) is the relatively little role of the neoclassical idea of competition and allocative efficiency in policy statements and policy formulation. The policy- makers have instead been more interested in encouraging the growth of large firms capable to exploit assumed economies of scale (for the Nordic countries, see Hjalmarsson, 1991; for Korea and Taiwan, Chang, 1993 and Wade, 1989). This suggests that they have been motivated by assumptions of scale effects like (33.3) and (33.4) in the model. In other words, policymakers may

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