By developing marketing principles and doing away with old socialist and bureaucratic institutions,Asian nations achieved stunning rates of growth.

Question

Quizplus · Accepted Answer

Yes, Asian nations such as Japan, South Korea, Taiwan, and more recently China, adopted market-oriented economic policies and embraced capitalism which resulted in impressive growth rates. They abandoned socialist and bureaucratic institutions that hindered economic growth and instead applied market principles to spur economic development.

By Developing Marketing Principles and Doing Away with Old Socialist