According to the World Bank and the IMF,East Asia experienced greater economic development compared to Latin America because

Question

Quizplus · Accepted Answer

East Asia's economic development was largely driven by markets playing a large role and states playing a relatively small role in allocating resources, allowing for more efficient allocation of resources and market-driven growth. In contrast, Latin America relied more heavily on states and government intervention in the economy, which often resulted in bureaucratic inefficiencies and corruption. Additionally, East Asia benefited from lower labor costs and borrowing in international financial markets, as well as exchange rate policies that boosted exports. High inflation was actually a hindrance to economic development, making it more difficult for individuals and firms to save and invest.

According to the World Bank and the IMF,East Asia Experienced