In what has come to be called the East Asian model of development,economic development is conceptualized as a series of distinct stages.In the first stage,
A) currency exchange policy promotes consumer imports.
B) industrial policy promotes capital-intensive heavy industry.
C) industrial policy promotes labor-intensive heavy industry.
D) industrial policy promotes capital-intensive light industry.
E) industrial policy promotes labor-intensive light industry.

Question

Quizplus · Accepted Answer

In the East Asian model of development, the first stage typically involves promoting labor-intensive light industry. This approach is chosen to take advantage of the region's abundant labor force, which can be employed in manufacturing simple consumer goods. This strategy helps in building the foundation for industrialization by utilizing the available labor efficiently, generating employment, and starting the process of economic development.

In What Has Come to Be Called the East Asian