- Discuss the positive outcomes of market-oriented policies (such as liberalized trade and capital flows, privatization and deregulation), including a more efficient allocation of resources and economic growth.
- Discuss the negative outcomes of market-oriented strategies, including market failure, the development of a dual economy and income inequalities.
Strengths and weaknesses of interventionist policies
- Discuss the strengths of interventionist policies, including the provision of infrastructure, investment in human capital, the provision of a stable macroeconomic economy and the provision of a social safety net.
- Discuss the limitations of interventionist policies, including excessive bureaucracy, poor planning and corruption.
Market with government intervention
- Explain the importance of good governance in the development process.
- Discuss the view that economic development may best be achieved through a complementary approach, involving a balance of market oriented policies and government intervention.
I am going to give you notes for this.... make sure you go through it carefully. See also attached PDF:
And that is it.... we are done! :)