“To understand the inherent flaws of the East Asian approach to development, one should look at what happened during the Asian Financial Crisis. Whenever a government becomes too involved in guiding its economy, bad things follow. Market signals become distorted, investment becomes excessive, and regional and global export markets become saturated. Economic decisions become overly politicized and infected by crony capitalism. The East Asian approach also entails other significant costs, ranging from authoritarianism to the exploitation of labor to environmental degradation. Given these flaws and costs, newly developing countries should be discouraged from even thinking about emulating this developmental model.” Do you agree or disagree? Address the question in a single-page extended analytic format. Remember to cover BOTH sides of the debate, and stay focused on the parameters of the question. Get as deep into the analysis as you can. You should have your own position, of course, but you must demonstrate that you fully understand all sides of these one-sided statements.
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