- Focused on the production of goods for the international market.
- This approach took advantage of the surplus labour and the lower wages present in the countries.
Heavy Government Intervention in the Economy
- Governments were involved in many sectors of the economy.
- Interventions included providing subsidised credit to industries, setting up public enterprises, and regulating the prices and wages.
Attraction of Foreign Investments
- Encouraging foreign investment through incentives was done to get access to foreign technology and capital.
Emphasis on Infrastructure Development
- Governments invested in infrastructure projects such as roads, telecommunications, and ports to improve the business environment and attract foreign investments.
Development of Human Capital
- Governments invested heavily in education, training, and health care to improve the productivity of the workforce and meet the demands of a rapidly modernising economy.
Promotion of Small-and-Medium Enterprises
- SMEs were given support in the form of loans and tax breaks to help them grow and create employment opportunities.
Adoption of Appropriate Technologies
- The government encouraged the adoption of appropriate technologies that were suitable for the local conditions.