Question

which of the following statements about the general consensus around growth and development strategies is most accurate? a balance of market-oriented and interventionist policies is the best approach to growth and development, with a focus on interventionist strategies for the least developed countries and a gradual increase of market-based strategies as the country develops. a balance of market-oriented and interventionist policies is the best approach to growth and development, with a focus on market-oriented strategies for the least developed countries and a gradual increase of interventionism as the country develops. interventionist approaches to development are generally considered much more effective than market-oriented ones because of their ability to target specific sectors of the economy and invest in large infrastructure projects. market-oriented approaches to development are generally considered much more effective than interventionist ones because of their efficiency and lack of bureaucracy.

Answer 1

The consensus on growth and development strategies advises a tailored approach, with interventionist policies for least developed countries and a transition to market-based strategies as developments occur. High-income countries focus on technology, while low-income countries require improvements in human and physical capital, as well as technology that aligns with their specific needs for growth.

Step-by-step explanation:

The general consensus around growth and development strategies suggests that no single approach fits all scenarios. High-income countries often focus on developing and using new technology, whereas middle-income countries increase human capital and connect more with technology and global markets through a combination of state-led support and market-oriented incentives.

However, low-income countries face challenges including underdeveloped infrastructure and health systems, alongside a need for investment and foreign aid. Balance may be needed, with emphasis on interventionist policies for least developed countries that lack basic infrastructure, and a shift towards market-oriented policies as the economy develops and requires incentives for efficiency and global integration.

In evaluating these strategies, it is key to consider the individual context of each country. Market-oriented economies have been powerful for growth, especially when they include increased human capital and technological inclusion. Meanwhile, traditional interventionism has its place in targeting specific needs, such as infrastructure and human development in the poorest countries, and may be necessary initially before introducing more market-oriented reforms.