Earlier quoted context omitted.
> despite heavy state intervention in the economy Arguably because of state intervention in the economy. They give generous cash subsidies across various industrial sectors -- and as "investors" they have a remarkably light touch! Their standard modus operandi is to subsidize a number of competing ventures per sector (which number could be somewhere in the dozens or hundreds) and have competition take care of the res…
> Arguably because of state intervention in the economy. More than that. It's the closest thing we have to a successful economic experiment replicated multiple times in real life. It's the Japanese model. Meiji Japan, post-WW2 Japan. South Korea, Taiwan, Singapore, Hong Kong, China more or less followed the same pattern.
The 5 Dragons (Taiwan, South Korea, HK, Singapore, Japan) followed pretty much the same recipes that made Britain, France, Germany, Switzerland industrial powerhouses in their days.