East Asian model of development

The East Asian model of development is an economic development strategy characterized by export-oriented economic policies, a focus on industrialization and regional economic integration, and an emphasis on export industries as the centerpiece of economic growth, development and modernity. In this model, the state plays a significant role in guiding and directing economic expansion and innovation. This has allowed economies in the region to experience phenomenal growth. Common features of this model include heavy government involvement in strategic industries, heavy foreign investment, low levels of corruption, strong central government control of the banking system, and emphasis on education, training and human capital development, strong ties between government and industry, and a liberal attitude towards trade and international capital flows.