China's experience during the transition era shows that its state followed the developmental model pioneered in South Korea, Japan, and Taiwan. In China, as elsewhere in East Asia, the developmental state was highly successful. But this success depended upon the insulation of the state from rent‐seeking behaviour. The policy lesson is therefore that industrial policy can be highly successful, but that countries which have weak states––especially in sub‐Saharan Africa and South Asia––may well be better advised to follow the Anglo‐Saxon form of capitalism advocated by the IMF and World Bank.
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