The market-friendly approach to development emphasizes
A)self-interested behavior of public officials in LDCs.
B)the dependence of LDCs on former colonial powers.
C)the inherent efficiency of markets in developing countries.
D) that markets in LDCs fail sometimes and selective interventions can promote economic development.

Question

Quizplus · Accepted Answer

The market-friendly approach to development recognizes that markets in LDCs can fail at times and intervention by the government or other actors can promote economic development. This approach acknowledges the limitations of free market mechanisms while still emphasizing the importance of market-oriented policies for development. It does not emphasize the self-interested behavior of public officials in LDCs (A), the dependence of LDCs on former colonial powers (B), or the inherent efficiency of markets in developing countries (C).

The Market-Friendly Approach to Development Emphasizes