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POLICYINSIGHTS
INSTITUTE OF POLICY STUDIES OF SRI LANKA
The ideological
debates should
[by now] be over;
there should be
agreement that
while markets are
at the centre of
the economy,
governments must
play an important
role. The issue is
one of balance,
and where that
balance is, may
depend on the
country, the
capacity of its
government [and]
the institutional
development of its
markets.
-Joseph Stiglitz
POLICYINSIGHTS
12 NOVEMBER 2014
infrastructure also played a key role in
supporting a governments development
policy. In the case of East Asia,
infrastructure development was often
closely linked to their industrial policies.
As these policies had distinct priorities,
infrastructure development projects could
also be prioritized to suit the needs of the
time.
At the onset of their development
process, the East Asian countries focused
on improving higher levels of education
and ensuring that the education system
was addressing labour market demands.
Much like the infrastructure development
strategies, developing human capital was
also closely linked to the growth policies
pursued at the time. As a result,
education planning has played a crucial
role in improving the human capital stock
in East Asia. The education policies in
many of the East Asian countries were
integrated into the growth strategy of the
country at the time and, therefore, the
education system was geared to meet the
labour market demands and minimize the
potential occurrence of a skills mismatch.
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