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The export-driven model of economic development, also known as export-led growth, is a strategy where a country seeks to accelerate its economic growth by focusing on producing goods and services for export. This model emphasizes expanding international trade as a primary vehicle for growth, with the underlying logic being that access to global markets allows countries to exploit their comparative advantage, increase production efficiency, create employment, earn foreign exchange, and promote industrialization. Export-driven development gained prominence in the latter half of the 20th century, particularly in East Asian economies such as South Korea, Taiwan, Singapore, and later China. These nations achieved rapid economic transformation by orienting their production structures toward foreign markets, investing heavily in manufacturing, improving infrastructure, and maintaining macroeconomic stability. Key Features of Export-Driven Economic Development: 1. Focus on Comparative Advantage: Countries produce and export goods they can produce efficiently relative to other nations. This enhances resource allocation and competitiveness in international markets. 2. Integration into Global Markets: Export-led growth is built upon the premise of global economic integration. Countries liberalize trade policies, reduce tariffs, and encourage foreign direct investment (FDI) to enhance competitiveness. 3. Industrial Policy and Government Intervention: Many _______ _____ ______ _________ ______ __________ __________.
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