Development

Is there a perfect model that promotes development, or end poverty? Policymakers and articles have been promoting the export-led growth of China, or of other East Asian countries, like Singapore, Malaysia, or Vietnam. Consequently, other countries have been prescribed similar policies to promote growth.

Just an export-led growth strategy may not be the only way to promoting development; if that were the case, then countries that are commodity-exporters, like Angola, Nigeria or Gabon could have been wealthy countries by now. Along with promoting industrialization, countries need to invest the proceeds to improving human capital, infrastructure, and promoting rule of law.

Also, a country should not directly copy the development strategies of other countries, but should tailor it according to the needs and the resource availability of the country. For example, a developing country with poor healthcare and education facilities should not invest heavily to construct an 8-lane highway to connect the industrial center to the nearest port. A road with a smaller width can probably do the work, while the rest of the money should be used to improve education and healthcare. Resources are limited, so countries should take steps to ensure that they get the most 'bang for the buck,' and not simply undertake projects that are flashy and that garners only short-term gains.