“In the mid-1960s, when Australia’s trade minister Sir John McEwen was urging Holden and Ford to seek export markets in Asia, the leader of one of Asia’s poorest countries decided his country needed a car industry. Defying the advice of economists, he ordered the country’s biggest company to start making cars – with Ford’s assistance. That country was South Korea … [and] the company was Hyundai.”
Tim Colebatch, Economics Editor, The Saturday Age, 25th May 2013
The switch to laissez-faire economics in the latter part of the 20th Century brought considerable benefit to many economies…
