In reviewing capitalism worldwide following the downfall of communism in the Soviet Union some observers suggest that_____________?
Correct answer: C. in dynamic Asian nations (e.g. Japan Singapore Hong Kong South Korea and Taiwan) government intervention in economic life has resulted in a "government-business symbiosis " different from that in Europe and the United States
- A. capitalist nations fully agree on the merits of capitalism practiced by all developed nations
- B. Russia Eastern Europe Latin America and Asia have fully accepted and are practicing the style of capitalism practiced in the United States
- C. in dynamic Asian nations (e.g. Japan Singapore Hong Kong South Korea and Taiwan) government intervention in economic life has resulted in a "government-business symbiosis " different from that in Europe and the United States
- D. the performance of the Asian economy and financial institutions in late 1997 and early 1998 strongly supports the "government-business /state capitalism/communal capitalism economic arrangement
Explanation
Several East Asian economies developed a government-business symbiosis in which the state actively guided and supported private economic activity, unlike purely laissez-faire capitalism. The later financial crisis does not by itself prove that this arrangement was strongly supported, making option d weaker.
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