The role of state driven capitalism in ensuring economic development in Ghana: a case study on the Asian tigers

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In this present age where economic growth in not enough to sustain a country and its inhabitants. There is the need to establish strategies that spur its economy into development, and impact its inhabitants positively in the process. The study relates state-directed capitalism to economic development, while taking lessons from East Asian Tiger countries (South Korea, Taiwan, Singapore and Hong Kong), and taking into consideration Ghana’s context and areas where state direction is needed to improve the economy. The methods used in the study include the use of books, internet sources, focus groups, interviews and questionnaires to fully understand the concept of state-capitalism and its relation to economic development. Every country owes it to its citizens to ensure that the standard of living is above average and everyone from the elite to the grass root has their fair share of wealth accumulated from growth. The findings indicate that a combination of free market principles and government intervention make up for the inefficiencies of the market. This could be the key to changing a developing country into a developed one if only the proper institutions are established to ensure the political, economic and even social stability.
Thesis submitted to the Department of Business Administration, Ashesi University College, in partial fulfillment of Bachelor of Science degree in Business Administration, April 2012
Ghana, Asian Tigers, economic development, economic growth, state-capitalism