The East Asian countries were successful in using protective import policies by
avoiding exchange rate overvaluation and offsetting the anti export bias of import protection,
their approach would be difficult to replicate in today’s world economy. South Korea’s
approach during the 1960s and 1970s included export subsidies, which other countries would
countervail today, and on vigorous government intervention to suppress rent seeking
activities viewed as incompatible with export growth (Thomas, et al., 1991).