Efficient Allocation of capital
Letting markets work: flexible labour markets
governments less responsive to organized labour
Productivity-driven wage rises, even downward
No minimum wage
emphasis on creating jobs; high employment levels
Assisting the market: credit for priority areas
Industrial policies: targeting winners
criteria: growth, productivity, spillover
Credit directed against strict performance criteria
“contests”, thru deliberative councils
Most subsidy small, but a signal to capital markets.