What was impeding growth was not so much an inadequate quantity of investment, but poor quality investment -- a persistent tendency to direct capital into low-yielding activities. The sources of that misdirection of capital are not hard to find.
They lie with government-led investment decisions -- for example, “Think Big” projects -- and with investment encouraged into sectors or activities sheltered by protections of various kinds. It is those protections -- the import quotas, licensing arrangements, or tax incentives -- that produce situations in which the returns to private investors become disconnected from the underlying market realities.