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It kept taxes low, regulations light, trade open and laws simple but rigorously enforced so as to encourage private investment.
FORBES: Only Supply Side Can Fix $1.4 Trillion Deficit
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There are pending reforms to enact, such as a bankruptcy law and a measure to encourage private investment in public works, and talk of more ambitious steps to follow.
ECONOMIST: Brazil's mayoral elections: Local skirmishes | The
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"First, we urge the government to implement supply-side reforms - particularly reform of the tax system, measures to encourage private sector investment in infrastructure and introducing more flexible employment laws to facilitate businesses' ability to react swiftly to volatile conditions, " he said.
BBC: UK economy recovering too slowly, BCC says
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Mr Davies also argued that the Programme for Government should include business rate relief plans to encourage private sector investment and employment.
BBC: Plaid Cymru debate
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Current FCC commissioner Robert McDowell says that's OK the FCC has already taken steps to encourage more private investment in broadband infrastructure.
NPR: Will Obama's FCC Push For Internet Access For All?
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Another idea is to encourage more private investment.
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PLN, the state power company, has been trying to encourage private-sector investment, but subsidised electricity acts as a disincentive.
ECONOMIST: Why business in Indonesia has yet to take off
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Oil minister Veerappa Moily said the government aims to cut the country's import dependence by half by 2020 and make it completely nil by 2030 and would encourage more private investment in the sector to boost local hydrocarbon output.
WSJ: Cairn India to Invest $2 Billion to Raise Output
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Instead, we should enthusiastically support major sources of private-sector high-quality job growth like private equity, have a more balanced approach to regulation and encourage business formation with a tax policy that encourages investment and innovation.
FORBES: Private Equity Isn't About Greed; It's About Growth