Perhaps the largest mistake would have been state directed development. MITI in Japan directed industrial and trade development until their big blow-up in the late 80’s. Since then, there has been a constant slump and drain on the Japanese economy, I think, due to that previous direction. The state was choosing the winners and losers, which, according to Mises in Bureaucracy is an egregious mistake because bureaucrats work to rule, not to efficiency and profit.