Simplex-type algorithms are typically used for these problems. These algorithms also have exponential time complexity in worst-case. In practice, well-designed simplex algorithms are of low-order-polynomial complexity. They terminate with an exact optimum.
This case, and others, are examples of situations where conventional complexity analysis fails to provide insight into real-world performance.
Last I knew, people were trying to analyze expected time complexity of certain (analysis-friendly) simplex algorithms under distributional constraints on the input structure matrices. But it's important to understand that this is mathematical back-filling to explain what is already known to hold in practice.