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Title
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What factors drive successful industrialization? Evidence and implications for developing countries
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Author
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Abstract
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| This paper analyses the drivers of successful industrialization in developing countries. We consider two different periods, 1970-1990 and 1991-2014, likely to be affected by different patterns of industrialization due to major political, technological and organizational changes. We subsequently develop a methodology to identify a small group of countries for each period, which have exhibited a pattern of industrialization that is not only remarkable in absolute terms, but also sustained. Our analysis reveals that successful industrialization is driven by a combination of factors, including a country's initial economic conditions, factor endowments and other characteristics, such as demography and geography. We also show that other variables that policymakers can control play a crucial role. This includes, among others, the promotion of investments (both public and privately funded) and education; the management of trade and capital openness; financial sector development and the promotion of both macroeconomic and institutional stability. (C) 2018 Elsevier B.V. All rights reserved. |
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Language
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English
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Source (journal)
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Structural change and economic dynamics. - Oxford
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Publication
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Oxford
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2019
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ISSN
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0954-349X
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DOI
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10.1016/J.STRUECO.2018.11.002
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Volume/pages
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49
(2019)
, p. 266-276
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ISI
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000471357700021
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Full text (Publisher's DOI)
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Full text (publisher's version - intranet only)
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