Journal
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS
Volume 49, Issue -, Pages 266-276Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.strueco.2018.11.002
Keywords
industrialization; Developing countries; Policies
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Funding
- Government of japan through the Development Cooperation Trust Fund
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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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