The international context for industrialisation in the coming decade

Abstract

Export‐orientated industrialisation strategies are currently in vogue, whether as an active choice by LDCs or as a consequence of pressure from the IMF and the World Bank. The attractiveness of these strategies stems from the historic success of the NICs, particularly South Korea, Taiwan, Singapore and Hong Kong. Yet there are signs that the changing nature of the global economy will have a major impact on industrialisation in peripheral economies, and in particular on EOI strategies. This paper focuses on four aspects of this changing international climate ‐ restricted market access, radical electronics‐based technical change, the nature of the Structural Adjustment Programmes enforced by the IMF and the World Bank, and the effect of increased military expenditures in the Third World.

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