From manufacturing-led export growth to a twenty-first-century inclusive growth strategy: Explaining the demise of a successful growth model and what to do about it

Joseph Stiglitz

No wp-2018-176, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: Success in development over the past half-century was based on manufacturing-led export growth. Because the share of global employment in manufacturing will decline, manufacturing won't play the same role in the coming decades. An increase in manufacturing employment won't suffice to meet the need for new jobs, especially in Africa with its burgeoning population. There has to be another strategy. I deconstruct what enabled manufacturing to generate growth and structural transformation. It simultaneously provided needed foreign exchange, promoted learning, and provided employment.

Keywords: Stockholm Statement; Industrial policy; Dynamic comparative advantage; Global reserve system; Structural economic transformation; Manufacturing; Employment generation; Exports; Inclusive growth (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (17)

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