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This
paper discusses the experience of late
industrializers in harnessing profits
through industrial-cum-investment policies
for faster accumulation. It is found that
the performance of a large number of developing
countries which have adopted a strategy
of reigniting a dynamic process of capital
accumulation and growth through a combination
of rapid liberalization, increased reliance
on foreign capital and reduced public
investment and policy intervention is
highly disappointing. The paper also examines
the impact of macroeconomic and financial
policies on accumulation, employment and
growth, and concludes with a discussion
of policy priorities.
February 28, 2006. |
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