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Outline the debate about whether 'export-led growth' is better or worse than 'import substituting industrialisation' as an industrial policy for LDCs.
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Outline the debate about whether 'export-led growth' is better or worse than 'import substituting industrialisation' as an industrial policy for LDCs. Industrial policy is undoubtedly at the centre of development. Just as industrialisation in the UK and Western Europe during the eighteenth and nineteenth centuries was seen as the first real opportunity to end material want and suffering1, so the process of industrialisation is seen as the most important, if not the only, option to LDCs in improving economic growth and social welfare. Increasing the proportion of economic activity made up of industry is closely correlated with increases in economic growth and GDP. And while economic growth is not synonymous with development, as a country's economic growth improves, there are more funds available for social development, higher employment rates and an increase in investment. Altering over time the structure of the economy from a high proportion of agriculture towards a growing...
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