Abstract:The World’s Economies have experienced turbulent tectonic changes in the recent past. Such period of sustained rapid growth has led to the emergencies of industrial sub-sectors, such as highly industrialized, averagely industrialized and non-industrialized nations. Many developing countries particularly those at low levels of income have always depended on foreign investors as prime movers to their economic and technological development. To achieve their goal, they have always tried to formulated policies and reforms to steer and develop their industrial base which have not worked in their favor. UNIDO has grouped industrialization policies and strategy reforms into four categories which are: those related to economic analysis, those for formulation of policies and strategies, those for policy implementation and policy monitoring and assessment. The purpose of this symposium paper was to: Evaluate the effects of industrialization policies on economic development and empowerment by emerging countries especially those from Sub- Sahara. Its objectives were to: to identify the types of industrialization policies applied by these nations, evaluate their effects on economic development and empowerment and recommend any remedial measures to coherently eliminate the anomalies encountered. The study was empirical in nature and it used published literatures such as journals, books, seminar papers, government and non-governmental reports and previous conference symposium written materials to anchor on. The study was qualitative in design and it used case studies, reviewed government and non- governmental repots and experience survey as sources of information. Empirical data was collected, analyzed and conclusions drown. Finding showed that emerging nation’s policies and reforms in their industrial sector experienced diverse challenges like lack of; capital accumulation, poor infrastructure, low institutional development, and weak industrial policies which needed a research to assist in overcoming the challenges. This paper is important because it will assist stakeholders, and other future researchers in the area with suggested recommendations to the problems in policies experienced. The study topic is timely owing to the fact that the world is becoming a global village and nations require firm policies and strategies to become globally competitive. So far no researcher has done research on the topic hence the study is justified.
Keywords:industrialization policies, economic development and empowerment, emerging nations.
Title: Effects of National Industrialization Policy on Economic Growth and Empowerment in Developing Countries
Author: Evelyn Bosire
ISSN 2394-9694
International Journal of Novel Research in Humanity and Social Sciences
Novelty Journals