Industrialization as the Driver of Sustained Prosperity
How can countries achieve sustainable development and climb the industrialization ladder? What lessons can we learn from early, recent and emerging industrializing countries? How can we make industrial policies effective to achieve industrialization goals?
In Industrialization as a driver of sustained prosperity, UNIDO’s Director General Li Yong contributes to uncovering the key drivers of sustained and inclusive prosperity. With ten years to go to achieve the 2030 Agenda, the world faces the tremendous challenge of delivering on the Sustainable Development Goals (SDGs) adopted in 2015. This book demonstrates that industrialization not only contributes to economic growth and infrastructure upgrading, but can also directly and indirectly support the achievement of the SDGs’ socio-economic and environmental objectives through the creation of jobs, improvements in working conditions, innovation, and the development of new and greener production technologies.
Despite this promising evidence, successful industrialization that is both inclusive and sustainable is not an easy endeavour. This book provides information for governments and policymakers on feasible industrial policy options that can help achieve inclusive and sustainable industrial development (ISID). It presents individual country experiences at different points in time, selected case studies from various manufacturing industries, and examples of successful industrial policy governance packages.
Although industrial policies have played a key role in economic development, their formulation is far from straightforward and requires an in-depth understanding of at least three key dimensions: 1) their selectivity, 2) their feasibility, and 3) their orientation. Implementing such policies even when they are well formulated remains a major challenge. At the end of the day, successful industrialization is not simply about choosing the right policy instruments and institutions, but also about learning how to effectively build, use and coordinate them. Taking all of these elements into consideration, this book offers useful guidance for both governments of developing countries and international organizations on the fundamental features of the industrial policy formulation and implementation process.
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