Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/211214
Authors: 
Stiglitz, Joseph E.
Year of Publication: 
2018
Series/Report no.: 
WIDER Working Paper No. 2018/176
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. The new strategy I propose is more multi-pronged, addressing separately, in different sectors, the challenges of learning, foreign exchange, and employment. A carefully designed, co-ordinated multi-sector strategy, with sectoral policies in agriculture, natural resources, manufacturing, and especially services, has the prospect of attaining the same success as the old manufacturing export-led strategy. The development state will continue to be central, but has to be redefined. The new development strategies will require greater balance between the market, the state, and the community, a perspective articulated in the Stockholm Statement.
Subjects: 
economic development
Stockholm Statement
industrial policy
dynamic comparative advantage
global reserve system
JEL: 
O14
O24
O55
O57
Persistent Identifier of the first edition: 
ISBN: 
978-92-9256-618-0
Document Type: 
Working Paper

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