The Evolution of Economic Thought (with InfoTrac® 1-Semester, Economic Applications Online Product Printed Access Card), International Edition
ECS3705 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us.. “Kenya keen on fourth industrial revolution” Read the following article and then...
Mercantilist Principles in Kenya’s Approach to the Fourth Industrial Revolution
Introduction
Kenya's efforts to position itself in the fourth industrial revolution reflect a range of economic
principles that are closely aligned with traditional mercantilist thought. Mercantilism, an economic
theory that dominated European thought from the 16th to the 18th century, emphasizes the role of
the state in managing the economy to increase national wealth and power. This approach often
involves state intervention in industries, protectionist policies, and the strategic development of key
sectors. In the context of the fourth industrial revolution, which is characterized by the integration
of modern technologies such as automation, artificial intelligence, and digitalization into industrial
processes, Kenya’s strategy demonstrates several mercantilist principles. This essay identifies and
explains five mercantilist principles implied in Kenya's strategy as described in the extract from the
article.
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