The Evolution of Economic Thought (with InfoTrac® 1-Semester, Economic Applications Online Product Printed Access Card), International Edition
Well-structured ECS3705 Assignment 2 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!).....“Kenya keen on fourth industrial revolution” Read the following article and then answer the questions that follow. The government has identified specific goa...
ECS3705
Assignment 2 Semester 2 2024
Unique Number:
Due Date: September 2024
QUESTION 1
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
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QUESTION 1
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.
1. State Intervention and Industrial Development
One of the core principles of mercantilism is the active role of the state in directing economic
activity, particularly in strategic industries. The extract highlights Kenya’s focus on the
development of the iron and steel industry through the establishment of an integrated steel
mill, which is a direct form of state intervention aimed at fostering industrial growth. This
approach reflects a traditional mercantilist belief that the government should play a central
role in the economic development of critical industries to ensure national self-sufficiency and
reduce dependency on foreign imports.
The establishment of an integrated steel mill is a strategic decision that aligns with the
broader mercantilist goal of creating a self-sufficient economy that can produce its own
goods rather than relying on international trade. By investing in the steel industry, the
government aims to build a strong industrial base that will support other sectors such as
construction, manufacturing, and infrastructure development. This state-led industrialization
strategy mirrors mercantilist principles where governments actively invest in and protect
emerging industries to build national strength and reduce external vulnerabilities (The Star,
2024).
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