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
DISCLAIMER & TERMS OF USE
1. Educational Aid: These study notes are designed to serve as educational aids and should not be considered as a
substitute for individual research, critical thinking, or professional guidance. Students are encouraged to
conduct their own extensive research and consult with their instructors or academic advisors for specific
assignment requirements.
2. Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the
information provided in these study notes, the seller cannot guarantee the completeness or correctness of all
the content. It is the responsibility of the buyer to verify the accuracy of the information and use their own
judgment when applying it to their assignments.
3. Academic Integrity: It is crucial for students to uphold academic integrity and adhere to their institution's
policies and guidelines regarding plagiarism, citation, and referencing. These study notes should be used as a
tool for learning and inspiration, but any direct reproduction of the content without proper acknowledgment and
citation may constitute academic misconduct.
4. Limited Liability: The seller of these study notes shall not be held liable for any direct or indirect damages,
losses, or consequences arising from the use of the notes. This includes, but is not limited to, poor grades,
academic penalties, or any other negative outcomes resulting from the application or misuse of the information
prov
]
, For additional support +27 81 278 3372
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).
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller dochub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.84. You're not tied to anything after your purchase.
