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ECS3705 Assignment 2 Semester 2 2024
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ECS3705 Assignment 2 Semester 2 2024 QUESTIONS WITH COMPLETE ANSWERS
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ECS3705Assignment 2
Semester 2 2024
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, ECS3705 Assignment 2 Semester 2 2024
“Kenya keen on fourth industrial revolution” Read the following article and then answer the
questions that follow. The government has identified specific goals and targets to steer growth as
the country strives to catch up with the fourth industrial revolution. The fourth industrial
revolution is the ongoing automation of traditional manufacturing and industrial practices, using
modern smart technology. Among government targets is the development of the iron and steel
industry through the establishment of an integrated steel mill. Source: The Star Access date: 29
August 2024 For full article visit website:
Question 1
After reading the extract, identify and explain any five mercantilist principles that are implied in
the article. Make sure your answer is based on information in the case study. (25 marks)
To answer the question about the mercantilist principles implied in the article regarding Kenya's
focus on the fourth industrial revolution, we can identify and explain the following five
principles:
1. State Intervention in the Economy: The article highlights the government's active role
in identifying goals and targets for growth. This reflects a mercantilist belief that state
intervention is essential to promote national interests and manage economic activity to
achieve specific outcomes, such as the establishment of an integrated steel mill.
2. Promotion of Domestic Industries: The emphasis on developing the iron and steel
industry indicates a focus on bolstering local production capabilities. Mercantilism
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