Exam (elaborations)
ECS3705 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024
- Course
- History of Economic Thought
- Institution
- University Of South Africa
100% TRUSTED WORKINGS, EXPLANATIONS & SOLUTIONS
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ECS3705 Assignment 2(COMPLETE ANSWERS)
Semester 2 2024
CONTACT: biwottcornelius@gmail.com
, ECS3705 Assignment 2 (COMPLETE ANSWERS)
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 mercantilist principles implied in the article, let's first break down
key mercantilist principles and relate them to the information in the extract.
Mercantilism:
Mercantilism is an economic theory that emphasizes the accumulation of wealth (especially gold
and silver), state intervention in the economy, and a positive trade balance (exports exceeding
imports). It was popular in Europe between the 16th and 18th centuries. The key principles of
mercantilism include:
1. State control of industry
2. Promotion of domestic industries
3. Trade surplus and export promotion
4. Accumulation of wealth
5. Government intervention and protectionism
Mercantilist Principles in the Extract:
1. Promotion of Domestic Industry
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