Exam (elaborations)
ECS3705 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024
- Course
- History of Economic Thought
- Institution
- University Of South Africa
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ECS3705 Assignment 2(COMPLETE ANSWERS)
Semester 2 2024
100% GUARANTEEED
, 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, we must first connect the mercantilist principles implied in the article to
Kenya’s focus on the fourth industrial revolution. Mercantilism is an economic theory that
emphasizes the accumulation of wealth, particularly in the form of precious metals, through
government regulation of a nation's economy and trade. It advocates for a positive balance of
trade, government intervention, and the use of colonies or resources for national enrichment.
Here are five mercantilist principles implied in the article, as they relate to Kenya’s economic
policies:
1. Government Intervention in Economic Development
Explanation: The article mentions that the Kenyan government has "identified specific
goals and targets to steer growth" in order to catch up with the fourth industrial
revolution. This indicates a proactive role of the government in shaping and regulating
the economy to stimulate industrial development, which is a core aspect of mercantilism.
Mercantilism advocates for government control over the economy to ensure national
prosperity, and in this case, Kenya’s government is directing economic activity toward
strategic industries.
Connection to Mercantilism: In mercantilism, governments actively direct the economy
by setting national priorities and investing in key industries. By focusing on specific
sectors like steel, the government is aiming to create self-sufficiency, reduce imports, and
enhance national wealth, all of which align with mercantilist principles.
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