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% GUARANTEED
, 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)
The article emphasizes Kenya's strategy to catch up with the Fourth Industrial Revolution (4IR)
by focusing on specific goals such as the development of the iron and steel industry. Although
the article primarily discusses the role of technology in industrial growth, mercantilist principles,
which traditionally emphasize state intervention and economic policies designed to enhance
national wealth and power, can be inferred. Here are five mercantilist principles implied in the
article, as explained in the context of Kenya's goals:
1. Government Intervention in the Economy
Mercantilism advocates for active government involvement in the economy to foster national
growth. In this case, Kenya's government has identified specific goals, such as developing the
iron and steel industry through an integrated steel mill. This reflects a mercantilist approach
where the state plays a crucial role in guiding industrial and economic development by
prioritizing sectors critical to national growth. By steering development, the government aims to
ensure that industries like steel, which are vital for other sectors like construction and
manufacturing, are well-established.
2. Focus on Domestic Industry Development
Mercantilism promotes the development of domestic industries to reduce reliance on imports and
increase self-sufficiency. The article mentions Kenya's goal of building an integrated steel mill,
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