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The Future of Manufacturing Industry and Its Implications for Develo** Countries

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The Political Economy of Global Manufacturing, Business and Finance

Part of the book series: International Political Economy Series ((IPES))

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Abstract

Industrialisation has long been synonymous with economic progress and structural change. A controversial aspect of industrialisation is the role of industrial policy in supporting this process. This chapter examines the role of industrial policy, particularly in low- and lower-middle-income economies, in the current economic environment by focussing on three mega-trends—the fragmentation of production based around production value-chains, technological breakthroughs leading to production based on digital technology or ‘smart production’ and moves towards the greening of industrial development. The basic message is that industrial policy in its ‘modern’ version is highly relevant for today’s high-income economies, but for low-income and lower-middle-income economies that are technology importers not innovators, there is scope for industrial policy to play a more traditional role.

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Authors and Affiliations

  1. University of Bradford, Bradford, UK

    John Weiss

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  1. John Weiss
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Correspondence to John Weiss .

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Editors and Affiliations

  1. Department of Economics, Adam Smith Business School, University of Glasgow, Glasgow, UK

    Michael Tribe

  2. Wits School of Governance, University of the Witwatersrand, Johannesburg, South Africa

    George Kararach

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Weiss, J. (2023). The Future of Manufacturing Industry and Its Implications for Develo** Countries. In: Tribe, M., Kararach, G. (eds) The Political Economy of Global Manufacturing, Business and Finance . International Political Economy Series. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-25832-9_4

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