With rapid industrial upgrading along the global value chain of manufactured goods, China has transformed, within one generation, from an impoverished agrarian society to a middle-income nation as well as the largest manufacturing powerhouse in the world. This article identifies the pattern of...

African countries have sought to replicate the success of East Asia by implementing special economic zones. Despite decades of international experience, there remains no blueprint for successful special economic zone policies, and the majority of special economic zones fall well below...

Import substitution has been marginalised from development policy discourse since the 1970s. This paper examines the Rwandan government's recent attempt at reintroducing industrial policy with some attention devoted to 'recapturing the domestic market' - a term used to replace the ignominy...

We focus on special characteristics of the manufacturing sector, in terms of employment generation and productivity growth, that enable the rapid, resilient economic catch-up of developing countries. We consider the 'developer's dilemma' and the relationship between manufacturing value added or...

African countries are facing great opportunities but also formidable challenges in accelerating economic growth and sustaining a high level of economic performance. The experiences of East Asian countries may offer valuable insights for African leaders and governments in making concerted efforts...

This study describes the Chinese growth model over the past 40 years. We show that China's growth model, with its dominant role of the banking system and "the banker", is a perfect illustration of the necessity and power of Schumpeter's "monetary analysis". This approach has allowed us to...

This paper evaluates structural change, inequality dynamics, and industrial policy in South Africa between 1960 and the present day. We find that South Africa experienced growth-enhancing structural transformation until the early 1970s, before entering a period of premature deindustrialization....

Vietnam's industrial development since doi moi is a success, but only a partial one. This paper provides a political economy account of Vietnam's industrial growth since 1986. It shows that the key determinant of Vietnam's industrial growth lies in the relationship between the party-state and...