How Nations Succeed: Manufacturing, Trade, Industrial Policy, and Economic Development

by Murat Â. Yülek

This book assesses developmental experience in different countries as well as British expansion following the industrial revolution from a developmental perspective. It explains why some nations are rich and others are poor, and discusses how manufacturing made economies flourish and spur economic development. It explains how today’s governments can design and implement industrial policy, and how they can determine economically strategic sectors to break out of Low and Middle Income Traps.
Closely linked to global trade and (im)balances, industrialization was never an accident. Industrialization explains how some countries experience export-led growth and others import-led slowdowns. Many confuse industrialization with the construction of factory buildings rather than a capacity and skill building process through certain stages. Industrial policy helps countries advance through those stages. 
Explaining technical concepts in understandable terms, the book discusses the capacity and limits of the developmental state in industrialization and in general in economic development, demonstrating how picking-the-winner type focused industrial policy has worked in different countries. It also discusses how industrial policy and science, technology and innovation policies should be sequenced for best results. 

Genres: Economics

314 pages, Hardcover

Published August 13, 2018

Reviews

[Semir Focic · Rating 4 out of 5]

Interesting book about economic development throughout history and elements that has shaped it.
The author uses different countries in order to emphasis good and bad practices of national economies and their policies in terms of production, taxation, education and innovation that have created welfare and vice versa.

[Mohib · Rating 5 out of 5]

A joy to read on the topic of industrialisation. It is for expert and not so expert readers alike. What I loved a bout the book is that the author knows where to end a chapter, a topic and finally the whole book. It also doesn't leave you wanting more as it closes with an excellent summary chapter.

[Carlos Ortega · Rating 3 out of 5]

Good introduction book. It doesn't go into the peculiarities of the different industrial policies and strategies in the 20th century. For example, South Korea's and Japan's development through industrial policy is briefly discussed without going into topics such as the chaebol and the kereitsu, which are the main organisational structures which led their rapid development through the rules the public sector imposed on the private sector.

[Aboubakr Barry · Rating 5 out of 5]

Great book

I really enjoyed this book. It provides a rich historical perspectives on practices and policies adopted by developed economies today to create the foundation for an industrial economy. It provides road map for developing countries desiring to join the club of rich countries. A key lesson is the importance of development oriented leaders who have the discipline and foresight to conceive and execute policies compatible with long term economic growth.