Industrial Economy: How Africa Should Industrializee

Abstract

Continual Africa reliance to allegedly “good” policies to industrial growth from the Developed countries and the international development policy establishment (IDPE) such as the IMF, World Bank, World Trade Organization (WTO) and donor governments such as (DFID and IFC) may further capacitate Africa’s failure to industrialize. Allegedly “good” policies have not been able to generate the PROMISED growth dynamism in the Developing countries growth during the decades of its implementation. When Africa emerged from its long economic hibernation around the turn of the 21st century, African industry was no longer competing with the high-wage industrial “North,” as it had in the 1960s and 1970s. From the historical facts about the developmental experience of the Developed countries (official history of capitalism), it is evident that “it is when a country has gotten out of protection all that it can offer, it too will adopt free trade”. African countries are not already on the frontier of technological development, as such, protective duties and restrictions are inevitable if Africa is to turn the corner in its current industrial development QUEST, contrary to intentionally misguided belief of free trade. Export subsidies, tariff rebates on inputs used for exports, conferring of monopoly rights, cartel arrangements, directed credits, investment planning, manpower planning, R&D support and promotion of institutions for public-private co-operation are additional tools suggested in the article in regards to Africa’s industrial and development success.