Role of mineral-based industrialization in promoting economic growth: Implications for achieving environmental sustainability and social equity

Abstract

This research's problem statement centers on balancing economic development with environmental protection and social well-being. As mineral resources represent a crucial driver of economic growth in these regions, examining how their exploitation impacts economic indicators and the broader dimensions of sustainability and equity is imperative. Over the past decade (2010–2020), the role of mineral-based industrialization in fostering economic growth has garnered significant attention, particularly in Africa, Asia, and Latin America. This study delves into the complex interplay between mineral-based industrialization, environmental sustainability, and social equity in these regions, employing the Data Envelopment Analysis (DEA) model as a critical analytical tool. The results of this study reveal multifaceted insights. While mineral-based industrialization has indeed contributed to economic growth in these regions, the environmental implications are significant. Often, the extraction and processing of minerals come at the cost of environmental degradation, posing challenges to sustainability. Moreover, the distribution of benefits from this growth is often unequal, exacerbating social inequities. This research underscores the complex dynamics surrounding mineral-based industrialization in Africa, Asia, and Latin America. It highlights the need for a nuanced approach considering economic growth, environmental sustainability, and social equity. Policymakers and stakeholders must carefully navigate these challenges to ensure that mineral resources serve as catalysts for comprehensive and inclusive development in the future.