ECS3705 Assignment 2 (ANSWERS) Semester 2 2024 - DUE September 2024
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Course
Economics
Institution
University Of South Africa (Unisa)
Book
The Evolution of Economic Thought (with InfoTrac® 1-Semester, Economic Applications Online Product Printed Access Card), International Edition
ECS3705 Assignment 2 (ANSWERS) Semester 2 2024 - DUE September 2024
“Kenya keen on fourth industrial revolution” Read the following article and then answer the questions that follow. The government has identified specific goals and targets to steer growth as the country strives to catch up wi...
Five Mercantilist Principles in Kenya’s Approach to the Fourth Industrial Revolution
Introduction
Kenya's strategic efforts to integrate into the fourth industrial revolution reflect economic principles
reminiscent of traditional mercantilist thought. Mercantilism, an economic theory that dominated
European discourse from the 16th to the 18th centuries, advocates for strong state involvement in
the economy to maximize national wealth and power. This theory emphasizes state-led initiatives
such as protectionist policies, fostering domestic industries, and prioritizing key sectors critical to
national development. In the context of the fourth industrial revolution—which focuses on the
fusion of advanced technologies like automation, artificial intelligence, and digitalization into
production and industry—Kenya's approach incorporates several principles that align with
mercantilist ideologies. This essay will identify and discuss five key mercantilist principles reflected
in Kenya's strategy, drawing connections between its policies and the broader objectives of wealth
accumulation, national industrial development, and global competitiveness. These principles
illustrate the importance of state intervention, targeted investment, strategic resource
management, trade regulation, and the nurturing of key sectors to drive technological
advancement and economic growth in the context of modern technological transformation.
This expanded and professional version highlights how Kenya's industrial revolution strategy
continues to draw from foundational economic principles while adapting to contemporary
technological shifts.
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