The Challenges of Industrialization in the 21st century
Monday 22st of February:
17:00-18:30hrs, Mill Lane Lecture Theatres, Room 7
Dr. Ha-Joon Chang, University of Cambridge
‘Industrialisation: Lessons from History and Contemporary Challenges’
Andrés Arauz, Minister of Knowledge and Human Talent of Ecuador
‘Industrial and Knowledge Policy in Ecuador: Achievements and Challenges’
The Cambridge Society for Social and Economic Development (CAMSED) cordially invites you to the inaugural event of its Global Political Economy of Development Seminar Series. We look forward to a lively exchange about the challenges of industrialization in the 21st century.
On this occasion, the discussion will center on the case of Ecuador. In the midst of hegemonic liberal economic paradigms that reduce policy space for developing nations, Ecuador has attempted to implement industrial and knowledge policies with a creative toolkit. While pursuing heterodox and investment macroeconomic policies, Ecuador must simultaneously face a hard restriction with de jure dollarization. At the same time that it has been an active promoter of new South American regionalism, it must pragmatically face trade issues with multilateral organizations and hegemonic powers. In the realm of industrial policy, it has been more successful in systemic competitiveness than in specific sectors, precisely because of the inconvenient trade regime in which it must operate. This led Ecuador to push the limits of the industrial policy toolkit with unconventional measures such as frequent use of balance of payments safeguards, alternative uses of technical standards and regulations, aggressive use of accreditation and certification and pro-development macroprudential financial regulations. Finally, in order to promote its long run competitiveness, Ecuador has heavily invested in the knowledge and human talent of its population throughout its lifecycle. While successful in significantly increasing the ‘supply of knowledge’, it is imperative to achieve an equivalent transformation in its industrial sectors, for otherwise a massive brain drain is likely in the near future.