Structural Change and Industrial Development in the BRICS

books by Wim Naudé, Adam Szirmai & Nobuya Haraguchi

Publisher: Oxford University Press, Oxford
ISBN: ISBN-13: 9780198725077

The global economy has been irrevocably changed by the dramatic economic rise of the five countries collectively referred to as the BRICS: Brazil, Russia, India, China, and South Africa. This book plots their rise and provides a unique analysis of the patterns of structural change that have accompanied the development of these countries. Focusing particularly on the manufacturing sector as a potential engine of growth, it asks how and why the manufacturing sector emerged in these countries, what accounts for the spectacular manufacturing success of China, what are the differences between the experiences of the BRICS, including their successes and failures, and what lessons there are for the industrial policies that many other countries are trying to implement today? The various chapters in the book set out to understand the economic development of the BRICS. This shows that the most successful countries were those where industrial policy has helped realize latent comparative advantages facilitated human capital formation, entrepreneurship, foreign investment, and technology transfer; and where industrial policies were flexibly adapted and modified in light of changing external circumstances. Keywords: BRICS, Brazil, Russia, India, China, South Africa, industrialization, development, structural change, manufacturing