This paper provides a comparative overview of the experiences of the
BRICS countries (Brazil, Russia, India, China and South Africa) with
structural transformation since the 1980s. We evaluate the different
outcomes in industrialisation in these countries, explore the reasons
for success (and failure); we also ask what currently industrially
lagging countries can learn from the BRICS in this regard, and what
impact their industrialisation had on poverty reduction. We point out
that important areas for future research and current challenges remain.
Foremost in this is the need for BRICS to drive their further structural
economic transformation through innovation, taking into consideration
their stage of development and the particulars of the sectors involved.
As they develop, entrepreneurship and the role of the private sector
seem to become more important. The paper is based on our edited book
published in 2015 by Oxford University Press 'Structural Change and
Industrial Development in the BRICS'.
Key words: Structural change, industrialisation, manufacturing, development, entrepreneurship, innovation, Brazil, Russia, India, China, and South Africa (BRICS)
JEL Classification: O14, L52, L60, L26, O32, O57