Comparing The Industrial Policy Experiences of South Korea and Nigeria

Essay from the year 2019 in the subject Economics - Case Scenarios, grade: 72, School of Oriental and African Studies, University of London, course: Growth and Development, language: English, abstract: This paper compares the industrial policy experiences of South Korea and Nigeria. While the former has been acclaimed as a "e;developmental state"e;, Nigeria's industrial policies have been less successful at driving industrialization. Despite their different starting points and political settlements, the divergent performance between the two countries may be attributed to an anti-export bias and import-substitution orientation in Nigeria compared to export-orientation in South Korea, more consistent and rational use of trade policy and the use of currency devaluation in South Korea, larger firms driving industrial and productivity growth in South Korea, and an more inefficient state-led industrialization drive in Nigeria from the 1970s especially.