Importance of the industrial sector in economic development: A review of the state of the art

Authors

  • Medardo Palomino Universidad de Santiago de Cali

Abstract

This paper seeks to promote the knowledge and start the debate on the pertinence of the industrial policy and the implementation of public policies whose objective is invigorate the industrial growth that leads to structural economic change and increased long run growth rates. For this, from a structuralist vision and historical rationale a literature review has been elaborated that states the importance of the industry and of industrial policies for development of countries. The literature review concludes that the manufacture sector is important for the production diversification and economic growth of countries, therefore, it should be a key piece in the agenda of governments that want to promote the economic development.

Keywords:

Economic growth, industrialization, productive diversification, centre-periphery