Journal of Developing Economies

Effect of Infrastructure Development on Industrialization in Nigeria

Nexon Amarachi — Wed, 13 Mar 2024 00:00:00 +0300

Purpose: The aim of the study was to assess the effect of infrastructure development on industrialization in Nigeria.

Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries.

Findings: Education plays a pivotal role in driving technological innovation and fostering economic growth. Through education, individuals acquire the knowledge, skills, and expertise necessary to develop new technologies and drive innovation across various sectors. A well-educated workforce is crucial for advancing technological advancements, as it enables individuals to engage in research, development, and application of new ideas. Moreover, education fosters critical thinking, creativity, and problem-solving abilities, which are essential for addressing complex challenges and driving innovation forward. Additionally, education enhances the adaptability of the workforce, enabling individuals to keep pace with rapidly evolving technological advancements. Furthermore, investments in education contribute to economic growth by increasing productivity, stimulating entrepreneurship, and fostering a competitive workforce in the global market. Therefore, the role of education in technological innovation and economic growth is undeniable, serving as a foundation for sustainable development and prosperity in the modern world.

Implications to Theory, Practice and Policy: Modernization theory, dependency theory and institutional theory may be use to anchor future studies on assessing the effect of infrastructure development on industrialization in Nigeria. Develop evidence-based tools and decision-support systems to assist policymakers in prioritizing infrastructure investments based on their potential impact on industrialization outcomes. Implement governance reforms aimed at strengthening regulatory frameworks, improving institutional capacity, and enhancing policy coordination mechanisms to facilitate effective infrastructure planning and delivery.

Role of Education in Technological Innovation and Economic Growth in Kenya

Dr. Bonface Muturi — Wed, 13 Mar 2024 00:00:00 +0300

Purpose: The aim of the study was to assess the role of education in technological innovation and economic growth in Kenya.

Implications to Theory, Practice and Policy: Human capital theory, endogenous growth theory and innovation systems theory may be use to anchor future studies on assessing the role of education in technological innovation and economic growth in Kenya. Practical initiatives should focus on strengthening Science, Technology, Engineering, and Mathematics (STEM) education at all levels. Policymakers should prioritize investments in education infrastructure, including school facilities, digital resources, and internet connectivity, to ensure equitable access to quality education for all segments of society.

Gender Inequality and Economic Development in Developing Economies

Dr. Sipho Mbatha — Wed, 13 Mar 2024 00:00:00 +0300

Purpose: The aim of the study was to assess the gender inequality and economic development in developing economies.

Findings: Gender inequality poses significant challenges to economic development in developing economies. Numerous studies have underscored the detrimental effects of unequal gender participation in the economy, including limited access to education and employment opportunities for women, as well as disparities in wages and financial resources. These disparities not only impede the full realization of human potential but also hinder overall economic growth and stability. Furthermore, gender inequality perpetuates a cycle of poverty by restricting women's ability to contribute effectively to household incomes and decision-making processes. Initiatives aimed at addressing gender disparities, such as improving access to education and healthcare for women, promoting women's entrepreneurship, and implementing policies to ensure equal pay and employment opportunities, have been shown to positively impact economic development. By fostering gender equality, developing economies can unlock the full potential of their human capital, stimulate innovation and productivity, and achieve more inclusive and sustainable growth trajectories.

Implications to Theory, Practice and Policy: Human capital theory, feminist theory and institutional theory may be use to anchor future studies on assessing the gender inequality and economic development in developing economies. Developing economies should prioritize investments in gender-sensitive education and healthcare systems to ensure equitable access and outcomes for all. Policymakers in developing economies should enact and enforce laws that protect women's rights and promote gender equality in all spheres of life.

Trade Liberalization and Agricultural Sector in Korea

Youngsu Cha — Wed, 13 Mar 2024 00:00:00 +0300

Purpose: The aim of the study was to assess the trade liberalization and agricultural sector in Korea.

Findings: Trade liberalization, characterized by the reduction or elimination of tariffs and other barriers to international trade, has had significant impacts on the agricultural sector. Numerous studies have explored these effects, revealing both positive and negative outcomes. On the positive side, trade liberalization often leads to increased market access for agricultural products, allowing farmers to expand their consumer base and potentially achieve higher profits. Moreover, exposure to international competition can drive efficiency improvements within the agricultural sector, encouraging innovation and technological advancements. However, trade liberalization can also pose challenges for farmers, particularly those in developing countries who may struggle to compete with highly subsidized agricultural sectors in wealthier nations. Additionally, increased import competition can threaten the livelihoods of small-scale farmers and exacerbate income inequality within rural communities.

Implications to Theory, Practice and Policy: Heckscher-ohlin theory, new trade theory and institutional theory may be use to anchor future studies on assessing the trade liberalization and agricultural sector in Korea. Encourage the adoption of sustainable agriculture practices among smallholder farmers through capacity-building initiatives, extension services, and incentives. Develop targeted support mechanisms for vulnerable agricultural communities, including smallholder farmers, women, and marginalized groups.

Impact of Foreign Direct Investment (FDI) on Economic Growth in Congo

Prof. B. Husain — Wed, 13 Mar 2024 00:00:00 +0300

Purpose: The aim of the study was to assess the impact of foreign direct investment (FDI) on economic growth in Congo.

Findings: Foreign Direct Investment (FDI) has been widely studied for its impact on economic growth, with research suggesting both positive and nuanced effects. On one hand, FDI inflows can stimulate economic growth by providing access to capital, technology, and managerial expertise, which may enhance productivity and efficiency in the host country's industries. Additionally, FDI often fosters job creation and facilitates knowledge transfer, contributing to human capital development and skill enhancement within the workforce. Moreover, it can promote competition and innovation, driving overall economic dynamism. However, the relationship between FDI and economic growth is contingent upon various factors such as the quality of institutions, regulatory environment, infrastructure, and host country policies. Weak institutional frameworks or inadequate infrastructure may hinder the full realization of FDI benefits. Additionally, there are concerns about the potential for FDI to exacerbate income inequality and exploit natural resources, especially in developing countries. Thus, while FDI generally presents opportunities for economic growth, its impact is multifaceted and context-dependent, requiring careful consideration of host country conditions and policy frameworks.

Implications to Theory, Practice and Policy: Dependency theory, neoclassical growth theory and institutional theory may be use to anchor future studies on assessing the impact of foreign direct investment (FDI) on economic growth in Congo. Enhance investment promotion efforts to attract quality FDI inflows that align with the development objectives of host countries. Develop targeted industrial policies that encourage FDI inflows into strategic sectors with the potential to catalyze economic diversification and structural transformation