Chapter 5: The role of entrepreneurship in economic development
Between 1945 and 1980, nearly 100 colonies in Africa, Asia and the Caribbean gained their independence and began creating a development strategy for their citizens. Sadly, many of those countries experienced neither significant per capita growth nor economic development. Indeed, moderate and extreme poverty remain significant concerns for many developing countries. While these countries used a number of policies and strategies in their pursuit of development, two forms of industrial policy were particularly prominent. The first was import substitution, a process of industrializing by producing previously imported goods for the domestic market. By the 1980s, facing financial crisis, many developing countries turned to the second strategy, export promotion. However, with the exception of some countries in East Asia, neither strategy has resulted in meaningful economic development. Both approaches relied on strong state intervention and persistent market distortions to sustain their viability, which often crowded out or altogether thwarted the traditional and important role of the entrepreneur.
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