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Factories are no longer the sure route to prosperity. Here's why
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Factories are no longer the sure route to prosperity. Here's why

Arancha González Laya
World Economic Forum, 2019
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7

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  • Insider's Take

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Moving from an agrarian economy to manufacturing and exporting has added to the well-being of many nations. But sustainable economic development requires that countries update their industrial strategies, modernize their agriculture and develop their services capabilities as well, particularly as trade tensions and labor-reducing technologies endanger global commerce. Economist Arancha González Laya offers readers a concise, timely analysis of the hurdles that countries face in achieving economic prosperity and inclusion.

Take-Aways

  • A shift from an agricultural to a manufacturing economy through international trade was a nation’s traditional development path. 
  • Globalization and technology have reshaped manufacturing and trade, leading to greater growth and advancement. 
  • The international supply chain framework is under threat, calling for new ways to achieve the goals of sustainable growth. 

About the Author

Arancha González Laya leads the International Trade Centre, an intergovernmental agency under the auspices of the World Trade Organization and the United Nations.

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