State-led Industrialization

Definition

This is a strategy for economic development where the government takes an active role in promoting industrial growth, often through subsidies, tariffs, and state-owned enterprises.

Related terms

Subsidies: These are financial aids provided by the government to support industries that they believe will benefit the economy or society as a whole.

Tariffs: These are taxes imposed on imported goods. They're like entrance fees at a concert - you have to pay extra if you want something from outside.

State-owned Enterprises: These are businesses owned by the government. Imagine if your school owned a bakery - it's similar to that!