ABSTRACT
Given the type of structural constraints present in the economy at the time of independence, it was logical that the national government play a major role and put the economy’s course in the groove of an operational model incorporating a certain strategy for accelerating development. Since 1951 planning was adopted as the instrument for consciously guiding and directing the main lines of social, economic and technological transformation. The broad strategy adopted was one based on heavy industry and import substitution led industrialization in a mixed economy framework. The process of development was thus seen as one of an increased rate of capital accumulation, which was progressively utilized in the production of basic and capital goods in order to place the course of economic development on a self-reliant growth path. This chapter traces the consequent changes that occurred in the growth and structure of the economy during the three decades of planned development since 1950–51.
