The sustainability challenge and social benefits of industrialisation in NICs

This study examines the impact of industrialisation, innovation, foreign capital, and financial development on resource management and social well-being in newly industrialised countries from 1999 to 2022. Using fixed effects models as the foundation for regression analysis, we incorporate advanced econometric techniques, including Fully Modified Ordinary Least Squares (FMOLS) and Generalised Method of Moments (GMM) to effectively tackle issues of heteroscedasticity and autocorrelation, thereby ensuring robust and reliable estimates. Our findings demonstrate that industrialisation and innovation increase material consumption and social well-being. This research adds to the existing literature by providing nuanced insights into the complementary roles of industrialisation and innovation in promoting sustainable development within newly industrialised nations (NICs). The implications of this study are crucial for policymakers and stakeholders, as they offer a strategic framework for fostering economic growth while ensuring resource efficiency and enhancing social welfare.