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Late Industrialisation
Alice Amsden, building on the insights of Gerschenkron, identifies Late Industrialization as a particular form of industrialization the study of which is useful for those interested in study of the prospects for material progress in developing countries. Amsden notes that whilst the 1st industrial revolution in the UK towards the end of the eighteenth century, and the 2nd industrial revolution 100 years later in Germany and the US both involved new products and processes, the countries that did not start industrialization until the 20th century tended to generate neither new products nor processes. These, the late industrializers, raised their income and transformed their productive structures using borrowed technology.Amsden, Alice (1989) Asia's Next Giant: South Korea and Late Industrialization, Oxford University Press, 1989. Awarded "Best Book in Political Economy," American Political Science Association, 1992. Another take on this would be that the 1st industrial revolution w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alice Amsden
Alice Hoffenberg Amsden (June 27, 1943 – March 14, 2012) was a political economist and scholar of state-led economic development. For the last two decades of her career, she was the Barton L. Weller Professor of Political Economy at the Massachusetts Institute of Technology. Amsden was known best for her work on the developmental state, which argued that state-led industrialization was a viable alternative to the market-oriented industrialization of North America and Europe. Her scholarship focused on the catch-up of late-industrializing economies, particularly the " Asian Tigers." Amsden found their growth was accomplished through government intervention that established price control and import substitution policies, promoted organizational learning, and arranged "reciprocal control mechanisms" between states and private firms. Her work is viewed as a rebuttal of the Washington Consensus and neoclassical economic theories that sought to restrain state intervention in the de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Gerschenkron
Alexander Gerschenkron (russian: Александр Гершенкрон; 1 October 1904 – 26 October 1978) was a Russian-born American economic historian and professor at Harvard University, trained in the Austrian School of economics. Born in Odessa, then part of the Russian Empire, Gerschenkron fled the country during the Russian Civil War in 1920 to Austria, where he attended the University of Vienna, earning a doctorate in 1928. After the Anschluss in 1938, he emigrated to the United States. Background Gerschenkron was born in Odessa into an elite family of the Russian intelligentsia. When he was 16, he and his father left Russia during the period of the Bolshevik Revolution. They eventually settled in Vienna, Austria. There he taught himself languages including, German and Latin. In 1924, he enrolled in the University of Vienna's school of economics, graduating in 1928. After graduation, Gerschenkron got married and had a child. He found work in Vienna as a representativ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrialisation
Industrialisation ( alternatively spelled industrialization) is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive re-organisation of an economy for the purpose of manufacturing. Historically industrialization is associated with increase of polluting industries heavily dependent on fossil fuels. With the increasing focus on sustainable development and green industrial policy practices, industrialization increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies. The reorganization of the economy has many unintended consequences both economically and socially. As industrial workers' incomes rise, markets for consumer goods and services of all kinds tend to expand and provide a further stimulus to industrial investment and economic growth. Moreover, family structures tend to shift as extended families tend to no longer live ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Developing Countries
A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The term low and middle-income country (LMIC) is often used interchangeably but refers only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high, upper-middle, lower-middle, and low income countries. Least developed countries, landlocked developing countries and small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as high-income countries or developed countries. There are controversies over this term's use, which some feel it perpetuates an outdated concept of "us" and "them". In 2015, the World Bank declared that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Policy
An industrial policy (IP) or industrial strategy of a country is its official strategic effort to encourage the development and growth of all or part of the economy, often focused on all or part of the manufacturing sector. The government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation." A country's infrastructure (including transportation, telecommunications and energy industry) is a major enabler of the wider economy and so often has a key role in IP. Industrial policies are interventionist measures typical of mixed economy countries. Many types of industrial policies contain common elements with other types of interventionist practices such as trade policy. Industrial policy is usually seen as separate from broader macroeconomic policies, such as tightening credit and taxing capital gains. Traditional examples of industrial policy include subsidizing export industries and import-substitution- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Subsidy
A subsidy or government incentive is a form of financial aid or support extended to an economic sector (business, or individual) generally with the aim of promoting economic and social policy. Although commonly extended from the government, the term subsidy can relate to any type of support – for example from NGOs or as implicit subsidies. Subsidies come in various forms including: direct (cash grants, interest-free loans) and indirect (tax breaks, insurance, low-interest loans, accelerated depreciation, rent rebates). Furthermore, they can be broad or narrow, legal or illegal, ethical or unethical. The most common forms of subsidies are those to the producer or the consumer. Producer/production subsidies ensure producers are better off by either supplying market price support, direct support, or payments to factors of production. Consumer/consumption subsidies commonly reduce the price of goods and services to the consumer. For example, in the US at one time it was cheaper to buy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mature Market
A market is mature when it has reached a state of equilibrium. A market is considered to be in a state of equilibrium when there is an absence of significant growth or a lack of innovation. When supply matches demand the price decided by those market forces is called equilibrium price". Equilibrium price prevails in the market for a substantial period, which may be from one day to one week or several months. See also * Mature technology A mature technology is a technology that has been in use for long enough that most of its initial faults and inherent problems have been removed or reduced by further development. In some contexts, it may also refer to technology that has not se ... References Market (economics) {{econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productivity
Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. The most common example is the (aggregate) labour productivity measure, one example of which is GDP per worker. There are many different definitions of productivity (including those that are not defined as ratios of output to input) and the choice among them depends on the purpose of the productivity measurement and/or data availability. The key source of difference between various productivity measures is also usually related (directly or indirectly) to how the outputs and the inputs are aggregated to obtain such a ratio-type measure of productivity. Productivity is a crucial factor in the production performance of firms and nations. Increasing national productivi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Development Economics
Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods. Common topics include growth theory, poverty and inequality, human capital, and institutions. Unlike in many other fields of economics, approaches in development ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrialisation
Industrialisation ( alternatively spelled industrialization) is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive re-organisation of an economy for the purpose of manufacturing. Historically industrialization is associated with increase of polluting industries heavily dependent on fossil fuels. With the increasing focus on sustainable development and green industrial policy practices, industrialization increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies. The reorganization of the economy has many unintended consequences both economically and socially. As industrial workers' incomes rise, markets for consumer goods and services of all kinds tend to expand and provide a further stimulus to industrial investment and economic growth. Moreover, family structures tend to shift as extended families tend to no longer live ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
