Early and late industrialization Essay Example | Topics and Well Written Essays - 2000 words

Early and novel industrialization - Essay ExampleThese late industrialized nations assumed the role of learner instead of the craftsman & innovator as their economic and industrial development resulted through borrowing and improving technologies which has already been substantial by experiencing firm in more advanced nations (Do the theories of late industrialization explain national differences in the institutional and organisational characteristic of contemporary business? How do these ideas help to explain variations in economic deed?). However, one can notice that the economic growth of the late industrialist nations have been more rapid as they heavily depended on the successful models of institutional and organizational foundations tested by their forerunners.It was the American economist Abramowitz who coined the scathe forging ahead, and catching up to refer to the industrial and economic progress achieved by untimely and late industrial nations. Even though Britain fo rged ahead in the late 19th atomic number 6 with the new industrial revolution, USA, Germany and Japan caught up and even surpassed Great Britains achievements in many respects. consort to Shin (1996), the existence of forerunners has both complementary and competitive aspects to late comers development the late comers can welfare heavily from the successful models of the forerunners, but they have to develop facing formidable competition from existing forerunners (p. 2). The generator is of the opinion that there have been only two instances of forging ahead in the modern industrial history-one by Britain in the late eighteenth century and the other by USA during the first half(prenominal) of the 20th century he believes that the process of catching up had a much greater shock than forging ahead in the growth of the world economy (Shin, 1996, p. 2).There is a close concern between the nature of corporate governance and the industrial or economic development of a nation.