Late Industrialization and its Consequences

Paper Summary:

There are three major theories, namely Abramovitz, Peter and Soete and Gerschenkron, which try to explain the differences of early and late industrialization. However, this essay only focuses on Gerschenkron's theory as it is his theory which concentrates on the attempt to explain the origins of critical institutional differences between major economies. Furthermore, with the help of this explanation, this essay shows in what ways it might account for variations in national performance. First, this essay presents Gerschenkron's theory. It then shows how his theory can be applied to the practical example of South Korea - which, with major institutional involvement, achieved within only 30 years a giant step from an agricultural country devastated by wars, to one of the major industrial countries in today's world.
1. Introduction
2. Gerschenkron's Theory of Late Industrialization
2.1 A Differentiated System
2.2 Backwardness
2.3 Prerequisites for Late Industrialization
2.4 Realization Through Institutions
3. South Korea's Late Industrialization
3.1 South Korea's Backwardness
3.2 The Role of the State
3.3 Chaebols
3.4 Variations in National Performance
4. Conclusion
5. Reference List

From the Paper:

"Starting in the late 18th century, Britain was the first country which experienced the process of industrialization, i.e. the development from an agricultural into a manufacturing based economy (wissen.de, 2003). Britain is therefore referred to as the forerunner and embodiment of 'early industrialization'. All countries, which started the process of industrialization after Britain such as Germany, other European countries, Russia and Japan in the 19th century as well as in the 20th century countries from the developing world such as South Korea, Taiwan, Hong Kong and Singapore underwent 'late industrialization' and are referred to as latecomers."

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