Industy of Japan

xander Gerschenkron’s late industrialization theory has been the most influential in explaining the differences between the early-xander Gerschenkron’s late industrialization theory has been the most influential in explaining the differences between the early-industrializers (America and UK) and the latecomers (Japan, Germany, China, India and Korea .etc). The late-industrializing countries have evolved as “learners” which they follow a process of catch up whereby they have to try to close the gap by importing technology and adapting to the circumstances of those countries after the World War II. (Gerschenkron, 1962). Gerschenkron argues that the timing of the industrialization of an economy determines its growth rates and patterns, influences the nation’s institutions and organisations. (Gerschenkron, 1962). Another theorist Rostow believed that there is the same specific set of stages that countries will follow to reach maturity no matter where they started, and the only variety would be in speediness of the rates of development. However, Rostow’s notion that nations undergoing the same progressive stage growth through their development using the same processes was criticised for its simplicity and it is somewhat unrealistic. (Marx and Kapital) In addition, Porter argued that all economies go through the same changes in stages of industrializers (America and UK) and the latecomers (Japan, Germany, China, India and Korea .etc). The late-industrializing countries have evolved as “learners” which they follow a process of catch up whereby they have to try to close the gap by importing technology and adapting to the circumstances of those countries after the World War II. (Gerschenkron, 1962). Gerschenkron argues that the timing of the industrialization of an economy determines its growth rates and patterns, influences the nation’s institutions and organisations. (Gerschenkron, 1962). Another theorist Rostow believed that there is the same specific set of stages that...