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Backwardness is a lack of progress by a person or group to some perceived cultural norm of advancement, such as for example traditional societies relative to modern scientific and technologically advanced industrialized societies.
The backwardness model is a theory of economic growth created by Alexander Gerschenkron. The model postulates that the more backward an economy is at the outset of economic development, the more likely certain conditions are to occur:
The backwardness model is often contrasted with the Rostovian take-off model developed by W.W. Rostow, which presents a more linear and structuralist model of economic growth, planning it out in defined stages. The two models are not mutually exclusive, however, and many countries appear to follow both models rather adequately.
Thorstein Veblen's 1915 Imperial Germany and the Industrial Revolution is an extended essay comparing the United Kingdom and Germany,and concluding that the slowing of growth in Britain and the rapid advances in Germany were due to the "penalty of taking the lead".
British industry worked out, in a context of small competing firms, the best ways to produce efficiently. Germany's backwardness gave it an advantage in that the best practice could be adopted in large-scale firms.
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors of the three-sector theory,. The others are the secondary sector, and the primary sector.
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
Development economics is a branch of economics which deals with economic aspects of the development process in low 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.
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor. At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant.
In economics, internationalization or internationalisation is the process of increasing involvement of enterprises in international markets, although there is no agreed definition of internationalization. Internationalization is a crucial strategy not only for companies that seek horizontal integration globally but also for countries that addresses the sustainability of its development in different manufacturing as well as service sectors especially in higher education which is a very important context that needs internationalization to bridge the gap between different cultures and countries. There are several internationalization theories which try to explain why there are international activities.
The knowledge economy is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to a rapid pace of advancement in technical and scientific innovation. The key element of value is the greater dependence on human capital and intellectual property for the source of the innovative ideas, information and practices. Organisations are required to capitalise this "knowledge" into their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth.
Alexander Gerschenkron was a Russian-born American economic historian and professor at Harvard University, trained in the Austrian School of economics.
The Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid standardization and industrialization from the late 19th century into the early 20th century. The First Industrial Revolution, which ended in the middle of the 19th century, was punctuated by a slowdown in important inventions before the Second Industrial Revolution in 1870. Though a number of its events can be traced to earlier innovations in manufacturing, such as the establishment of a machine tool industry, the development of methods for manufacturing interchangeable parts, and the invention of the Bessemer process to produce steel, the Second Industrial Revolution is generally dated between 1870 and 1914.
In sociology, the post-industrial society is the stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy.
The big push model is a concept in development economics or welfare economics that emphasizes that a firm's decision whether to industrialize or not depends on its expectation of what other firms will do. It assumes economies of scale and oligopolistic market structure and explains when industrialization would happen.
Rostow's stages of economic growth model is one of the major historical models of economic growth. It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length:
Heavy industry is an industry that involves one or more characteristics such as large and heavy products; large and heavy equipment and facilities ; or complex or numerous processes. Because of those factors, heavy industry involves higher capital intensity than light industry does, and it is also often more heavily cyclical in investment and employment.
Economic history of France since its late-18th century Revolution was tied to three major events and trends: the Napoleonic Era, the competition with Britain and its other neighbors in regards to 'industrialization', and the 'total wars' of the late-19th and early 20th centuries.
The Heckscher–Ohlin model is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics. It builds on David Ricardo's theory of comparative advantage by predicting patterns of commerce and production based on the factor endowments of a trading region. The model essentially says that countries export the products which use their abundant and cheap factors of production, and import the products which use the countries' scarce factors.
Development theory is a collection of theories about how desirable change in society is best achieved. Such theories draw on a variety of social science disciplines and approaches. In this article, multiple theories are discussed, as are recent developments with regard to these theories. Depending on which theory that is being looked at, there are different explanations to the process of development and their inequalities.
The flying geese paradigm is a view of Japanese scholars regarding technological development in Southeast Asia which sees Japan as a leading power. It was developed in the 1930s, but gained wider popularity in the 1960s, after its author, Kaname Akamatsu, published his ideas in the Journal of Developing Economies.
The economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present day.
De-industrialization is a process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially of heavy industry or manufacturing industry.
Unbalanced growth is a natural path of economic development. Situations that countries are in at any one point in time reflect their previous investment decisions and development. Accordingly, at any point in time desirable investment programs that are not balanced investment packages may still advance welfare. Unbalanced investment can complement or correct existing imbalances. Once such an investment is made, a new imbalance is likely to appear, requiring further compensating investments. Therefore, growth need not take place in a balanced way. Supporters of the unbalanced growth doctrine include Albert O. Hirschman, Hans Singer, Paul Streeten, Marcus Fleming, Prof. Rostov and J. Sheehan.
The economy of the Soviet Union was based on state ownership of the means of production, collective farming, and industrial manufacturing. The highly centralized Soviet-type economic planning was managed by the administrative-command system. The Soviet economy was characterized by state control of investment, a dependence on natural resources, shortages, public ownership of industrial assets, macroeconomic stability, negligible unemployment and high job security.