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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 is a major enabler of the wider economy and so often has a key role in IP.
Industrialisation 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; however, 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.
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In sociology, industrial society is a society driven by the use of technology and machinery to enable mass production, supporting a large population with a high capacity for division of labour. Such a structure developed in the Western world in the period of time following the Industrial Revolution, and replaced the agrarian societies of the pre-modern, pre-industrial age. Industrial societies are generally mass societies, and may be succeeded by an information society. They are often contrasted with traditional societies.
Alexander Gerschenkron was a Russian-born American economic historian and professor at Harvard University, trained in the Austrian School of economics.
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.
Leapfrogging is a concept used in many domains of the economics and business fields, and was originally developed in the area of industrial organization and economic growth. The main idea behind the concept of leapfrogging is that small and incremental innovations lead a dominant firm to stay ahead. However, sometimes, radical innovations will permit new firms to leapfrog the ancient and dominant firm. The phenomenon can occur to firms but also to leadership of countries or cities, where a developing country can skip stages of the path taken by industrial nations, enabling them to catch up sooner, particularly in terms of economic growth.
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International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
Takashi Hikino is specially appointed professor at the Graduate School of Management at Kyoto University after serving as associate professor of industrial and business organization at the Graduate School of Management at Kyoto University where he taught industrial organization, business economics, and corporate strategy, and comparative management since 1998. He attended Hitotsubashi University, where he studied at the Graduate School of Sociology(B.A. and M.A. )
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The Great Divergence or European miracle is the socioeconomic shift in which the Western world overcame pre-modern growth constraints and emerged during the 19th century as the most powerful and wealthy world civilization, eclipsing Ottoman Turkey, Mughal India, Qing China, Tokugawa Japan, and Joseon Korea.
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.
The Gerschenkron effect, developed by Alexander Gerschenkron, claims that changing the base year for an index determines the growth rate of the index. This effect is applicable only to aggregation method using reference price structure or reference volume structure. However, if production is measured by "real" tearms, this effect does not exist.
Alice Hoffenberg Amsden 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.
Industrial revolution is defined as the vast social and economic changes that resulted from the development of steam-powered machinery and mass-production methods, beginning in the late eighteenth century in Great Britain and extending through the nineteenth century elsewhere in the world.
The decoupling of wages from productivity, sometimes known as the great decoupling, is the gap between the growth rate of median wages and the growth rate of GDP. Economists began to acknowledge this problem toward the end of the twentieth century and the beginning of the twenty-first century. This problem furthermore leads to wage stagnation despite continued economic growth.
References
- ↑ Gerschenkron, Alexander (1962), Economic backwardness in historical perspective, a book of essays, Cambridge, Massachusetts: Belknap Press of Harvard University Press
- ↑ 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.