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In the mid-18th century, similarities between Europe and Asia were far more significant than the differences. Indeed, demography, technology and institutions were broadly comparable. And, in 1750, Asia, Africa and Latin America accounted for almost three-fourths of manufacturing production in the world economy. Much of it was located in Asia with a concentration in China and India.
Influence of West Europe industrial revolution on Asian, African and Latin American countries. In 1820, Asia, Africa and Latin America still accounted for almost two-thirds of the world’s manufacturing production. China and India were the manufacturing hubs that contributed 50 per cent of world industrial production even in 1820.
Industrailsation in the former colonies-
Role of State via-a-vis market economy in industrialisation in developing countries-
Clearly, it was not the magic of markets that produced the sudden spurt in industrialisation. It came from the foundations that were laid in the preceding quarter century. In this context, it is important to note that much the same can be said about the now industrialised countries, where industrial protection and state intervention were just as important at earlier stages of their development when they were latecomers to industrialisation. Uneven.
Regional disparity in industrialisation in developing countries-
Conclusion:
Of course, there is enormous diversity within the few, reflected in their size, their engagement with the world economy, and industrialisation. Yet, it is possible to group them into clusters based on similarities in terms of geography, size, economic characteristics and development models. These clusters suggest such a wide range of attributes that most developing countries would have something in common with at least one if not a few of them. Initial conditions, enabling institutions and supportive governments were the factors that put them on the path to industrialisation. Hence, their experience carries valuable lessons for other countries that follow in their footsteps as latecomers to industrialisation.
By: Deepak Thakur ProfileResourcesReport error
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