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The main objective of this essay is to explore two distinct theories of the industrialisation process as a basis for explaining institutional differences amongst major economies.
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The main objective of this essay is to explore two distinct theories of the industrialisation process as a basis for explaining institutional differences amongst major economies. I shall discuss the different effects caused by launching industrial processes in both backward and more advanced economies. Meier and Baldwin (1957) defined 'late development' as the relative lateness of economies increasing their real national incomes over a period of time. Industrialisation, a synonym for modern economic growth, has changed forever the ways in which people live and work, usually for the better but not without political, social and ideological strains. In 1960, Walt W. Rostow, the American economic historian, suggested that countries pass through five stages of industrialisation. The first stage is the Traditional society or 'a natural state of undevelopment'. The economy is dominated by subsistence activity where output is consumed by producers rather than traded. Goods are exchanged for...
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