Industrialization, economic and political power

Graham Brownlow

Chapter 5 in Handbook of Industrial Development, 2023, pp 75-89 from Edward Elgar Publishing

Abstract: The mixed historical fortunes of industrial development strategies globally are connected to the persistence of inefficient institutions. In other words, "big bills" have remained on some sidewalks. The persistence of inefficient institutions reinforces the arguments of those economic historians that have highlighted the existence of multiple possible industrialization paths rather than those that have presented history as following a single predetermined path (or set of stages) leading towards modernity. Britain's role as the first industrial nation, its later early onset of deindustrialization and the role of institutional legacies in these processes have all been much debated. Evidence from India, based on its historical record, is also used to discuss these issues. More generally, economic historians have suggested that successful experiences of industrial policy may relate to specific institutional-historical circumstances rather than offering any easily imitated policy menu. Inefficiency cannot be simply assumed away in attempts at climbing the industrial ladder.

Keywords: Development Studies; Economics and Finance; Geography; Urban and Regional Studies (search for similar items in EconPapers)
Date: 2023
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