The Dynamics of Growth
Late industrialization is characterized by three facets of growth, as South Korea exemplifies. The first relates to diversification, or entrepreneurial decisions concerning penetration of new industries – which ones to penetrate, when, and with what size investment. The second relates to stabilization or short‐run macroeconomic policies to maintain the level of economic activity. The third relates to the growth momentum itself. Once underway, growth gains a momentum whose properties are distinct depending on the presence or absence of new technological discoveries. This chapter is divided into three parts, each devoted to one of these facets of growth.
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