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Catch UpDeveloping Countries in the World Economy$
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Deepak Nayyar

Print publication date: 2013

Print ISBN-13: 9780199652983

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199652983.001.0001

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Catch Up in Industrialization

Catch Up in Industrialization

Chapter:
(p.98) 6 Catch Up in Industrialization
Source:
Catch Up
Author(s):

Deepak Nayyar

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199652983.003.0006

There was a significant catch up in industrialization for the developing world as a whole beginning around 1950 that gathered momentum in the early 1970s. Structural changes in the composition of output and employment were an important factor underlying this process. Between 1970 and 2010, there was a dramatic transformation. The share of developing countries in world industrial production jumped from one-eighth to two-fifths. Similarly, their share in world exports of manufactures rose from one-twelfth to two-fifths. Asia led this process, while Latin America witnessed relatively little change and Africa made almost no progress. The role of the State in evolving trade and industrial policies, developing institutions and making strategic interventions, whether as a catalyst or a leader, was central to this process. External markets also became increasingly important in the process of industrialization, as domestic firms sought to become competitive while transnational corporations followed by global value chains drove the internationalization of production.

Keywords:   Structural change, composition of output, composition of trade, industrial production, manufacturing value added, manufactured exports, regional distribution, historical comparisons, import substitution, export orientation, state intervention, industrial policy, transnational corporations, global value chains

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