...1. Do theories of late industrialization explain national differences in the institutional and organizational characteristics of contemporary business? How do these ideas help to explain variations in economic performance? The level of economic development of the country effects development of institutions and characteristics of the business, which in return affect performance. In first part of the essay we will discuss early industrialisation and different theories of late development. After discussion will lead us to key institutions: financial markets, textile industry in relation to business group and labour market and steel industry with relationship to government intervention. In the conclusion we will discuss the current situation, highlight that there is no perfect system. There are many factors that effect economic performance and in order to be successful the changes in the world should be accommodated with the changes in institutions and organisational characteristics. The main characteristics of industrialisation are changes from agricultural to industrial economic structure, substitution of machines for human skills and replacement of home-made by purchased in stores goods. The First Industrial Revolution happened in early 18th century in textile industry in UK, they had technological means, right institutional and organisational characteristics, government encouragement, and a large and varied trade network. Britain became the world's leading industrial...
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...o theories of late industrialization explain national differences in the institutional and organizational characteristics of contemporary business? How do these ideas help to explain variations in economic performance? The level of economic development of the country effects development of institutions and characteristics of the business, which in return affect performance. In first part of the essay we will discuss early industrialisation and different theories of late development. After discussion will lead us to key institutions: financial markets, textile industry in relation to business group and labour market and steel industry with relationship to government intervention. In the conclusion we will discuss the current situation, highlight that there is no perfect system. There are many factors that effect economic performance and in order to be successful the changes in the world should be accommodated with the changes in institutions and organisational characteristics. The main characteristics of industrialisation are changes from agricultural to industrial economic structure, substitution of machines for human skills and replacement of home-made by purchased in stores goods. The First Industrial Revolution happened in early 18th century in textile industry in UK, they had technological means, right institutional and organisational characteristics, government encouragement, and a large and varied trade network. Britain became the world's leading industrial...
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...Can the distinction between 'late' and 'early' industrialization fully explain the origins and long-term competitiveness of national business systems? Rostow (1978) was a theorist who studied the competitiveness of national business systems, and concluded that there were a number of common characteristics of modern economic growth. Modern economic growth is usually accompanied by underlying characteristics such as a rise of the use of technology in production and a shift from agriculture to production. Political, institutional and cultural changes also usually occur alongside economic growth. Rostow's theory was better to suited to Anglo-American economies, and assumes there are definitive, sequential steps in developing economies. The preconditions stage assumes that nations undergo an industrial revolution, with advances in agriculture and food production. In this initial stage, technology is developing and there is plentiful investment. The second stage is the take off stage, where capital accumulation rises sharply, with living standards improving and changes within institutions and the culture. This stage may take several decades to complete. The final stage is the maturity stage, where the economy is developed enough to become a self sustaining process. Porter also provided a framework of how firms and industrial sectors may gain competitive advantage, but he doesn't specify the variations between nations or give enough weight to the...
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...Can the distinction between 'late' and 'early' industrialization fully explain the origins and long-term competitiveness of national business systems? Rostow (1978) was a theorist who studied the competitiveness of national business systems, and concluded that there were a number of common characteristics of modern economic growth. Modern economic growth is usually accompanied by underlying characteristics such as a rise of the use of technology in production and a shift from agriculture to production. Political, institutional and cultural changes also usually occur alongside economic growth. Rostow's theory was better to suited to Anglo-American economies, and assumes there are definitive, sequential steps in developing economies. The preconditions stage assumes that nations undergo an industrial revolution, with advances in agriculture and food production. In this initial stage, technology is developing and there is plentiful investment. The second stage is the take off stage, where capital accumulation rises sharply, with living standards improving and changes within institutions and the culture. This stage may take several decades to complete. The final stage is the maturity stage, where the economy is developed enough to become a self sustaining process. Porter also provided a framework of how firms and industrial sectors may gain competitive advantage, but he doesn't specify the variations between nations or give enough weight to the...
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...oppose their ideas about whether the standards of live during the industrial revolution improved,deteriorated or remained stable. On the one hand,optimists like Jeffrey G.Williamson, held the view that although some workers suffered from harsh working conditions and were working more days,the increase in real wages could offset these disamenities and as a whole,the majority of people lived from 1760 to 1850 benefited from the industrial revolution in terms of standards of life. On the other hand,pessimists like Charles H. Feinstein argued that the living standards of life deteriorated for the working class in early industrialisation. The main difference in the perception of judging the living standards between optimists and pessimists is the distinction between the importance of qualitative and quantitative factors that influenced the lives of workers during industrialisation. On the ''quantitative side'',optimists base the arguments on real wages,life expectancy and on the move to the cities away from the ''idiocy of rural life''.[1] On the ''qualitative side'' pessimists count on more intangible aspects, like political rights,work discipline,hours of work,fertility and infant mortality. To answer to this really controversial issue of standards of life of working class during industrial revolution we have to weight the any qualitative benefits in real wages and to subtract any losses...
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...1) Identify the factors which account for the growth of the manufacturing industry in Malaysia and assess their relative importance. Malaysia is classified as one of Asia’s NICs on the basis of its rapid economic development. Along with its southern and northern neighbours Indonesia and Thailand, Malaysia is classified as a “second wave” Asian Tiger, rather than a first like South Korea and Singapore are. It is more than 30 years since multinational companies, with headquarters in North America, Western Europe and Japan, began relocating and expanding units of production in selected Asian countries to take advantage of lower costs of production. As a result this has accounted for the growth of manufacturing industry in Malaysia. The first factor that explains the economic miracle of industrial growth in any of the Asian countries is cheap labour. During the 1970s, increasing personal prosperity in MEDCs fuelled the growth of the consumer society, which in turn accelerated the demand for a wide range of electrical and other household goods and clothes. These are either assembled in factory production lines, or are made using high inputs of labour. Cheap labour was a vital factor in terms of kick-starting the revolution of Malaysia’s manufacturing industry, it offered many large companies the incentive to locate there in the first place, such companies as; Hewlett Packard, Bosch and Fairchild - delivers energy efficient power semiconductor, analog, discrete & optoelectronic...
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...“Rostow’s pattern of thought of economic development is often compared and contrasted with that of Alexander Gerschenkron, though the two are more or less compatible and complementary.” Critically discuss this statement. The theory of economic development throughout history has been of significant discussion especially in regard to the works of Rostow and Gerschenkron. The differentiation between the pattern of thoughts and ideals is a hotly debated topic within economics. The ideals the two theorists create, each substantially creditable in their own right, entail degrees of correlation and variation. Leaving the conclusion, do the to patterns of economic thought complement one another or is there distinct disparity between the two. Applied examples will be used below to analyse the extent of segregation or association between the works of Rostow and Gerschenkron. The two theories of work are mainly discussed with Asian development as it is more relevant, timely and there is significantly more information available than previous developed countries such as Great Britain. Walt Whitman Rostow developed one of the major historical models of economic growth in 1960, The Stages of Economic Growth: A non-communist manifesto. This piece portrays the process of economic development in a previously unseen approach, evidently forging it as a milestone in economic literature. Rostow's Stages of Growth model, The five stages are (1) the traditional society, (2) the preconditions...
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...Even though Europe was advancing in science and technology it was simultaneously regressing in spirituality and philosophy. In the lines above Wordsworth says that humans and their intellect meddles with the environment. He urges people to stop indulging in science and art, which he refers to as “barren leaves”. The advent of industrialisation increased materialistic sentiments and greed for money, but it also empowered the middle class that gained employment in the industries. Though workers secured jobs for themselves, they experienced atrocious conditions at the hands of unethical employers. In “The Excursion” Wordsworth denounces the exploitation of women and children, poor work conditions and greed of factory owners. “The world is too much with us; late and soon, Getting and spending, we lay waste our powers; Little we see in Nature that is ours; We have given our hearts away, a sordid...
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...“What was the relationship between industrialisation and the expansion of the British Empire between 1750 and 1850?” Between 1750 and 1850 Britain had revolutionised internally as a dominant industrial figure in Europe. However, although it would be argued that most advances were constitutional, Britain’s foreign relations also enhanced to a certain extent during this period. In the late eighteenth and early nineteenth centuries, Britain had established itself as the first country to industrialise therefore instantly granting it a dominant position in the world economy, this would continue for a further century. During this time it was also advantaged in acquiring the largest empire seen of its time. This therefore suggests that the two developments had a relationship, as without one the other would have been inevitable. The Industrial Revolution and the British Empire are dependent on each other. There would not be an Empire without the Industrial Revolution and vice versa. Although the revolution that occurred was not political, it did however have a number of implications that followed, advantages included its geographical location and nature, expanding empire and worldwide trade network, growing transportation network, rich supply of natural resources, available labour supply and relatively high labour productivity, and expertise in developing technology. Together, these necessary factors set up a suitable foundation on which an industrial revolution could occur. This...
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...‘Migration into cities has resulted in the rise of the informal sector rather than transforming the urban space into an industrial site.’ Discuss the reasons for this seemingly perverse phenomenon using examples from any two countries. Starting from the late 18th century, the Industrial Revolution led to an incontestable migration from the countryside to the city as industries agglomerated in the centre of Western cities. A century later, as industrialization gained what is known as the developing world, classical economists such as Lewis predicted large waves of migration that would transform the urban space into an industrial site. Yet, the most noticeable phenomenon of migration was a rise and establishment of an informal sector, comprising up to 90% of jobs and 70% of GDP production in countries like India. Are these results perverse, i.e. contrary to the accepted or expected norm? Looking specifically at cities in Ghana and Pakistan, while economic policies must take some blame for the lack of industrialisation, the rise and perseverance of an informal sector results of the confrontational and antagonising policies taken against rural to urban migration, which itself was misunderstood by authorities. More recent research proves that while the informal sector remains as prominent, it is not incompatible with the development of industry. The traditional explanation of migration towards cities (rural-urban migration) is laid out by Lewis in a model that emphasises...
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...into those who further tried to clarify it, we can begin to grasp an understanding of the fundamental characteristics that were exhibited by ‘Regions of Recent Settlement’, and whether or not this is useful as an explanatory model. The term ‘Regions of Recent Settlement’ was developed and used by Ragnar Nurske an international economist and policy maker who worked primarily in the fields of international finance and economic development. He also spent much of his time examining the circle of poverty in underdeveloped countries, linking it to insufficient investment. He used the term ‘Regions of Recent Settlement’ to define “areas which successfully developed during the late nineteenth and early twentieth centuries in response to the stimulus of expanding world trade which accompanied the industrialisation of the North Atlantic economies.” They were areas which experienced a “distinct process of growth which was unique to a specific time period”, being the Mid Nineteenth Century to the onset of World War I or at the latest, the Great Depression. They were immense, productive and relatively empty areas located in the ‘temperate latitudes’ of the world, available for agriculture and grazing. There is much evidence that eludes the industrialization of Western Europe and the subsequent demand for primary products lead to the growth of these areas. Immigrants were attracted by the high salaries that resulted...
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...How far did the use of The Terror change in Stalin’s Russia 1934-53? Lenis had used terror and class warfare in order to defeat any opposition, this was extended by Stalin during the early 1930s to push through the Five Year Plans, many kulaks were either killed or sent to labour camps if they refused to hand over their grain. Furthermore, a lot of workers and engineers were accused of sabotage during rapid industrialisation in the Five Year Plans and a series of show trials were put on, e.g. The Shakhty trials of 1928. However, unlike Stalin, Lenin and other Communists had stressed the importance of having a distinction of the methods used to deal with opposition from outside the party and within the party. There was a clear understanding the terror should not be used on party comrades, however Stalin unleashed complete terror within the Party in the form of the Purges. Rapid industrialisation and forced collectivisation resulted in a lot of opposition within the Communist Party. Throughout the First Five Year Plan from October 1928 to December 1932, the central party in Moscow had difficulties in getting local party members and secretaries to implement these policies and orders. Some argued about high grain collection targets, refused to identify kulaks and were reluctant to implement the degree of terror the state demanded. Therefore in December 1932, Moscow launched a chistka in order to expel party members who were not following party and state discipline, 11% of party...
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...one thought the airliner would survive, let alone become a symbol of the liberalisation of the aviation industry in Southeast Asia. Second, Fernandes, a Malaysian Indian of Portuguese Malaccan descent – obviously not a Bumiputra2 - was able to thrive as an entrepreneur in an environment where the government gave top priority to Bumiputra entrepreneurs. These issues are discussed in this paper. Malaysia’s New Economic Policy (NEP) The Malaysian Government has played a significant role in Malaysia’s rapid economic growth. After the independence in August 1957, the economy shifted from agriculture to industrialisation; an import-substitution strategy was adopted to reduce dependency on primary sector and simultaneously diversify the economy. By the late 1960s, with the exhaustion of import substitution, the Malaysian government made the transition to exportoriented industrialisation. The May 1969 election and ensuing race riots resulted in the increased state...
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...Religion has affected humans in society in many different ways, by rules, traditions and mortality. The most powerful and important role that religion has played within society is how it controlled the human mind for many centuries, brainwashing the people on what to believe and what not to believe, and that is one of the main reasons why religious organisations are changing the rules and trying to adapt to society to win the faith of the people back, as things like New Age Movements and Atheism, by no doubt are becoming much more popular than religion. Durkheim argues that the popularity of religion in Britain and the USA in late 18th early 19th century was a reaction to anxieties created by industrialisation and urbanisation. This created social disruption, undermined value consensus and produced anomie, which is the feelings of moral confusion and uncertainty of the future. Such feelings led to the appearance of religious sects such as Mormonism and Jehovah’s witnesses. In a situation of change and uncertainty, people were most likely to lose their faith in religion, which may have led to secularisation, which comes back to the theory that religious organisations are now adapting to society in order for them not to die out. Sociologists such as Durkheim, are interested in the relationship between religion and social change. Some approaches see religion as change inhibiting a conservative force in society, whilst others see religion as promoting social change. Durkheim believed...
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...employment relationships, this move is sometimes seen as further broadening of the human resource management as synonymous with employee relations. Industrial relations is used to devote the collective relationships between management and the workers. Traditionally, the term industrial relations is used to cover aspects of industrial life as trade unionism, collective bargaining, discipline and grievance handling, industrial disputes and interpretation of labor laws and rules and code of conduct. The History of Malaysian Industrial Relations Malaysian became incorporated into expanding European capitalism from the early sixteenth century. This inclusion evolved through mercantilism (1500-1850s) driven by Portuguese and the Dutch, colonialism driven by the British (a850s-1930s and 1945-1957) and the Japanese (1941-1945), post-colonial industrialisation (1960s) and ethnonationalist economic development (1971-present). A productive market economy was built during British colonialism with the establishment of capitalist plantation and mining export industries, based on immigrant Indian and Chinese labour. During the 1970s and 1980s the political-economic strategy sought to modernise the rural Malay population by providing jobs, housing and formal education in urban areas. In 1991 the Bumis (comprising Malays and indigenous populations) came to be the dominant Malaysian labour force in agriculture, forestry and fishing (72%), manufacturing (52%) and services (56%). Yet, in 1995...
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