The Economics of the Latecomers

Is late industrialization an advantage? This book examines the case of South Korea and compares it with the experiences of Germany at the turn of the century and Japan this century.
This book examines the spectacularly successful economies of East Asia, Japan and South Korea. The comparison of the 'catching-up' process in Japan and South Korea includes studies of the iron and steel and semi-conductor industries. The author shows the difficulties involved in trying to detect general patterns of development, as both countries appear to respond to different technological imperatives. As a result general models of development should be treated with caution, given the need to consider different historical and institutional contexts.