Modern Business - Essay Example
Research scholars have classified industrializations as â€˜earlyâ€™ and â€˜lateâ€™ in accordance to their origin. It has been observed that, industrial progress of particular country has simultaneously influenced companies to improve organizational and business performance. The concept of competitive advantage for national business system of different countries has an underlying linkage with â€˜earlyâ€™ and â€˜lateâ€™ industrialization process. It is evident from the above example that time period for evolution of industrialisation is different for every country and each of the country followed a distinctive pathway to bring industrialization. Chronologically, the United Kingdom was the birthplace for industrialization during nineteenth century and then followed the USA. Industrialization in other European countries took place during the twentieth century, while in countries like China and Japan; industrialization took place after the Second World War. Objective of this essay is to explain how organizational and institutional characteristics of national business systems in different countries have affected by â€˜earlyâ€™ and â€˜lateâ€™ industrialization process. Porter diamond model for national business system of different countries and theories regarding industrialization process will be discussed in order to build theoretical background for this essay. The study will cite examples of countries and industries in order to compare national business system of different economies. In the last section, the essay will try to throw some light on issues like sustainability of national competitiveness of various countries, in order to understand effectiveness of industrialization. Theoretical Background Early Industrialization & Late Industrialization Research scholars have stated that late industrialization process in various nations is deeply influenced by resource mobilization and intergenerational concept mobility. Late industrialized nations have already achieved significant feet in terms of resource mobilization and national capability development. Therefore, it can be said that, economic development of late industrialized nations started late but the growth rate of these countries can surpass the growth rate of those countries where industrialization took place early. Theoretically, late industrialization took place in those countries, which were economically backward due to over dependence on agriculture and lack of industrial output during early years of twentieth century. In 1979, OECD had published a report about countries which were industrialized at later half of twentieth century. According to this report, countries like Portugal, Hong Kong, Greece, Taiwan, Mexico, Brazil, Spain and South Korea have experienced industrial growth at later half of twentieth century and these countries are called as NICs or "newly industrializing countries" (Balassa, 1981). Industry experts have stated that economic growth in late industrialized countries is different in comparison to countries which are industrialized in early point of time. According to Balassa (1981), three factors, such as contribution of the industrial sector in labour force employment, rise in per capita income and percentage rise in
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