Industrialising Less Developed Countries Essay examples

This essay intends to address the argument that Less Developed Countries (LDCs) cannot achieve the level of development of the Developed Countries (DCs) unless they undergo a process of industrialisation. In proposing a case in favour of this argument the industrialisation experiences of the Latin American and Asian regions will be investigated, with specific regard to the role of state intervention throughout this process. Conclusions will be drawn from these cases, specifically that through the process of industrialisation LDCs can achieve the levels of development of the DCs and this inference will be supported through the analysis of Human Development Index (HDI) rankings and scores for 2010. The focus of this essay will be on†¦show more content†¦Thus within the context of this developing international division of labour it was the Developed Countries (DCs), the core states and first capitalists, who gained the development upper hand, beginning their process of industrialisation during the mercantile period of European expansion. The endeavour to embark on industrialisation for the LDCs however did not progress sufficiently until after the end of the Second World War, a period in which dependency theorists argued the case that the cause of underdevelopment within these LDCs was a consequence of the colonial capitalist legacy of a distorted structure of economy and society, that is the peripheral economy and society which was theorised to produce overall economic stagnation and mass poverty (Hoogvelt 1997, p. 38-40). The two processes of industrialisation that this essay will address are Import-Substitution Industrialisation (IS) and Export-Orientated Industrialisation (EOI). For advocates of ISI, the industrialisation process will occur when â€Å"given the existence of already industrialised and highly productive economies (the North [DCs]), theShow MoreRelatedWho Are The Most Important Actors Of The Global Political Economy?1446 Words   |  6 Pagespost-war years through to the 70s benefited developed and less developed economies alike. In the late 1960s however, when the US economy encountered increasing problems due to their commitment to a fixed exchange rate which constrained their ability to have policy options at a time when inflation was being fuelled by high levels of government expenditure, domestically on social programs and internationally in the Vietnam War. 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