The focus of this essay will be on the experience of industrialisation for three Less Developed Countries (LDCs). Within the Latin American region Brazil and Chile will be examined, as well as a brief section focusing on South Korea in which similarities between the Brazilian and South Korean experiences will be drawn with regard to the role of state intervention. The LDC category as specified by the United Nations Committee for Policy development “comprises low income developing countries which face severe structural impediments to growth. Indicators of such impediments are the high vulnerability of the countries’ economies and their low level of human capital” (Committee for Development Policy and United Nations Department of Economic and Social Affairs 2008, p.1). An appreciation, however, of the historical context of LDCs particularly with regard to the history of capitalist expansion will enable further distinctions to be drawn between the developed world and the developing world. For example, the European expansion of capital...
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...A. & Williamson, J., 2009, ‘Was it prices, productivity or policy? Latin American industrialisation after 1870’, Journal of Latin American Studies, vol. 41, no. 4 (November 1), p.633-694, accessed August 17 2011 from Proquest.
Griffith-Jones, S. & Rodriguez, E., 1984, 'Private international finance and industrialisation of LDCs', Journal of Development Studies, vol. 21, no. 1, p. 47-73, accessed 17 August 2011 from Business Source Premier, EBSCOhost.
Schmitz, H., 1984, 'Industrialisation strategies in less developed countries: Some lessons of historical experience', Journal of Development Studies, vol. 21, no. 1, p. 1-21, accessed 17 August 2011 from Business Source Premier , EBSCOhost.
United Nations Development Programme (UNDP), 2010, Human development report 2010 the real wealth of nations: Pathways to human development, UNDP, New York, 2010, p. 142-151.
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