Which mode characterized the experience of the `late industrializing’ countries of the second half of the 20th century?

Learning Goal: I’m working on a economics question and need an explanation and answer to help me learn.answer the following question (1-3 paragraphs). Make sure that your answer is brief, clear, and *to the point. Avoid discussing aspects of the readings that are not directly related to the questions, and be sure to answer using your own words (i.e. avoid lengthy quotes from the readings).Consider the Gerschenkron’s analysis of the key role of banks in providing long-term finance for capital accumulation and in supervising the administration of industrial enterprises in Germany, which he contrasts with the relative less significant role of banking in the English industrial revolution (pp. 14-15). In what ways is this contrast explained by the relative backwardness of the German economy at the time of its industrialization? Be sure to focus on two explanatory factors: (i) differences between the two countries in the degree of previous capital accumulation; and (ii) differences in the required scale of production of most industrial enterprises at the time of each country’s industrialization.Q2100 PointsConsider the Amsden’s characterization of the difference between ‘learning’ and ‘innovation’ as modes of knowledge acquisition and application in industrial production. Which mode characterized the experience of the `late industrializing’ countries of the second half of the 20th century? How is this predominance related to the degree of relative backwardness of these countries at the time of their industrialization? (p. 2, passim.)
Requirements: 1-3 paragraphs   |   .doc file