Abstract: This paper reviews industrialization, its foundations, importance and benefits in Germany and Japan. It focuses on industrialization and deindustrialization as a consequent outcome of deliberate efforts towards development. Our objective is to review the industrialization account of these leading economies to highlight an amalgam of approaches to successful industrialization, which can be domesticated to local conditions in less developed economies. We observe industrialization requires a critical mass of factors that work independently and simultaneously within the complex interaction between effective policies, adequate funding as well as the elimination of inimical cultural practices. Industrialization can be attained by economies across a range of circumstances. Succeeding with industrialization is a multifaceted and dynamic process that is dependent on appropriate policies with respect to local conditions. The somewhat elastic nature of industrialization demands for coherent economic management within the context of an economy’s structure, trading partners and role in the global economy. Anti-cultural limiting policies enable industrialization through the reallocation of national and global resources at the frontier. As demonstrated by Germany and Japan, historically effective political systems as well as citizen centric inclination stand out as requirements of successful industrialization. Active participation in the international economy through the industrial sector coupled with the domestic advantage low tariffs and external advantage of international linkages are associated with the benefits of trade. The role of entrepreneurship in industrialization depends on the scales, persistence and support for the private sector.
Keywords: industrialization, Japan, Germany, Development, economy, deindustrialization.
Title: Succeeding with Industrialization: The Experience of Germany and Japan as late Industrializers
Author: Jude James, Victor Ebin
International Journal of Mechanical and Industrial Technology
ISSN 2348-7593 (Online)
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