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The Political Economy of the Worlds Capitalisms - Book Report/Review Example

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In the paper “The Political Economy of the World’s Capitalisms” the author tries to understand the economics involved with late industrialized nations. This is because late industrialization was, in essence, a consequence of steps taken by nations involved in early industrialization…
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The Political Economy of the Worlds Capitalisms
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Download file to see previous pages At that time most of this machinery was being made by local artisans. These were usually family owned business and worked like blacksmiths. With their limited production capability, they could not provide enough goods to satisfy the growing demand for agricultural machinery. The investments in this sector led to the modernization of this field of manufacturing. The very early forms of Fordism were witnessed as an assembly line was created and tasks assigned in order to increase efficiency. This started a chain process for other industries. As wealth was being accumulated by businesses they started investing in new business ventures and buying luxury items, thus increasing their demand as well.
The initial industrialization in Japan came around as a response to American influence in their trade activities. The opening up of Ports Shimoda and Hakodate forced the Japanese to abolish the feudal system. This allowed a modernization of the Japanese army and later through Meiji reforms, industrialization of Japan and convergence to a modern society. The industrialization of Japan can be divided into two main parts i.e. pre and post world war two period. After the Second World War, the Japanese economy had been completely destroyed. The rebuilding process of the Japanese economy after the war was different from pre-war periods. This was because the Japanese government shifted its focus from developing a military-dominated industrial base to a consumer industry base. The effects of Success in world war had dominant effects on the US economy as well.
The initial strands of industrialization could not reach Germany as quickly as it had reached other European nations. The primary reason was that industrialization of that era was basically focused on or in fact driven by economies of scale. The economies of scale, however, cannot be achieved until and unless a comprehensive large demand exists in the market. Germany at that point in time was divided up into many small states with trade barriers and embargos on each other. ...Download file to see next pagesRead More
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