The writer of the essay "Industrialization Movement" suggests that current era is that of globalization. With increasing, global industrialization organizations are becoming multicultural. Similarly, nations are also experiencing cultural diversity on a grand scale…
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The US adopted the free market policy and private enterprise flourished. Fordism and post-Fordism assisted in the industrialization of the high order. However, banks operated with great conservatism and companies were forced to make quick profits and improve their value if they had to obtain financial support (Hutton, W 1995)Companies could downsize at will as per market requirements and as a consequence labour fetched high wages. It achieved economies of scale, had an active and vibrant financial market, a vast pool of skilled labour force, institutions of the state supporting labour welfare and the capitalist system was established as the dominant force of Industrialization (Hutton, W 1995).
Post-1945, for its own sake to avoid recession, the US supported the industrialization movement in war-wrecked Europe which also adopted the free market policies of competition for rebuilding its industry, but due to its cultural and political makeup of consensus building, they adopted a more socialistic outlook. Lead by Germany and closely followed by Austria, Holland and Switzerland they industrialized with cooperation between all stakeholders, the financial institutions, the entrepreneurs and the labour, who had power-sharing representation on company boards (Hutton, W 1995). The respective governments also looked at this arrangement benignly as they themselves were products of national coalitions and consensus was of paramount importance. They invested heavily in social welfare. The result was that profit was not the prime motive but sharing of profits was more important. Labour was therefore content with less, and so was the banks that held large shares in the companies and ensured their survival as vital stakeholders.
Japan was a unique model of late industrialization.
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