How economies grow: Alice Amsden and the real-world economics of late industrialisation

摘要

Alice Amsden developed a theory of late industrialisation and a set of accompanying policy approaches that stand in stark contrast to mainstream growth policies that promote market liberalisation. This article explores Amsden's arguments on the role of wages in promoting growth in countries seeking to move up the industrial ladder. The differential benefits of promoting the development of privately-owned national firms in contradistinction to the emphasis on foreign direct investment are also considered. Finally, the relevance of Amsden's late-industrialisation model for countries on the verge of industrialisation today in the context of the World Trade Organization's new global institutional rules is considered.