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p. 1148. The standard model and late industrializationlocked

  • Robert C. Allen

Abstract

‘The standard model and late industrialization’ uses examples from Russia, Japan, and Latin America to show how independent states could apply the standard model of economic development — railways, tariffs, banks, and schools — that had worked for the USA and Western Europe. This model generated modest economic growth, but not enough to close the gap with the West. Problems of high inequality and political instability worsened with time as the scale of efficient production has increased and capital to labour ratios have become even greater in rich countries. Even without the financial crisis of the early 1980s, the standard model had reached the end of its useful life.

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