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EMNCs and catch-up processes: The case of four Indian industries

Chapter in book
Authors Kristin Brandl
R. Mudambi
Published in Understanding Multinationals from Emerging Markets
Pages 129-152
ISBN 9781107587632
Publisher Cambridge University Press
Place of publication Cambridge
Publication year 2013
Published at Graduate School (School of Business Economics and Law)
Pages 129-152
Language en
Links dx.doi.org/10.1017/CBO9781107587632...
Subject categories Business Administration

Abstract

Introduction It has already been widely recognized, at least in the academic literature, that the set of emerging economies constitute a very diverse group, so that sweeping generalizations about the process of “emergence” almost always lead to incorrect conclusions (Ramamurti and Singh, 2009). Emerging market economies range from “middle income” countries like Brazil and Taiwan to fairly poor countries like China, India, and Indonesia. Sometimes, even wealthy economies like South Korea and Singapore are placed in this group. All these countries have different comparative advantages and specialize in different industries, so their catch-up processes are extremely country-specific. However, it is less widely acknowledged that economic activities within emerging market economies are also quite heterogeneous. In this chapter we focus on catch-up processes within the Indian economy and highlight three critical aspects. Early work in development economics recognized that many developing countries were characterized by so-called “dual” economies, where backward sectors (usually subsistence agriculture) co-existed with relatively advanced export-oriented sectors (Nurkse, 1955). We expect such sectoral diversity to be even more pronounced in rapidly changing emerging market economies like India. Sectors and industries differ dramatically in terms of the extent to which they are backward relative to world standards (Lorenzen and Mudambi, 2010). Hence, in studying catch-up processes in the Indian economy, the first key aspect that we document in this chapter is the importance of industry context.

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