ABSTRACT
This chapter focuses on the special challenges faced by industrializers in the post-1950 age of containerization and the digital revolution. It addresses the critical questions of proper sectoral prioritization and effective ways of building productive industrial capability. Static comparative advantage reflects initial endowments of factor supplies, organizational capability, and technological capability. Leading students of the post-1950 waves of industrialization have identified a few key features of successful catchup industrializers. The role of agriculture and mining in the industrialization process is multifaceted. The postwar debates on whether agriculture or industry is the engine of growth zeroed in on the issue of financing a robust industrialization drive. Industrial firms became increasingly transnational in ownership and market horizon, multidivisional, and grouped in loose alliances or tightly knit business groups. Industrial capability then is the set of skills, capital, management, and technology needed to design, develop, produce, market, and service a variety of manufacturing products.
