ABSTRACT
This chapter focuses on changes in production, in the sectoral distribution of Gross domestic product and employment, and in the trade profile. The world institute for development economics research project on development and technological transformation identified set of criteria for measuring national technological transformation. The chapter the accompanying broad social transition that occurred. It provides closer accounting of technology embodying inputs and their utilization as modernization unfolded; take a more detailed look at changes in capital formation, investment patterns and productivity sources in the economy. In any survey of the literature on national technological transformation, staged development process for newly industrialized countries would be identified as constant theme by analysts and researchers. The chapter explores in greater detail both the rapid unfolding of stages of growth, the specific policies and actions by the Commonwealth Government that facilitated the economy's moving through these successive stages.
