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 Sectoral Investment

Young‐Iob Chung

in Korea under Siege, 1876-1945: Capital Formation and Economic Transformation

This chapter investigates the magnitude, features, and attributes of investment in various segments of the economy based on (i) ownership (e.g., public or private sectors); (ii) the nature of ... More

This chapter investigates the magnitude, features, and attributes of investment in various segments of the economy based on (i) ownership (e.g., public or private sectors); (ii) the nature of industries (e.g., industry, agriculture, trade, and service); (iii) the type of industry (e.g., social overhead capital and manufacturing); (iv) the capital-, technology-, and labor-intensities of industry; (v) the scale of investment; and (vi) the goals of investment by various economic entities, e.g., organizations and nationals. The analysis of investments in social overhead capital is further broken down according to transportation, communications, and electric power industries, while manufacturing is examined based on the types of goods produced, namely, light and heavy, and chemical industries. These not only reflected the transformation of Korean economy, but also showed the goals of investment. The volume, investors, and the nature of investment underscored the contributions made by different economic entities, such as the government, and different nationalities, namely, the Japanese, non-Japanese “foreigners”, and Koreans, in forging the country's capital formation, which reveal the underlying forces for the structural changes in the economy over time.Less

The World of Big Business Before 1914

Youssef Cassis

in Big Business: The European Experience in the Twentieth Century

Analyses the world of big business before 1914. Companies with a share capital of £2 million or more, and a workforce of 10,000 or more are considered as large. It emphasizes the weight of banking ... More

Analyses the world of big business before 1914. Companies with a share capital of £2 million or more, and a workforce of 10,000 or more are considered as large. It emphasizes the weight of banking and heavy industry in German and French big business and points to greater diversity in Britain.Less

Three‐Pronged Investment

Alice H. Amsden

in The Rise of “The Rest”: Challenges to the West From Late-Industrializing Economies

The successful late industrializing countries (the rest) followed a ‘low road’ to industrial development between 1850 and 1950 for lack of proprietary technology and related know‐how and skills. ... More

The successful late industrializing countries (the rest) followed a ‘low road’ to industrial development between 1850 and 1950 for lack of proprietary technology and related know‐how and skills. Although manufacturing experience accumulated, and the growth rate of output may even have increased, the rest could not industrialize fast enough just to keep pace with the North Atlantic. Few firms had been able to make the ‘three‐pronged investment’ to which the success of the modern business enterprise has been attributed: in up‐to‐date machinery and plants of optimal scale (large‐scale production units and capital investment); in managerial hierarchies and technological skills, as exemplified by the railroad industry; and in distribution networks. This chapter examines each of these qualifications in turn to try to understand why progress in the rest was so halting, covering high bankruptcy rates and low rates of return, imprudent financial practices, cheating, and fraud, and the role of North Atlantic emigration in the accumulation of manufacturing experience and skills. The final part of the chapter looks at finance in particular—investment, supply of capital, economic surpluses and fattening profits, speculation, and the ‘little push’ into heavy industry, as exemplified by the iron and steel industry.Less

The World's Largest Shipbuilder

Alice H. Amsden

in Asia's Next Giant: South Korea and Late Industrialization

This chapter, within the context of the shipbuilding industry in the acutely competitive decade of the 1970s, examines the hypothesis that the diversified business (industrial) group provides a ... More

This chapter, within the context of the shipbuilding industry in the acutely competitive decade of the 1970s, examines the hypothesis that the diversified business (industrial) group provides a multitude of capabilities and a protective cover to latecomers wishing to enter world trade. The whole chapter is devoted to Hyundai Heavy Industries of South Korea, a subsidiary of the Hyundai Group, which began building its first ship (a very large crude carrier) in March 1973. Aspects discussed are the competitive challenge, government assistance, foreign technical assistance, the acquisition of design capability, investment in the formation of the Hyundai Engine and Heavy Machinery Manufacturing Company, intermarginal changes (quality, and time and motion studies and cost control), and organization (chaebol membership).Less

The Politics of Reparation

Charles S. Maier

in Recasting Bourgeois Europe: Stabilization in France, Germany, and Italy in the Decade after World War I

This chapter examines the politics of reparation in France, Germany, and Italy. The reparation issue was not settled at the Paris Peace Conference. Woodrow Wilson resisted the most extensive demands ... More

This chapter examines the politics of reparation in France, Germany, and Italy. The reparation issue was not settled at the Paris Peace Conference. Woodrow Wilson resisted the most extensive demands of the European allies, but recompense for civilian damages, which he sanctioned, was bound to be enormous. Furthermore, Britain won the principle that separation allowances and pensions for veterans or dependents must also be shouldered by Germany. To forestall divisive arguments, it was agreed that a Reparations Commission would determine the total damages and levy a final bill by May 1, 1921. The chapter discusses issues relating to reparation, taxes, and the German heavy industry. It also considers how with French Prime Minister Aristide Briand and German Chancellor Joseph Wirth sought support on the basis of a reformist or moderate position and found themselves stalemated, suggesting that both men were hostage to each other's moderation on reparations.Less

Development Strategies and Regional Income Disparities in China *

Justin Yifu Lin and Peilin Liu

in Inequality and Growth in Modern China

This chapter argues that the regional income gap of China is endogenously determined by its long-term economic development strategy. The comparative advantage-defying (CAD) strategy, adopted by the ... More

This chapter argues that the regional income gap of China is endogenously determined by its long-term economic development strategy. The comparative advantage-defying (CAD) strategy, adopted by the Chinese government in the pre-reform era, encouraged firms to deviate from the economy's existing comparative advantages by prioritizing capital-intensive heavy industries. Under this strategy, many enterprises were not viable in competitive markets and required government support and protection. Consequently, the CAD strategy retarded the functions of market, impeded capital accumulation, and hindered technology and productivity progress in many provinces. In the post-reform period, provinces in central and western China continue to follow the CAD strategy and have poor growth records, while the coastal areas started to adopt the comparative advantage-following (CAF) strategy by facilitating firms' entry into an industry or choice of technology according to the economy's existing comparative advantages. This difference in development strategies represents the most fundamental cause of regional disparity in China. Therefore, it is imperative to replace the CAD strategy with a CAF strategy and restructure the existing industries in all provinces based on the principle of comparative advantage. This would lead to balanced development among regions and provinces.Less

From Surrender to the Economic Councils

Conan Fischer

in The Ruhr Crisis 1923-1924

The German government, led by Wilhelm Cuno, collapsed in August 1923, to be replaced by a coalition led by Gustav Stresemann. Renewed efforts to negotiate a settlement with France failed, for the ... More

The German government, led by Wilhelm Cuno, collapsed in August 1923, to be replaced by a coalition led by Gustav Stresemann. Renewed efforts to negotiate a settlement with France failed, for the French Premier, Poincaré, believed that the territorial disintegration of Germany was imminent and saw no need to bargain. Stresemann then abandoned passive resistance unconditionally on 26 September, triggering widespread protest riots across the Ruhr. His government prioritised the conquest of hyperinflation, which demanded a balanced budget and an end to the subsidisation of the Ruhr's economy. Left on their own, the region's heavy industrialists reacted by tearing up the more costly dimensions of the 1918–20 revolutionary settlement between employers and labour, and by contemplating wider collaboration with the French. Meanwhile Poincaré backed efforts by bands of Rhenish separatists to detach the region from Germany, but lack of popular backing and British outrage thwarted this initiative.Less

German Cartels and Cartel-Like Organizations: (N.D.)

Franz Neumann

in Secret Reports on Nazi Germany: The Frankfurt School Contribution to the War Effort

This chapter focuses on cartels and cartel-like organizations in Nazi Germany. The report explains German industrial organization is dominated by large vertical combines. Cartels and other ... More

This chapter focuses on cartels and cartel-like organizations in Nazi Germany. The report explains German industrial organization is dominated by large vertical combines. Cartels and other associations of business, a common fixture of the German economy, have been used by the combines as means for the domination of industry and are in part a reflection of the degree of concentration of German industry. The prototypes of the combines are those within so-called heavy industry. The chapter first considers the role of cartels and cartel-like organizations in Germany before offering a number of recommendations relating to denazification, administration, cartels, Reichsvereinigungen, the Chambers of Industry and Commerce, and the main committees and rings.Less

Recent Developments

Youssef Cassis

in Big Business: The European Experience in the Twentieth Century

Examines the more recent developments of European big business, from the 1960s to the late 1980s, which can be seen as the golden age of the industries of the second industrial revolution. The number ... More

Examines the more recent developments of European big business, from the 1960s to the late 1980s, which can be seen as the golden age of the industries of the second industrial revolution. The number of large as well as giant (with a workforce of 100,000 or more) companies increased significantly, and greater convergence in the size and sectoral distribution of the largest companies can be observed.Less

The Players

in In Defense of Japan: From the Market to the Military in Space Policy

This chapter identifies the key players in the militarization of space technology in Japan. It describes the changes in the organization of the nation's principal space agencies and institutions, and ... More

This chapter identifies the key players in the militarization of space technology in Japan. It describes the changes in the organization of the nation's principal space agencies and institutions, and discusses the role of different government agencies and associated organizations and the key programs identified with the construction of a military space infrastructure. The chapter also considers the role of the corporate players in this militarization saga, which include Mitsubishi Heavy Industries, Ishikawajima-Harima Industries, and Toshiba Corp.Less

Locating Korean Factory Women in Time and Place

in To Live to Work: Factory Women in Colonial Korea, 1910–1945

This chapter discusses the colonial Koreans in space and time, and describes the environments that engendered female industrial labor. It then explores in detail the factory women. It is shown that, ... More

This chapter discusses the colonial Koreans in space and time, and describes the environments that engendered female industrial labor. It then explores in detail the factory women. It is shown that, although women across cultures worked in factories, their experiences diverged greatly according to economic, social, and political contingencies, as well as historical and regional distinctions. Women's work often meant trained labor in heavy industries, as well as skilled positions. The industrialization, commercialization, urbanization, and displacement of the agricultural workforce changed the structures and patterns of the Korean economy. Both labor forces and markets underwent significant transformations during the colonial era. It is also noted that industrialization in Korea advanced ever more rapidly in the last fifteen years of colonial rule.Less

Civilianizing Industrialization

Vladimir Kontorovich

in Reluctant Cold Warriors: Economists and National Security

Forced industrialization, which was launched under the First Five-Year Plan, was a formative event that set the course of the Soviet economy. Stalin and other Soviet rulers have repeatedly stated, ... More

Forced industrialization, which was launched under the First Five-Year Plan, was a formative event that set the course of the Soviet economy. Stalin and other Soviet rulers have repeatedly stated, with uncharacteristic candor, that the objective of industrialization was the creation of defense capability, as well as building socialism. The main feature of industrialization, primacy of heavy industry, was said to serve the same twin goals. The standard Sovietological account civilianizes industrialization by downgrading or omitting the objectives proclaimed by Stalin, and substituting growth for its own sake as the sole motive. It derives the priority of heavy industry from the writings of Marx and the obscure Soviet economists. This account disregards or glosses over contradictory Soviet sources, violates the basics of the economic approach, and fails to draw connections to similar policies in other countries and periods.Less

Industrialization and Demographic Change: A Case Study of Glasgow, 1801–1914

Andrew Gibb

in Population and Society in Western European Port-Cities, c. 1650–1939

This chapter, which presents a case study on the impact of industrialisation on demographic change in Glasgow, Scotland during the period from 1801 to 1914, explains that major changes in industrial ... More

This chapter, which presents a case study on the impact of industrialisation on demographic change in Glasgow, Scotland during the period from 1801 to 1914, explains that major changes in industrial and population terms in Glasgow can be divided into two phases. The first phase is the development of a broad industrial base that attracted large-scale waves of in-migration, and the second is the emergence of specialised heavy industries which further increased migration rate. The chapter also discusses the relative roles of natural increase and net migration as components of population change in Glasgow, and considers the absorption of peripheral population groups.Less

. Speed Reading: SUPER-POSITION AND SIMULTANEITY in Young-hae Chang Heavy Industries’s Dakota and Ezra Pound’s Cantos

Jessica Pressman

in Digital Modernism: Making It New in New Media

Digital writers Young-hae Chang Heavy Industries claim that their work of Flash-based digital literature, Dakota, is “based on a close reading of Ezra Pound’s Cantos part I and part II.” The chapter ... More

Digital writers Young-hae Chang Heavy Industries claim that their work of Flash-based digital literature, Dakota, is “based on a close reading of Ezra Pound’s Cantos part I and part II.” The chapter close reads the digital work in relation to its proclaimed source material despite the fact that the speed at which Dakota flashes challenges efforts to do so. YHCHI brilliantly adapt Pound’s poetry at the level of content and form. For not only do YHCHI remix the language of the first cantos but they also use Flash to renovate Pound’s poetic technique of “super-position” or textual montage. This chapter examines the transformation of Pound’s formal technique into Flash to show how the poetic result illuminates connections between the modernist and digital modernist texts as well as the literary periods they represent.Less

Back to the Beat: Silent Orality in Young Hae Chang Heavy Industries

Kiene Brillenburg Wurth

in Thresholds of Listening: Sound, Technics, Space

This chapter examines the sense specificity of listening by focusing on the verbal-visual-sonic art of Young Hae Chang Heavy Industries (YHCHI) as a technology of distraction. Citing YHCHI's ... More

This chapter examines the sense specificity of listening by focusing on the verbal-visual-sonic art of Young Hae Chang Heavy Industries (YHCHI) as a technology of distraction. Citing YHCHI's Flash-encoded audiovisual work DAK0TA (2002), it argues that aurality must be reconceptualized in terms of the transmediation that informs such works of digital literature. It considers DAK0TA's strictly timed sequencing of text to the sound of jazz drumming and suggests that the experience of looking and reading must be understood as a kind of listening or as the experience of being sung to. It also explains how DAK0TA resonates with the aesthetics of difficulty found in modernism.Less

Formulating a Development Strategy in Pakistan

Khadija Haq (ed.)

in Economic Growth with Social Justice: Collected Writings of Mahbub ul Haq

In this chapter, Haq writes as an insider to the economic planning process in Pakistan while the country’s Third Five Year Plan (1965-70) was being formulated. Since this piece was written before the ... More

In this chapter, Haq writes as an insider to the economic planning process in Pakistan while the country’s Third Five Year Plan (1965-70) was being formulated. Since this piece was written before the separation of East Pakistan and West Pakistan, Haq here greatly emphasizes the need for creating heavy industry and infrastructure in East Pakistan to accelerate the growth rate in the region and to bridge the divide between the two wings of the newly independent country. Haq also lays out various strategies for mobilization of domestic resources to which economic planners of the time were giving serious thought.Less

. Reading Code: The Hallucination of Universal Language from Modernism to Cyberspace

Jessica Pressman

in Digital Modernism: Making It New in New Media

This chapter intervenes in discourse about the readability of computer code. It traces a prehistory of this discussion about code-as-text back by drawing a parallel between the idea that computer ... More

This chapter intervenes in discourse about the readability of computer code. It traces a prehistory of this discussion about code-as-text back by drawing a parallel between the idea that computer code enables universal communication and the idea that the Chinese ideogram is a universal medium for poetics, most famously propagated by Ezra Pound via Ernest Fenollosa. Chinese has been a central part of Western discourse about universal language for centuries, from Leibniz’s binary logic through to Norbert Wiener’s computer-based machine translation and debates about Global English via the World Wide Web. This chapter traces this thread across the intertwined histories of poetics and computing. It reads a work of electronic literature that incorporates ideograms into its interface design (Young-hae Chang Heavy Industries’s Nippon) and a digital novel that confronts and rejects the idea that cyberspace enables universal translation (Erik Loyer’s Chroma). These works resist the ideological underpinnings that turn code into a universal language— either through the conceit that code is capable of universal machinic translation or that code is an autonomous, unreadable entity on par with a natural language. These works thus critique computational ideologies through literature. In so doing, they remind us that literature and its study are essential to understanding and critiquing digital culture and discourse.Less