Industrialization from an Economic Perspective

There are three critical steps to industrialization: technological progress, capital accumulation, and the timing of industrialization. All three of these steps came together in Meiji Japan and combined they transformed the economy of Japan into one of the richest in the world.

In this film, Dr. Roberto Bonfatti explores the economic theory of industrialization. He explains some of the common pitfalls that countries fall into during the process of industrialization. Roberto shows how Japan not only avoided these mistakes, but became an example to other countries.

Roberto concludes by asking a question: if industrialization is so important, then why don’t all countries industrialize? He suggests that many countries lack the political will to industrialize. Do you agree with this answer or is there another explanation you prefer.