Though late-medieval England was not 'backward' in the senses expounded by so many earlier historians, her financial institutions, in comparison with those found on the continent, were far less developed. More retrograde were English fiscal and monetary policies, which played a major role in the fall of England's wool trade, once her most lucrative source of revenue, and thus indirectly in the expansion of her cloth export trade, which came to be canalized on the Antwerp market, where the major financial innovations did take place. Medieval English bullionist legislation was particularly regressive, by contemporary standards, in attempting to prevent the use of credit in foreign trade, in order to force exporters to repatriate receipts in bullio n even if such policies had a seemingly noble purpose: to protect the integrity of the coinage, while eschewing continental practices of debasement. In their application, however, they not only hindered the use of credit but also prevented the development of deposit banking, with domestic transfer instruments, on the continental model. English Common Law, furthermore, was generally hostile to any developments that would make bonds, especially registered recognizances , fully transferable and negotiable. But, from the late thirteenth century, the crown proved to be progressive in permitting mercantile courts to utilize the practices of an international lex mercatoria.
Gerschenkron Redux? Analysing New Evidence on Joint-Stock Enterprise in Pre-War Shanghai
Rostow’s Modernization Theory and Gerschenkron’s Industrialization in Backward Countries – Farida
Traditional society: the very primitive conditions, very little infrastructure. The preconditions for take-off: agriculture, exchange of goods and invention of new technology. Take-off stage: industrialization and expansion of manufacturing which leads to economic growth. Drive to maturity: urbanization, education, white collar jobs and number of skilled labours increased. High mass consumption: the final stage of development, high level of productions, people can fulfill their all basic needs very easily and relish luxurious life-style, everyone is well-off and this society has achieved ultimate development.
The Gerschenkron Growth Model
Alice Amsden , building on the insights of Gerschenkron ,  identifies Late Industrialization as a particular form of industrialization the study of which is useful for those interested in study of the prospects for material progress in developing countries. Amsden notes that whilst the 1st industrial revolution in the UK towards the end of the eighteenth century, and the 2nd industrial revolution years later in Germany and the US both involved new products and processes, the countries that did not start industrialization until the 20th century tended to generate neither new products nor processes. These, the late industrializers, raised their income and transformed their productive structures using borrowed technology. Another take on this would be that the 1st industrial revolution was based on invention, the 2nd on the basis of innovation and more recently in the late industrializers are industrializing on the basis of learning. Learning in these countries has been achieved through the use of similar institutions in particular those associated with industrial policy.
On November 18, , during a reception at the Polish embassy in Moscow. And it was a remark taken very seriously by the West. The Soviet economy delivered exceptionally high growth rates in the decades following WWII, far outpacing developed Western nations.