부산대학교 도서관

This article focuses on economic theorist Nicholas Kaldor's theory of industrialization. Kaldor argued that industrialization is a cumulative process in which the development of industries producing consumer goods precedes the development of those producing capital goods, and where production for sale precedes production for export. He claimed that successful export of capital goods occurs after a long period of cumulative development that relies heavily on the local mass production industries that consume these capital goods. Therefore, policies that lead to the rapid decline of mass production industries could set a virtuous cycle in reverse and undermine existing firms while eliminating the basis for new firms to spring up in the future.