Poli Sci 111 - 7 - Poli Sci 111 7 Strategies of Middle...

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Poli Sci 111 - 7 19:27 Strategies of Middle Developers Imitation and Innovation Not just technical, organizational Example: Evolution of The Banking System England – commercial banks France – credit mobilier Germany – universal banks England Gradual Growth (Centuries) Light Industry (Textiles) Private lenders Individual Entrepreneurs Commercial Banks Short-term loans Gerschenkron, p 14. France More accelerated grown (a century) Mid-range industry (coal and iron) Industrial Banking State coordinated private lenders Credit Mobilier Provided large scale, long term credit, the capital necessary for industrialization  Germany (1870s) Highly accelerated growth (1/2 Century) Heavy Industry (Infrastructure)
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Universal Banks State Run “…accompanied an industrial enterprise from the cradle to the grave” Russia (Late 1890s) Highly Accelerated Growth Heavy Industry Banking in ‘Fits and Starts’ Industrial Banks -> Commercial Banks -> Industrial Banks
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Poli Sci 111 - 7 - Poli Sci 111 7 Strategies of Middle...

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