Catch-up strategies and the latecomer effect in industrial development.

The article discusses the strategies and its effect to the industrial development in Australia. Strategies have a purpose which is to close the gap between the advanced and what Gerschenkron called backward countries. The situation facing countries and firms that come late on the industrial scene is one that combines manifestly hopeless drawbacks difficulties and inadequacies with advantages. Global value chains are being formed through leading firms in advanced countries.