The recent developments in the theory of industrial organisation have underlined the importance of small scale industry. Small industry can be equally competitive in the fast changing global economy provided it exploits economies of scale and scope while locating itself in clusters along with...

Slow transformation of a developing economy gradually shifts surpluses and substantially reduces the importance of the agricultural sector of the economy. This has been recognized as a healthy characteristic of the capitalist economic development. Crisis of this transformation emerges when the...

Sustained industrial growth has been widely acknowledged as an engine of economic transformation. Less developed countries, however, remained predominantly agrarian due to lack of dynamism in the industrial economy and the low level of industrialization. Economic policy reform programme was...