Professor, Seoul National University; Winner of Schumpeter Prize. “This is an excellent book which focuses on a comparison …

developed western world by going through three developmental stages sequentially; namely, a proto-industrialization in the rural …, economies stuck in the low-income trap or middle-income trap did not follow the above sequential stages of industrialization …. For example, many Eastern European and Latin American countries after WWII jumped to the stage of heavy industrialization …