The steel industry is one of the many major world industries
extensively restructured in this era of globalization. This text
explains how and why the steel industry has shifted from advanced
capitalist countries to late industrializing countries. Drawing
upon case studies of the steel industry in the US, Japan, South
Korea, Brazil and India, Anthony P. D'Costa examines the
relationship between industrial change and institutional responses
to technological diffusion. He reveals that governments' and firms'
differing responses to innovations lead to an uneven diffusion of
technology and industrial reorganization. Moreover, when it becomes
clear that existing institutional arrangements no longer serve the
industry well, new arrangements are created which allow for
innovative behaviour. Often this has created opportunities for
technological "leapfrogging" and the emergence of new technologies
in unexpected places. The steel industry has consequently known a
new dynamism and the open-ended nature of capitalist competition
has been firmly underscored.
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