Most industrialisedcountries have taken this path in the past (however, it is worth noting that there isalso a group of major OECD countries in which exports of raw materials stilldominate, including Australia, Canada and Norway). Among the emergingeconomies, this category includes a very heterogeneous group, including a spectrumranging from basic industrialisation (simple manufacturing industry, based on low-wage labour) to very advanced industrialisation (knowledge-based, high value addedinnovative industry). In this group, we selected China, Costa Rica, Malaysia,Mexico and the Republic of Korea for investigation.
The economic development in India followed socialist-inspired policies for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualized rate in the three decades after Independence.[1] Since the mid-1980s, India has slowly opened up its markets through economic liberalization. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market