Gershenkron: Economic Backwardness in Historical Perspective

Alexander Gershenkron's Economic Backwardness in Historical Perspective is a classic work of economic history which provided an innovative and comprehensive look at the way in which countries at different levels of development have approached economic development. Gershenkron argued that countries that had not yet industrialized had certain advantages over those that had. One was the ability to catch up and leverage existing technology rather than having to develop their own from scratch. A second was the ability to borrow from existing institutions and policies of more advanced economies. Finally, Gershenkron argued that backward economies were able to take advantage of the "advantage of late-comers," which allowed them to skip some of the steps taken by earlier industrialized nations. Gershenkron's work has been cited and discussed widely among economic historians and development scholars, as it offers a bold and novel interpretation of an important part of the history of economic development. At the same time, the work is important for its continued relevance, as it helps to inform debates on economic policy and development in the contemporary world.