Consider the Gerschenkron's analysis of the key role of banks in providing longterm finance for capital accumulation and in supervising the administration of industrial enterprises in Germany, which he contrasts with the relative less significant role of banking in the English industrial revolution. In what ways is this contrast explained by the relative backwardness of the German economy at the time of its industrialization? Be sure to focus on two explanatory factors: (i) differences between the two countries in the degree of previous capital accumulation; and (ii) differences in the required scale of production of most industrial enterprises at the time of each country's industrialization. Consider the Amsden's characterization ofthe difference between 'learning' and 'innovation' as modes of knowledge acquisition and application in industrial production. Which mode characterized the experience of the 'late industrializing' countries of the second half of the 20th century? How is this predominance related to the degree of relative backwardness of these countries at the time of their industrialization? (