Gerschenkron effect

The Gerschenkron effect refers to a concept in economic history and development economics, named after the economist Alexander Gerschenkron. It describes how the timing of a country's industrialization can influence its development path and the strategies it employs to achieve industrial growth. Gerschenkron argued that countries that industrialized later (i.e., after the initial wave of industrialization in Western Europe) often adopted different strategies than those that industrialized early.