Late Industrialisation DN THE discussion on industrialisation in South Korea has been dominated by the question of whether or not it fits the export- oriented model of the development of capitalism. The World Bank would have us believe that South Korea's success embodies the virtues of reliance on the world market and of following the logic of comparative advantage. Simultaneously, the current problems of industrialisation in India and Latin America prompt the insistent advice that these countries should give up their 'inward-looking' policies and open up their economies to world trade and capital flows. This discussion has intertwined with another