Time Compression
Chapter 1 develops the concept of time compression in economic development and highlights how recent developers are experiencing simultaneity in processes which previously unfolded sequentially over extended periods of time, including industrialization and deindustrialization. Time compression has always been a feature of late development, but the extreme forms seen in recent and current developers alter development experiences and processes in important ways. Industrialization has become ‘thin’, reflecting specialization, global value chain engagement, leaps in capital intensity, and the simultaneous casualization and formalization of labour markets. ‘Out-of-sequence’ sectoral shifts, such as an early retail revolution and financialization, and sectoral blurring also contribute to time compression. Demographic transitions have accelerated, with ‘premature ageing’, especially in East Asia.