... in terms of price and quality of their products, they soon became the source for continuous learning to enhance the productivity of the existing technologies and to commercialise closely related ones. After WWII, catch up began for predominantly Argentina, Japan and South Korea, often described as the 'latecomers of the North Atlantic Region.' Against odds such as low population density and resource endowment, Argentina's growth became stunted due to inadequate commitment to modern manufacturing and inconsistent economic policies adopted by populist governments. However, Japans and South Koreas extensive investment in physical capital and the protection of their domestic markets, unlike Argentina's policy, and the encouragement of international competitiveness meant the growth of family and corporate alliances are more commonly called Business Groups. The Zaibatsu was a major presence in the business history of pre-war Japan. The Zaibatsu has been broadly defined as 'a diversified enterprise group exclusively owned and controlled by ...

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