This book examines the new challenges and opportunities for developing countries arising from globalization, technological change and new international trade rules. It covers the traditional points of entry for late industrializers like textiles and clothng. The book also analyzes the increase in knowledge intensity across all spheres of economic activity, including agriculture and services, which can offer promising development paths for some developing countries. It concludes by addressing the social an environmental aspects of industrial development and examines how policies to promote industrial energy and materials efficiency can have positive impacts on both the environmental and financial performance of firms.