... remains mainly in the second stage while transitioning into the third stage. In the fourth stage, virtually all kinds of suppliers, including those of electrical parts, set up business in the ... role of institutions comes into play. b) Institutional Conditions Institutional settings, interacting with politics, play an important role in making rents profitable. Appropriate institutional ... who invested in more technological upgrading in their production chains. Secondly, the accidental rents during the early developing period of the industry had resulted in important learning...