Economic globalization has created a new set of challenges and opportunities for late industrialization. This book analyses the growth of latecomer firms in fast-globalizing industries, with particular reference to the commercial aircraft industry. It highlights how the recent rapid increase in international sourcing has opened a "window of opportunity" for latecomer firms to upgrade as an international supplier. An analytical framework is proposed to examine the upgrading process of latecomer firms in global industries, deriving interdisciplinary insights from supplier system research, competence-based strategic management, innovation systems, new institutional economics and so on. Employing this analytical framework, the book carries out a comprehensive study of the post-war growth of the Japanese commercial aircraft manufacturers, who are latecomers in the fast-globalizing commercial aircraft industry. It explores how Japanese aircraft manufacturers have failed to become leading competitors in the world market, while at the same time successfully upgrading as Boeing's suppliers since the 1970s.