• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Argentina Economic Analysis

Extracts from this document...

Introduction

Insight into Argentina and Australia: Australia's market economy is thriving with a GDP per capita that is on par with other developed economies, while Argentina is classified as a Secondary emerging market by the World Bank. Australia has maintained economic growth over the last 16 years, driven by high confidence, high employment and increased demand for its export commodities. Traditionally, Argentina has been THE TOP Latin American country. However, due to the long economic, political and social slumps, indicators have significantly worsened. The middle-class has shrunk and numbers living below the poverty line sadly proliferate. In spite of the negative conjuncture, Argentina still preserves favourable indicators. Both Argentina and Australia have high degrees of civil rights; their constitutions provide and promote freedom of speech. Spiritual standards are practiced freely, movement is not restricted and the press are unregulated. Gender equality in Australia is guaranteed through legislations such as the "Sex Discrimination Act 1984" which 'aims to eliminate discrimination and sexual harassment and promote greater equality in all aspects of the Australian community.' Various anti-discrimination laws ensure that workers receive the same wage and benefits. Gender Equality, along with in Argentina has also significantly advanced but traditional social patterns continue to undermine their participation in labour. ...read more.

Middle

Economic History: In Australia's modified market economy, Government Intervention ensures a better outcome for society. They provide necessary infrastructure and collective goods which would be unfeasible for private enterprises to provide due to costs involved, and regulate certain aspects of economic activity to ensure markets operate competitively and with fairness. Since 1980, Australia has undergone a series of macroeconomic reforms; reduction of high tariffs and quotas, floating of AUS$, privatisation of public entities and deregulation of financial sector for foreign liberal access in Australia. This was in response to the globalisation of world trade; in order to create markets and business opportunities for Australia. Australia is part of many unilateral trade agreements (USA, Singapore, NZ) and according to the Commonwealth Department of Foreign Affairs and Trade, Australia "has a sound, stable and modern institutional structure that provides certainty to businesses and offers a welcoming destination for investment. Australia also has low barriers to trade and investment. Competition is substantial across the economy." The Argentine Economy is considered rather volatile (due to recurring economic crises, continual persistent account deficits, and high inflationary rates) and constant Government monitoring and intervention is essential to keep it afloat. ...read more.

Conclusion

Development of the Secondary Sector (20% labour force, 30% exports, 23% GDP) especially chemical production, food processing and steel production, in the Australian economy has been influenced by Australia's domestic market and geographical isolation. Coupled with policy to provide protection for domestic producers through high tariffs and quotas, manufacturing industries in Australia have mainly focused on providing goods for locals rather than for export. Manufacturers have struggled from competition from rapidly developing Asian industries, and many manufactured products (cars, durable goods) are now replaced by 'import-substitutes'. Recently, the Australian tertiary sector (75% of labour, 25% of exports, 70% GDP) has experienced stable growth particularly in tourism, retail, and finance. Communications and transports services are major constituents but due to the huge capital costs involved with providing these services to the dispersed population, governments have funded these services predominantly. However since the microeconomic reforms in 1980, many of these services have been privatised (Telstra). Growth in the Argentinean service sector has been attributed to economic liberalizations in 80s and 90s. Telecommunications and financial services have seen dramatic expansions due to foreign investment in these areas. Certain segments, however, have had their growth restricted such as retail, as recent recessions have constrained consumer spending. Despite this, the Argentinean Tertiary Sector is still the biggest contributor to total GDP. 1237 words ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. Toyota Motor Company Limited

    When companies export products overseas, they usually use CIF transport system which includes cost, freight, and insurance. Exporters have to pay for all of the costs occurring from the shipment, making the products more expensive as importers will charge extra price (Hyman, 1983).

  2. Retailing In India - A Government Policy Perspective

    to the Government, which is under examination. A sub-Group of the Committee is specifically looking into simplification of procedures relating to private investment. The respondents of the ATK survey also indicated that the divide between Central and State governments in the treatment of foreign investors could undermine the FDI promotion efforts of the Central Government.

  1. An Empirical Investigation into the Causes and Effects of Liquidity in Emerging

    US corporate bond liquidity is affected by changes in macroeconomic conditions in the US. In both the short and long run this is mainly concentrated in changes of yield on 10-year US Treasury securities, which is a proxy for global interest rates, and the S&P 500 equity index, which is a measure of economic activity.

  2. Free essay

    Globalisation & changing career patterns

    For example, although China is deemed as one of the world's economic powerhouses, it is talked of alongside much smaller economies with a great deal less resources, such as Tunisia. Both China and Tunisia belong to this category because both have embarked on economic development and reform programs, and have

  1. Contrasting Economic Value Systems in Anton Chekhov's The Cherry Orchard

    The landed-gentry of the former aristocratic classes grew up on estates where serfs - through labour or quit-rent - provided a steady, if not always sufficient, source of income as well as a host of other domestic services. Serfdom, because one rarely paid for peasant labour and often took its

  2. To what extent was Nazi economic policy ideologically driven?

    The New plan was also driven by the fact that the Nazis needed to remain popular in the short term if they were to succeed in the long term with their ideological ambitions. Part of the four year plan was to keep the people happy and they managed to do this by keeping consumer production to tolerable levels.

  1. Living Wage

    Paying a living wage can lead to increased profitability by positively affecting worker retention and morale. Companies can also save significant amounts of money on expensive recruitment and training efforts, leading directly to a greater profit margin and happier shareholders.

  2. US Financial Crisis vs. Economic Crisis

    Under this rule, even the low estimate of bank losses of $ 1 billion, would lead to a reduction in bank loans of 10 billion dollars! It would be a blow to the economy and cause a serious recession (Kathryn and Jeffrey, pp 121-190).

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work