Outline the debate about whether 'export-led growth' is better or worse than 'import substituting industrialisation' as an industrial policy for LDCs.
Outline the debate about whether 'export-led growth' is better or worse than 'import substituting industrialisation' as an industrial policy for LDCs. Industrial policy is undoubtedly at the centre of development. Just as industrialisation in the UK and Western Europe during the eighteenth and nineteenth centuries was seen as the first real opportunity to end material want and suffering1, so the process of industrialisation is seen as the most important, if not the only, option to LDCs in improving economic growth and social welfare. Increasing the proportion of economic activity made up of industry is closely correlated with increases in economic growth and GDP. And while economic growth is not synonymous with development, as a country's economic growth improves, there are more funds available for social development, higher employment rates and an increase in investment. Altering over time the structure of the economy from a high proportion of agriculture towards a growing industrial sector, especially manufacturing, is therefore seen as a positive movement in order to achieve economic growth. But if there is a broad consensus regarding the important role of industrialisation in achieving development, then there are different views held as to how LDCs should seek to achieve this structural change. These have developed over time and have been influenced by global events and
what is economics
Economics Competitive Markets and How They Work essay (50) What is a 'Competitive Market'? * The market economy tries to resolve the economic problem via demand and supply, through the price mechanism * But how do markets work? And how does it allocate scarce resources in relation to our infinite wants * There are many examples of markets, but each has the same basic characteristics: o A willingness to trade or exchange goods and services. This is usually done using money, but bartering may be used in a developing country o A physical place where buyers and sellers can meet or contact each other. * Markets are also competitive * This is because they provide for the resolution of the basic economic problem, whereby scarce resources are allocated via the price system. * In every market where money is used, the products that are bought and sold command a price * This reflects what suppliers wish to sell their product for and what consumers are willing to pay to consume it. * The interaction of buyers and sellers determines the price of a product in any market situation. * The fact that markets are competitive means that prices fluctuate * So if more producers put more of their products on the market, the most likely result is that prices will fall. * The same thing will happen if buyers hold back from purchasing a product * In contrast, if producers restrict what
Globalisation and changing career patterns
A consideration of the impact of globalisation on changing career patterns in the UK, with specific reference to the IT industry. Report by - Paul Senior April 2007 Word count - 5141 (excluding contents and bibliography) CONTENTS Page(s) . Introduction 3 2. What is Globalisation? 4 3. Globalisation & Employment 7 3.1. Changing Career Patterns in the UK 7 3.1.1. The British Coal Industry 8 3.1.2. Call Centres 10 3.2. Globalisation & IT Careers 13 4. The Impact of Globalisation 16 5. Conclusions 18 6. References & Bibliography 19 . Introduction There are many challenges that face both organisations and their employees in today's global marketplace. We live in an age of worldwide change. What happens in one part of the world affects people on the other side of the world. Industries across the globe are influenced by common developments. The term Globalisation is often used to describe this occurrence. It is used in a number of contexts. In the media, it is used almost daily to refer to a wide variety of political, sociological, environmental, and economical changes. However, in the business world the term is used to refer to production, distribution, and marketing of goods and services at an international level. Globalisation is changing the world we live in, and everyone is impacted by its continuing growth in many ways. The types of food we eat, the
How have the Rates of Inflation in the UK Changed Since the Monetary Policy Committee was Established in 1997?
How have the Rates of Inflation in the UK Changed Since the Monetary Policy Committee was Established in 1997? Contents * Introduction Page 3 * Background Page 3 * Theory Page 3 - 8 * Date Presentation, Analysis and Evaluation Page 9 - 18 * Conclusion Page 19 * Bibliography Page 20 Contents for diagrams and graphs: * Diagram 1 Page 4 * Diagram 2 Page 4 * Diagram 3 Page 5 * Diagram 4 Page 6 * Diagram 5 Page 7 * Diagram 6 Page 7 * Diagram 7 Page 8 * Graph 1 - RPIX Inflation Page 9 * Graph 2 - RPI Inflation Page 10 * Graph 3 - British and European Union Inflation Page 11 * Graph 4 - Base Rates of Inflation in the UK since 1990 Page 11 * Graph 5 - The Economic Cycle since 1988 Page 13 * Graph 6 - Growth of Real National output and RPIX Inflation Page 13 * Graph 7 - UK Consumer Confidence Page 14 * Graph 8 - Mortgage Interest Rates and Consumption Page 15 * Graph 9 - Real Personal Disposable Income Page 15 * Graph 10 - UK Interest Rates and RPIX Inflation Page 16 How have the Rates of Inflation in the UK Changed Since the Monetary Policy Committee was Established in 1997 Introduction In this project I will be looking at how the inflation rates have changed in the UK since 1991. Specifically I will be looking at whether the independence of the Bank
Comparing the effects of immigration on GDP in Malaysia, Japan and South Africa.
.0 Introduction Lately, there are a lot of immigrants or foreign labour force residing in many countries either legally or illegally. The International Organization for Migration (IOM) states that there are more than 200 million of migrants globally. The number of immigrants especially in developing countries and developed countries increase very rapidly. According to the United Nations, majority of the migrants are come from Asia. Malaysia has hosted more than one million of foreign immigrants, mostly from Indonesia, Bangladesh, Thailand, Myanmar and Philippines while Japan is home for immigrants from Vietnam, China and Myanmar. On the other hand, South Africa has many refugees and asylum seekers residing in it. The existence of immigrants would have played a vital role in the economy. They have contributed quite a large portion to the Gross Domestic Product (GDP). We are now going to analyze on the economic condition of Japan which is a developed country, Malaysia as a developing country, and South Africa as an undeveloped country. Analysis on immigrants' contribution on the economic condition will be done. 2.0 Japan 2.1 Gross Domestic Product (GDP) from 2000 to 2008 Please refer to Attachment 1.0. It is a table of Gross Domestic Product of Japan since 2000 to 2008. The GDP of Japan shows increase since year 2000 to 2007. However, it suddenly declined 2.74% at
Critically evaluate Brazil's International Trade Policy in terms of key trade issues and primary benefits and limitations of current trade policy
Brazil is often painted as a country selling raw materials like coffee and cotton s to its big prosperous neighbour, the United States and buying manufactured goods such as cars in return. Today, the process of economic liberalization initiated in 1990s has produced significant changes in Brazil's trade regime: agricultural exports became less important than manufactured exports and the EU, the United States, and Argentina become the main trade partners. Favourable economic and investment climate results in substantial increase of foreign direct investment (FDI) since 1997. As the economy has become more open and competitive, competition policy is gaining importance in Brazil. This report aims to critically evaluate the Brazil's International Trade Policy in term of key trade issues and primary benefits and limitations of current trade policy are identified. For the tariff and non-tariff barrier, although Brazil has liberalised its trading regime in a substantial manner during the past ten years, but still maintains various barriers to trade of both a tariff and a non-tariff barrier nature hamper its products' access to the world's principal markets and it must be lifted to liberalize international trade. A number of standard methods of export financing are used in Brazil, government direct financing, tax concessions and the Export Finance Programme (PROEX) plays a key role
This paper investigates an evidence to support the HOV model by carrying out a factor content analysis of trade of a single country, Vietnam, which has not been carried out before
MIRROR NUERON Introduction One of the most well-known trade theories which reveals that international trade is largely driven by differences in countries' resources was developed by Eli Heckscher and Bertil Ohlin. The theory emphasizes on predicting the pattern of trade in goods between two countries based on their differences in factor endowments. Heckscher and Ohlin started with the model of a two goods, two factors and two economies, concluding that each country would export the good that uses its abundant factor intensively1. Following this theory, Vanek presented the multi-good, multi-factor model, called the Heckscher-Ohlin-Vanek model (H-O-V model). The goal of this model is to make a relation between the factor content of trade and the endowments of a country. The factor-content formulation of the HOV model attracted many empirical studies. The relationship between goods traded and factor endowments has been investigated by many researchers. Leamer, Bowen and Sveikauskas (1987)2 argued that the net trade of sectors is dependent on country-specific factor endowments rather than on sector-specific factor inputs. Trefler (1993, 1995), Davis and Weinstein (2001) and others were involved in extensive empirical testing on this theory. However, most are tested on the United States data or tested the HOV model by using data for a large number of countries3, calculating
Corruption and Globalisation - Both of them have been so pervasive in recent years. According to a BBC survey, corruption ranked as the second biggest problem people concern in the worldand globalisation ranked first. Are there any links between the ...
Corruption and Globalisation - Both of them have been so pervasive in recent years. According to a BBC survey, corruption ranked as the second biggest problem people concern in the world...and globalisation ranked first. Are there any links between the two? To what extend they are related to each other? And what effect do they have? . Introduction Both globalisation and corruption are the words that have been used frequently in public debates all over the world in the last few years, and they are both complex concept. Globalisation is relatively new while corruption is an old one. Whether there may be any links between the two phenomena? And to what extend they are related? This essay will attempt to explore the relationship between the two from the definitions, causes, consequences and the solutions. Corruption can be defined as the abuse of public power for private gain. (World Bank, 2004) Corruption is attracting a lot of attention around the world, and is a growing international and regional concern. According to Corruption Around the world (Tanzi, 1998), in its end-of-year editorial on December 31, 1995, The Financial Times characterized 1995 as the year of corruption. The following three years could have earned the same title. The writing of books on corruption has become a growth industry in various countries. Corruption came second on a list of the biggest problems
What as the impact of China's re-engagement with the international community been on its relations with Southeast Asia?
What as the impact of China's re-engagement with the international community been on its relations with Southeast Asia? Introduction During the China's empire (221 BC - 1911), Southeast Asian countries hardly had any relationship with China. As the idea of the "Middle Kingdom", China paid attention to the expansion of land, the strong military, the accumulation of population. Therefore, the relationship with Southeast Asian countries was regarded as "tributary relationship". China generally gave priority to domestic situation more than international issues. After the dynasty system fell down, the modern China (1911-1949) was still in chaos since domestic problems between the Nationalist Party (KMT), and the Communists. Consequently, China did not have much relationship with Southeast Asia because it had to deal with internal problems. After the victory of the Communist party, members of the Nationalist Party escaped and fled to Taiwan. In 1949, China was ruled by the Chinese Communist Party (CCP) under the leadership of Mao Zedong. Mao launched both economic and cultural revolution to Chinese society, but none of them achieved the goal. During that period, the Southeast Asian countries in Indo-China, Vietnam, Laos, Cambodia had closed relations with China through the Communist ideas and governments. However, for the rest of Southeast Asian countries, China was
What are the origins of the Pension Crisis and what can be done to deal with it?
What are the origins of the Pension Crisis and what can be done to deal with it? The recent Pensions Commissions report has pushed the issue of a Pension Crisis to the forefront of public attention, put how did we get there and how can we solve it, these are the questions I will be answering in this report. For a young person like myself, the subject seems a long way off and not something that needs to be dealt with as a priority given the competing demands of education, finding employment, getting on the housing ladder and so on, but having said that, it is an issue that has relevance for us all because not only do we need to think some years ahead about how we are going to live when we no longer work, but it is young people today who will have to take on the burden of paying for an ever growing army of people who may not have sufficient funds on which to live. There is also a much deeper reason why a pensions system is so important. Society values pensions because they contribute to income smoothing by allowing individuals to redistribute consumption over their lifetime so that they don't suffer unanticipated large declines in their living standard when they retire. By contributing to pensions schemes, individuals consume less today than they produce with the expectation of continuing to consume when they have retired and are no longer producing. So a pension can be
