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The Modern World Economy - Essay Example

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This essay talks about the economy of different countries in the world and their experience in productivity growth. The paper analyses if the country's government promotes the support of infant industries and if the country's protection policy is abused…
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The Modern World Economy
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The Modern World Economy

Download file to see previous pages... The essay "The Modern World Economy" talks about infant argument claims in terms of the modern world economy and analyses the experience in this question of different countries.
The experience of West Germany, the United States, Japan and South Korea suggests that governmental support in promoting infant industries did assist efficient industrialization processes to some extent. However, the experiences of other countries, mainly the developing countries, seem to suggest that protection policy has been frequently abused.
Therefore, it is not surprising to find a large body of literature which exhibits considerable skepticism concerning the success of infant industry protection in developing countries. The effective rate of protection has been high for most import-competing industries for a long time and export performance has been poor, with most of them being orientated towards the domestic market.
Recent writings in the theory of international trade suggest that IS and EP industrial strategies are not mutually exclusive. For example, Krueger (1995, p. 207) have argued that these two strategies are sequential rather than being alternatives and they can be compatible rather than separate strategies. They have further asserted that IS is needed not only for creating export ability, but also for providing the volume basis necessary for competitive exportation.
Indeed, this is the core of the infant industry argument. Empirically this view has been supported by South Korea's success in its policy of pursuing both EP and IS strategies simultaneously. ...Download file to see next pagesRead More
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