Globalization and Illustrates in India and Nicaragua - Research Paper Example

 Abstract This paper focuses on some of the processes of globalization and illustrates how they are impacting India and Nicaragua’s economies. Firstly the economy of both the countries have been analyzed and then the impact of globalization, in specific to, labor and coffee industries gas been scrutinized. The analysis here shows that where the globalization has somewhat positively affected India’s economy, it has left adverse negative effects on Nicaragua’s economy. Ongoing debate about globalization advocates and supports that it affects the economies and territories positively. However, after a rigorous analysis here we have an example of a county being negatively affected by the effects of globalization. Resultantly, the individuals i.e. the Youth in Nicaragua is now determined to put in play new and autonomous forms of outfit in an attempt to trigger massive positive change in their very own localities. To determine all this, a wide variety of sources, including geographic data, ethnographic data and all other sources of economic data have been used. The reasons why globalization made one country to prosper and the other to deteriorate both socially and economically have been well analyzed and integrated into the conclusion. Indian-Economic Overview Since the partition from Pakistan and Freedom from Colonial rulers, Indian Economy has been striving really hard to stabilize itself. The partition from Pakistan also affected the economy negatively as all the economic assets like; printing presses, manufacturing units, fertile agricultural lands and irrigation system. This division affected the economy adversely and it took almost two decades to recover from the after math of that economic and political shock. British traders still have strong influence on the Indian economy as in the late nineties the industrial development stagnated and the market had to be saved for the foreign traders. Analysts support that the efforts to free the country’s economy from state interventions contributed a lot to the stable growth that came on the face in the 1980’s. As a known fact, the open economy and a free-market economy has lesser governmental interventions. Thus, bringing in more creativity by waiving off more and more restrictions to let people trade in the way they want to. In India, the economically active class of the society had strived to their wits to free the market from unnecessary governmental interventions. However, that period was also marked with heavy foreign borrowing. Chiefly this borrowed amount had to finance the rapid development. This rapid development was also a result of active economists trying to free the market from governmental interventions. The economy further encountered the issue of poor balance of payments which again asked for an explicit amount of money to be borrowed. These circumstances together with other internal politics asked for an increased obligation toward economic liberalization, even more than what the country had at that time. Post-independence era in India is marked with elevated development prototype of centralized planning, smooth regulation of private sector; government ownership of large production houses and protection of the economy from trade shocks etc. Despite of so many moves for economic progress, the restrictions and limits imposed on foreign capital were questioned by both policy makers and intelligentsia alike. Geographic location can be seen in Exhibit I. The country is an agrarian one and survives mostly on agriculture. This also explains that despite the fact that it is a developing country, the main portion of the country revenues comes from agriculture. Industry and service are the growing sector and in 2008 accounted for more than 82.4% to the GDP (Central Intelligence Agency). World’s most hungry population can be seen in India as in 2007 the people surviving below poverty line account for almost 27% (Central Intelligence Agency) of the whole population and 50% of world’s poorest population. During the 1990’s, the period was highlighted with some very important economic reforms. This process has had some of the advantageous effects, which left their mark and can be seen even today. These effects include low inflation together with high growth rate (Economic Developments in India Issue 100, 58) and noteworthy relation in the foreign investment which actually has increased the investment inflows into the country (Wei & Balasubramanyam, 47). These inflows have thrown in to the stronger and greater foreign currency reserves and a low current account deficit from what it was when there were strict limits to the foreign investments and resultantly there had no external investments. There are three main factors, which analysts believe have been major contributors towards constrained economic growth in India. These include insufficient infrastructure, burdensome bureaucratic actions and very high interest rates (real). Insufficient infrastructure also includes corruption, some form of politics at the individual level and nepotism. Burdensome bureaucratic procedures also includes ineffective and inefficient infrastructure that has been designed to help the poor and needy. Red tape-ism is also one of the frequently seen problems in the state-owned organizations. Trade with far flung countries has also increased since the wave of economic reforms. As a result of these reforms, tariff restrictions reduced and non-tariff barriers were eliminated altogether. By this elimination not only the large trading corporations operated in profit but also the small traders benefit and resultantly the overall size of the trade industry increased. This further reduced the local unemployment as well. India's largest trade partner is U.S. (Bertsch, Gahlaut & Srivastava, 198). The liberalization in the economy still continues, as was anticipated by the analysts. This continued liberalization has given ways to globalization to operate successfully. The effects of globalization and internal liberalization, together, have been discussed next. Effect of globalization on Indian industries There have been many effects of globalization on the Indian industry and those can be divided into negative and positive effects. The negative effects are: There has been tremendous increase in the demand for labour plus also the increase in the rates of wages which led to at least a little rise in the expenses. Trade unions have become weak and growth sectors like IT, entertainment, internet and mobile services, airlines, banking and insurance are being affected. There has been a continuous pressure to increase productivity because of intense competition. Intentional withdrawal from many public sector jobs. Many sales persons are required to chase people for selling their products. There has been growth of consumer awareness and due to this reason there has been greater than before stress on the companies to stay up to the consumers’ standards. Various consumers prefer to buy foreign goods. The profits of such industries are unstable because consumer choices are highly elastic nowadays. There has been industry expansion and there are sometimes problems of power outages which shape the industry in a negative way. Due to the pressure of meeting of growing demands of globalization, there has been stress among the industries to produce more and some people has been losing jobs who have not come up to the expectations. Inefficient units have been closed down. Two years of huge add to the works in textile industry after which came a great deal of losing of jobs whose reason was the rupee appreciation; all this led to the industry becoming collegial. The general problems in regard to the addressing of unanticipated demand, supply and prices determined by their fluctuations has been difficult to tackle due to globalization. Such ideas are just stated for the reason of being stated but the fact is that there are no harmful effects of globalization on Indian industry as such. There has always been a positive effect. This is because in globalization, all the communities of the country are not only related to the international community but they are also inter-related with each other so that they can transact properly with the international society in a better way. This also expands the market for people providing benefit and people seeking benefit. Diverse options and opportunities have now reduced the factor of uncertainty and increased reliability. Though economic conditions have now become uncertain. A single change in one economy now carries a ripple effect to all the related economies. Globalization has allowed the economy of India to expand with a rapid pace and therefore the Rupee has stayed stable. There have been several repercussions: unemployment has reduces, exports are boomed, poverty is lessened, long term inflation rate decreased, technology improved, quality of goods has increased and scarcity of goods has decreased, and the overall environment has become vibrant and competitive because India has been able to plant their won industries outside the territory. Huge foreign investment has come in since the government of India has opened the barriers of India for globalization. These investments have not only supported and broadened the domains for the businesses but for the education as well. It has resulted in higher per capita income thus, leading towards a higher standard of living. There are many examples which depict the impact of globalization on the Indian economy and two of the major areas are coffee and labor industry. The coffee and labor industry are inter linked. A single change in one industry can directly affect the profitability as well as the size of that industry as well. Both of them have been discussed in detail as follows. Coffee industry First taking the coffee industry for our detailed analysis; agricultural development has been observed since the introduction of globalization and India’s head of the state has always been interested in its agricultural progress. Coffee is considered as one of the most important export crop also known as “cash crop” since late 90’s. The importance of technology in agricultural development was first demonstrated in 1970s with an impressive growth in yields following the introduction of new food varieties. Coffee production also flourished due to this very reason as the beans were more purified and tested when the coffee was made and packed. The idea behind this was to make the production up to date so that it was not only acceptable within the country but also up to the mark of international exports. Globalization made it easy for the Indian coffee industry as the experts were now more able to take information about international standards and likings and preferences of the coffee taste among people. They were also now able to standardize the coffee taste and make it available in all the places where it was in high demand, be it in specific areas or all over the country. This demand gave rise to national and international supply both. It must, however, be acknowledged that the link between trade liberalization and productivity growth is two-way as they both feed on each other. Productivity growth is necessary to lower production costs. Globalization imposes many challenges and for that matter Indian government has to take proactive measures. Open economy would pose some harmful effects and the government must come in to take care of those effects immediately. Price fluctuations in the international community are a common problem and the government has to regulate some laws so that coffee industry is not hurt in many ways. The possible gains from liberalization must be taken in view so that coffee industry flourishes in India and people must gain coffee taste as they want. Presently, the most important exporter of coffee to the Indian economy is the U.S. This seems like loosing on an opportunity which is genuinely yours. India has all the odds in its favor for the production of coffee but currently it is not using even half of this potential. Labor industry From the results of the 1991 census, the government discovered a rise of greater than a 65 million in the labour force. This rise was counted since the year 1981. It was also found that the total number of main workers – which are counted as the economically active population – amounted up to 285.9 million (An Inquiry into the Nature and Causes of the Wealth of Nations, 70). Jammu and Kashmir was not counted in the calculation of 1991 census. Nine main-worker "industrial" categories were included in 1991 consensus: cultivators (39 percent of the main-worker force); agricultural laborers (26 percent); livestock, forestry, fishing, hunting, plantations, orchards, and the related activities (2 percent); mining and extracting plants (1 percent); manufacturing (household 2 percent, exclusive of 7 percent); construction (2 percent); trade and commerce (8 percent); transportation, storage, and communications (3 percent); and "other services" (10 percent). In that census, another 28.2 million "marginal workers" were also counted but not calculated among the nine categories mentioned above but despite that, unpaid farm and family enterprise workers were those categories which were counted among them. From among the main and marginal workforce, it was found that the women made up 29% of the workers while of the total 78% had work in the rural regions. Globalization was the factor which was taking place in this sector too. People had to work in many other different locations for their earning. Some other times, outsourcing was to be done which made these people frustrated but they had to go with it because of their home and living. The children that are working for their parents are excluded of the 55 million total of the working children segment. The Ministry of Labor and nongovernmental organizations found the agricultural sector to have 25 million children employed 20 million in service jobs, and 5 million in the handloom, carpet-making, gem-cutting, and suchlike industries. Nongovernmental organizations control the child labor market for abuse and check for the conformation of child labor laws in all such organizations. Unfortunately, child labor laws are not in practice in almost all the countries of south Asia. This violation of labor laws against children has been in question by international organizations like UNESCO and UNICEF etc but there has been no practical progress in this regard. All over the nation, Globalization has increased this rate because many people had to shift their jobs from one place to another. The connection of one business with another pressurized the working people to move their jobs if they were getting some handsome pay in any multinational organization. Most of the growth took place in the public sector and that too in the organized growth sector between 1970 and 1990. Analysts stayed the way as they are now., especially during the globalization era when everybody has to have a connection with the outside world and meet up the growing demands of consumers worldwide. Open economies are helping to tackle this problem on a large scale though. Still some observers feel that this restriction is an obstacle for the companies to hire people n overstuffed labor force in case of an economic downturn. Globalization is overcoming almost all the economies of the world and that is forcing all of the economies to reshape their strategies and ways of doing work. This overwhelming effect of globalization has now forced many countries to change their trade, economic and governmental orientation. A new spring of employment was seen to be appearing. Most of was really cheap. Many agents took advantage of the unskilled labor force that needed help and training in their work, in 1983 India introduced a law for the workers which went abroad. Indian government had to do this because globalization was taking place and it was necessary according to the job requirements to send workers out of the country. Governments had to control the flow of such assets. y. Many of the foreign countries which include Middle East. A shift was seen in the skills required from he workers, that was because of increased demand of technology and every business relied heavily on internet. made a great amount of earnings for India overall. Many a times, the allocation and relocation of money had to take place because of the globalization of skills all over the world. India also faced problems but that was okay with the county as far as it was earning profits for its business within the country or outside its boundaries. In many parts of the calculations, who do not know the working of machinery, to an extensive pool of highly educated scientists, technicians, and engineers, capable of working anywhere in the world. A large to work for their country. Administrative skills which are presence of much skilled labor in the country. Labor Relations The Trade Unions Act of 1926 provided (Burgess, 235). that they are not capable of doing the work up to that mark. Many unions have a connection with regional or national federations. Union leaders have often been the politicians and according to many analysts, instead of promoting. Globalization has eliminated these problems to some extent but they are still visible in many industries nowadays due to the hustle bustle created of this new phenomenon. There is an extensive data regarding labor unions strikes. The Indian (An Inquiry into the Nature and Causes of the Wealth of Nations, 71). or isolated, the government has enacted some special laws for their protection. . These laborers faced many problems when they had to move to any other place for their jobs as globalization demanded them to do so but they had to leave their families for that purpose. money to count it as their income. along with the joblessness. These are the main reasons which give rise to street crimes and resultantly, increase, bribery and other forms of corruption. This has also attributed towards brain drain; when people are educated and still don’t get the jobs they move out of country.Top of FormBottom of Form Nicaragua – Economic Overview The fact that Nicaragua faces the lowest per capita income, huge unemployment and massive external debt makes it one of the poorest countries of the hemisphere (Leonard 1135). The polarization between the rich and the poor is one of the severest on the globe. The unequal distribution of money ahs also triggered corruption at the individual level as well. Despite of the recent steps towards macroeconomic stability, over the past few years, GDP has still been unable to meet the country’s needs. See Exhibit II for geographic location and III for country facts. These unmet needs of Nicaragua’s economy have spurred a mounted need for external aids and debts. Under the HIPC (Heavily Indebted Poor Countries), the country is now getting aid and debt relief. Significant economic reforms put in place by the country, are now helping her qualify for larger amounts of debt relief. Openness of the economy is the main stipulation that the investors ask for. Probably, because even the government is taken as the most corrupted government in the world, they ask for nil governmental interventions in the economic activities, poverty alleviation programs and human rights. The country’s economic policies are now guided by IMF. Another supportive point for explicit and elevated corruption is the step taken by the IMF about reduced wages even up to 44% in the public sector. This insolvency has further amplified the occurrence of inconsequential sleaze. Former Army chief, Humberto, is an important regional investor in the country. Though, he has not been able to lead the army impressively. Nicaragua’s country structure and orientation has been experimented a number of times for neo-liberalism and neo-conservatism. The neoliberal treatment was later on described as "misery by design", and the analysts named neoconservative as proclivity for democracy. Both the designs resulted in the formation of corrupt and incompetent governments. Like India, Nicaragua is also an agrarian society but unfortunately its economy is not as stable or as developing as that of India. Apparently, it seems as if Nicaragua's agriculture industry is in crisis. The problems like; poor or no access to credit, escalating costs and dormant or even diminishing prices has pushed away many cooperatives. Government policy if not openly targeting agricultural cooperatives has been unsuccessful in playing it’s role, mainly because the donors asks for a more open economy and free market with government sitting silent and just watching the show as it proceeds. For the same reason, since 1990’s the World Bank and IMF have been trying to open up Nicaragua’s economy and minimize government intervention (however, the government is more or less controlled by The U.S.) These interventions by U.S. make people believe that Nicaragua is not ruled or controlled by Nicaraguans but by the U.S. In this aspect, Privatization has been playing its role as a key determinant. Around 300+ small or medium enterprises were privatized. Local water, electricity and telephone facilities have been privatized while the corruption still meanders in those organizations. Antipathy in opposition of price climb is pervasive. The prices of basic necessities like water and electricity have been augmented somewhere around fivefold. The cost of a normal basket of goods for household use has been doubled in the same era since the wages have been reduced. A major number of people, who are fortunately economically active, cannot even generate enough income to sustain their families. Nicaragua’s major and only source of income (foreign exchange) now-a-days is family remittances from abroad are now foreign exchange. Coffee Industry Until the start of the new millennium, coffee had been acting as the main foreign exchange cash crop for Nicaragua. Upon the World Bank’s pushing strategies upon other countries to plant this crop, the foreign market for Nicaragua’s coffee was collapsed. Resultantly, the migration from the land has aggravated all of Nicaragua's social issues, compounding logarithmically the economic crisis in the region. Nicaragua’s major portion of labor was associated with the coffee industry. Thus, as the market for coffee declined, many people and their families became jobless and workless. They were again forced to live even below the poverty line. Last year, hundreds of such destitute people camped out on the roads leading to the coffee growing areas, pleading for work. The issues of the rural economy exacerbated through the 90s with the extrication of the drastic land reforms executed. Many of them had debts, huge piles of them, against property before escaping the country with the earnings in 1979. Politicians agree that the last few years have intensified the economic crisis with no progress in sight. This is mainly attributed towards the unfair intervention of IMF and World Bank. Rural areas suffer depopulation as people (of all ages) move towards cities and even out of country for work. Around a million local people of Nicaragua work in Costa Rica. How much of them are illegal? There’s no counting. This might be taken as the positive effect of globalization. Beside all this wretchedness, in effort to promote market solutions, USAID has been subsidizing the agribusiness elites. On the other hand, banks also put strain on the small farmers who need credit to complete some of their business activities. This organizational nepotism extends towards large agricultural organizations and business. The credit is offered to those who don’t need it logically and by law, and people who need it are starved because they can’t offer under the table commissions. Again, corruption has a main role in developing all this fuss in the small and unstable economy of Nicaragua. In the late 90’s the World Bank spent profoundly in developing Vietnam’s coffee industry so that it too could have an export cash crop. Now it has the second-highest coffee producer market in the world. Now the considerable politics in the global coffee market can be seen that the low-grade coffee bean grown in Vietnam and other countries is priced higher than that of high-grade coffee bean grown in Nicaragua. Conclusively, the price for coffee bean from Nicaragua has come drastically down from $ 3.00 - $ 0.51. This price nose-dive has unemployed around 300,000 people and has threatened many small scale producers of their bankruptcy. These producers were actually accounting for 64% of the total coffee market. Some other countries have dealt with this issue, in a way better than Nicaragua. In many countries where coffee is grown, it is an obligation of the farmer or the grower to pay a portion of his coffee bean sale proceeds to the treasury fund. This amount paid by every coffee grower is then used to bail the farmer out when the price fluctuations hit the industry adversely. This buffer amount paid to the government fund is used as “Sunk account” which ensures the steady amount to be paid to the farmer. This also ensures that the farmer will be protected against the inflationary changes, or the trade shocks that might hit the coffee industry in specific. Nicaragua has had the same setting in place for the farmers but as our analysis has showed that the country suffers from infrastructural politics and corruption, the same money has been placed in a bank account which is almost inaccessible to the local, less educated farmer. Even modest sedative plans by the Nicaraguan government have been stymied from abroad. Labor Industry In early nineties, the total labor force was sized to around 1.277m people. Around 33% of them were females. Around one-third of all the women who could work, were holding jobs. Currently the workforce that Nicaragua currently has is relatively unskilled and tends to switch jobs frequently too. Being an agrarian society, the agriculture does not only add to the GDP but it significantly lowers the unemployment as well. As much as 30% of the total labor force is employed by the agriculture sector. Also, people tend to be a salaried employee in a large venture. On average around. In mid 80’s, majority of people diverted their attention corrupt official appointed by the U.S. In 90’s disbandment of. The war just mentioned, resulted in a labor force which was scarce of skilled labor especially skilled technicians, engineers and other professionals. Adding to the miseries of Nicaragua, Sandinista era is also marked by heavy brain drain. Around half a million people left the country which. 70% of the total graduating students specialize in business and they leave the country as if they were in an exile. Constitution of Nicaragua provides all the following stipulations; Minimum age for an individual to be employed legally is 14 years Protection against forced labor Full time is 8 hours a day and part time is four hours Worker’s benefits like Minimum wage of one person should be enough to feed a family of four Right to bargain collectively The country has one of the strongest and most troublesome networks of labor unions. They are all legal and are given a legal status before they can actually start bargaining collectively. All public as well as private sector workers except those who hold a position, in the infrastructure, to provide security (like police and military), are entitled to join a union. Around half of the labor force is either unemployed or underemployed. Almost all of them have chosen some other activity as a part time source of income. These sources can either be legal or illegal. This is because to earn a living that could let them get through the hyperinflationary period which lasted around more than two decades. Also, the coffee crisis compelled around half a million people to go out of business because they had no work. This also increased the proportion of people who were unemployed. Globalization has been impacting positively the labor force at least. From the country’s point of view, it will be considered as the brain drain. However, their remittances have been a source of positive cash flows for the country. Also that the GNP increases and the local unemployment has decreased. Conclusion The dialogue of globalization often considers "macro" level indicators for analysis. Keeping a main and strong focus on the role played by major transnational factors like; MNC’s (multinational corporations), IGO’s (inter governmental organizations) or even international institutions dealing with financial issues, it sometimes tends to neglect the role of communities, and the way local associations of individuals might be empowered in a political. The activities of districts and communities in Nicaragua can be seen as such functional equivalents. While on the other hand, in India, the effects of globalization have been positive, both in terms of wider effect on the overall economy plus the betterment of the individual as well. Micklethwait and Wooldridge have been trying to make people believe that the constructive impacts of globalization overshadow its downbeat impacts. Based on our groundwork analysis, we doubt that the people of Nicaragua would believe or agree. People from India would stand in the favor of this idea because for them globalization has brought in more education and job opportunities, resultantly, a better life style. Comparing Indian and Nicaraguan economies and the effect of globalization on them; we see that the two economies are same in their basic orientation (agrarian) but the next attributes differ drastically. The comparison is illogical as one is the best example of globalization’s positive impacts and the other for negative. Conclusively, it can be stated that it’s not only the globalization that can play a key role in deciding the fate of the country but also the internal governmental and economic orientation of the country. Another important aspect is the flow of foreign investments. This flow is positive for India while it is almost nil for Nicaragua. Nicaragua has donors instead of investors; it gets aid and loans instead of positive foreign investment in real estate or other industries. Appendix Exhibit I Exhibit II Exhibit III Economic Overview GDP: purchasing power parity $11.6 billion (2004 est.) GDP - real growth rate: 2.3% (2004 est.) GDP - per capita: purchasing power parity $2,300 (2004 est.) GDP - composition by sector: agriculture: industry: services: 28.9% 25.4% 45.7% (2004 est.) Investment (gross fixed): 28.1% of GDP (2004 est.) Population below poverty line: 50% (2001 est.) Household income or consumption by percentage share: lowest 10%: highest 10%: 0.7% 48.8% (1998) Distribution of family income - Gini index: 60.3 (1998 Inflation rate (consumer prices): 5.3% (2004 est.) Labor force: 1.91 million (2004 est.) Labor force - by occupation: agriculture industry services 42% 15% 43% (1999 est.) Unemployment rate: 22% plus considerable underemployment (2004 est.) Budget: revenues: expenditures: including capital $672.5 million $954.9 million, Public debt: 125.3% of GDP (2004 est.) Agriculture - products: coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products Industries: food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood Industrial production growth rate: 4.4% (2000 est.) Electricity - production: 2.549 billion kWh (2001) Electricity - consumption: 2.388 billion kWh (2001) Electricity - exports: 0 kWh (2001) Electricity - imports: 17 million kWh (2001) Oil - production: 0 bbl/day (2001 est.) Oil - consumption: 24,500 bbl/day (2001 est.) Oil - exports: NA (2001) Oil - imports: NA (2001) Current account balance: $-859 million (2004 est.) Exports: $632 million f.o.b. (2004 est.) Exports - commodities: coffee, shrimp and lobster, cotton, tobacco, bananas, beef, sugar, gold Exports - partners: US 35.9%, El Salvador 17.2%, Costa Rica 8.1%, Honduras 7.3%, Mexico 4.6%, Guatemala 4.3% (2003) Imports: $1.658 billion f.o.b. (2003 est.) Imports - commodities: machinery and equipment, raw materials, petroleum products, consumer goods Imports - partners: US 24.9%, Venezuela 9.7%, Costa Rica 9%, Mexico 8.4%, Guatemala 7.3%, El Salvador 4.9%, Japan 4.3% (2003) Reserves of foreign exchange & gold: $502 million (2004 est.) Debt - external: $5.833 billion (2004 est.) Economic aid - recipient: Substantial foreign support (2001) Currency: gold cordoba (NIO) Currency code: NIO Exchange rates: gold cordobas per US dollar - 14.2513 (2003), 14.2513 (2002), 13.3719 (2001), 12.6844 (2000), 11.8092 (1999) Works Cited An Inquiry into the Nature and Causes of the Wealth of Nations. Global Vision Publishing Ho, 2009. Bertsch, Gary, Seema Gahlaut and Anupam Srivastava. Engaging India: US strategic relations with the world's largest democracy. Routledge, 1999. Burgess, Keith. The challenge of labour: shaping British society, 1850-1930, Part 5. Taylor & Francis, 1980. Economic Developments in India, Issue 100. New Delhi: Academic Foundation, 2006. “Field Listing: GDP - composition by sector”. Central Intelligence Agency. 2008. 1 Dec. 2009. Leonard, Thomas. Encyclopedia of the developing world, Volume 2. Taylor & Francis, 2006. “South Asia – India”. Central Intelligence Agency. 1 Jan. 2009. 1 Dec. 2009. Wei, Yingqi, and V. N. Balasubramanyam. Foreign direct investment: six country case studies. Cheltenham: Edward Elgar Publishing, 2004. Read More