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Analysis of Articles about Economics - Essay Example

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"Analysis of Articles about Economics" paper analizes such articles as "China's Competitive Performance - A Threat To East Asian Manufactured Exports", "International Financial Instability in a World of Currencies Hierarchy", and "Principles of Neo-Schumpeterian Economics"…
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Analysis of Articles about Economics
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Article Summaries Article Chinas Competitive Performance - A Threat To East Asian Manufactured Exports _Sanjaya Lall 2003. Summary China’s increasing competitive performance is causing a concern for other exporters in East and Southeast Asia from low wage countries to more advanced economies, as well as around the world. This relates not only to labour intensive goods but the entire span of goods involving technology and skill. China’s competitiveness is characterised by a large, cheap and productive workforce, an expansive industrial sector, technical expertise etc. China’s membership of the World Trade Organisation (WTO) has heightened the threat due to greater access to markets. Whilst expanding exports, China is also demanding more imports of sophisticated consumer and producer goods and natural resources from the region. This article examines the nature of China’s threat using benchmarks for competitive performance in terms of technology and market. Market share changes are analysed and specific product groups are highlighted, which “are directly or indirectly exposed to a competitive threat.” Trade within the region itself is also examined. The extent of the perceived threat depends on the neighbouring countries’ ability to expand exports likewise, that is, “the relative growth of technological and other capabilities” between the countries. It also depends on “the organisation of the production and marketing system”. The threat is therefore assessed by mapping relative export performance by technology and destination. China’s export growth rate actually declined over the 1990s and halved for manufactured products. The structure of exports shows that a shift towards medium and high technology products exists, and “the industry is expanding capacity rapidly and improving technology”. Moreover, this structure “is rapidly coming to resemble that of its neighbours.” The normal measure of competitive performance for firms is changes in market share. China is presently the largest exporter in the region and due to its size has the largest increase in world market share though most other countries have also increased their market shares. In comparison, China is ‘overwhelming’ in the fashion cluster due to the cheaper labour, strongest in LT products, and relatively strong in MT products (except for automotives). For example, in 1990 China was at the same level as Korea in LT exports by 2000 dominated the region. In HT products, market share is relatively low but “rising rapidly”, though most other East Asian countries also maintain export growth rates. Overall, China’s export expansion spans “the entire technological spectrum, but with a massive presence in low technology products,” but growth is fastest in HT products. A finer classification of products and markets reveals, “China’s main market share gains in the developed world are concentrated in Japan.” In terms of regional trade, “China has acted more as an engine of export growth than as a competitive threat…” The study concludes for the region that “market share losses are so far mainly in low technology products” but the impact is broader and differs by country and product, Japan being the most vulnerable market from China’s increasing competitive performance. And, the exports of high technology products in the region are rising together. Another finding is that “the nature of the international production systems involved lead to complementarity rather than confrontation.” That is, China’s increasing competitive performance is a boon to the whole region and does not pose a threat to its neighbours. Thus as far as trade is concerned, China is “acting as an engine of export growth.” Also, “the rise in China’s exports is matched by that in its imports” from the region, firstly “to meet its burgeoning demand for imported products” and secondly “to meet the needs of its export industries.” This situation is likely to continue, but there are also indications that this will change “as China moves up the value chain and takes on the activities that have driven East Asian export growth.” Opinion This study was conducted in the 1990s so its applicability would be an issue except that the trend has continued and China is set to become an economic powerhouse. Despite the global financial instability and world economic decline, it is likely that China will also emerge as the next superpower. But, China’s ability to expand also depends on its ability to acquire natural resources and this it has been vigorously pursuing. How much of a threat China’s expansion poses to its neighbours depends of various factors. The actual extent of the threat depends on not just China’s growth but how it grows relative to the neighbouring countries and also the strength of its imports frrm intra-regional trade. It is also different for different countries and products. This depends on their ability to enhance their labour skills, improve technological capabilities, strengthen supply chains and develop infrastructure in comparison to China. The Chinese economy is not doubt growing but a threat only exists if the country perceiving the threat fails to keep abreast with China’s economic progress. Also, if a threat does exist, there may still be opportunities for specialisation in specific product markets for the other countries. Even within the same market, there could be potential for healthy competition instead. Whilst the study is useful in giving a general picture of what is emerging in the region, a much more detailed analysis would need to be conducted to know the actual threat posed to an individual firm and product market. Article 2: International Financial Instability in a World of Currencies Hierarchy _Andrea Terzi 2005. Summary A financial crisis occurs when the balance of assets and liabilities is so upset that there is a severe decline in the net worth of enough economic units to have a significant impact on aggregate real activity in the macroeconomy. This has detrimental repercussions for the economy. Types include a sovereign debt crisis, a financial market crisis, banking crisis, and currency crisis. Then there is an international financial crisis affecting several countries. The evidence from studying the manifestation of these crises in several countries suggests “an interaction between a crisis of confidence in the official parity of a currency and a crisis of confidence in its banking system.” These are not new events but have historical precedence. International financial instability, which is characteristic of market economies increased in the 1990s. It has now become a global policy issue “due to their frequency, size, geographic extension, and social costs.” Various observations and possible explanations have been made and these are discussed in the paper. For example, it is noted that under the Bretton Woods agreement “banking crises were essentially non-existent, and the effects of currency crises were mild” though at the expense of slower growth. The financial liberalization that took place “too rapidly in emerging countries with weak institutional environments” is also blamed. But the post 1980s thinking is that it is not financial liberalization per se, rather the need for “governments [to] learn sound macroeconomic principles,” but this rests on assuming the “fundamental stability of the existing world monetary arrangements,” which has been shattered. Later models allow for “the possibility of financial panic” following a ‘triggering event’ such as a currency crisis even in apparently developed economies. However, this gives less scope for macroeconomic management, and as the Asian crisis showed this idea too had to be discarded. As a result, many policies have been suggested to try and prevent such crises from recurring. These include an international asset guarantee system, a multi-currency capital flow based system and a key currency system but each is set with financial fragility. So what is really needed is a new system. Preventing financial crises “therefore require systemic changes, not simply improvements in the operation of the existing system.” A concern is “whether efforts should be directed towards national reforms in emerging markets or, rather, towards a new international design of international payments.” The study suggests that this debate does not deal adequately with “the problem raised by international payments in a world where currencies are of diverse quality.” In other words, the monetary factor is significant. “In fact, it may be that some of the fundamental factors behind any model of international financial instability, are the problems posed by the different degrees of ‘international moneyness’ that make currencies unequal.” Therefore, it is the international payment systems that need to be transformed. Two options are suggested: adoption of either the dollar or Keynes’ ‘bancor’ as an international currency. The latter is considered to “a more viable alternative to either the status quo or world dollarization.” The adoption of a strong currency rests on the argument that it “is a more efficient way to strengthen national policy commitments” and it enables “emerging countries to access international capital markets.” Also, it would not require the enforcement of capital controls. Opinion The various financial crises over the past few decades have all showed the increasing financial fragility that is inherent in the capitalist economic system. Far from ‘rare episodes’, these are symptoms of deeper fundamental and systemic problems. That is, the prevailing monetary arrangements are not at all stable. This article is based on the international financial instability as experienced during the 1990s, but this pales in comparison to the current and ongoing global financial crisis, which is leading towards a global recession if not a depression. What we are experiencing is a ‘credit’, ‘banking’ and ‘financial market’ crises combined on a global scale complemented by a general ‘political confidence crisis’ and rise in moral corruption. At the heart of the problem is the vice of greed upon which the free market economy is based, specifically, the whole way in which money is lent i.e. the charging of interest on loans, and also to the over zealousness in taking financial risks and widely fluctuating exchange rates. The article correctly identifies the need for a systemic change but fails to propose a radical ‘new’ solution. The suggestion that there should be “an international lender of last resort” only provides another layer of corruption. And, the idea of dollarization is untenable. America’s own financial crisis that largely contributed to the greater global crisis, poor ‘policing’ record around the world including the misadventure in Iraq and poor international reputation does not even remotely make it a contender to handle the world’s monetary matters. As for a ‘bancor’ that is a way forward but it will take a while, and besides it alone does not bring about the required systemic change. What is really needed is a lesson in basic ‘fair economics’ from the episode when Jesus Christ turned the tables of the money lenders in the temple. Islam also promotes a fair and stable economic system in which it prohibits the charging of interest on loans, has a better arrangement for risk management, and a greater focus on equity and stability. Article 3: Principles of Neo-Schumpeterian Economics _Horst Hanusch 2005 Summary All schools of economics strive for raising economic welfare but differ for example in their emphasis on different levels of economic analysis and their interrelation. For example, the neoclassical school due to its highly analytical and mechanistic approach poses difficulties when analysing internally caused dynamic phenomena. As we shall see, Neo-Schumpeterian economics is concerned with wide scale transformations of the economy. Qualitative change, punctuated equilibria and pattern formation are important characteristic features, and the meso-level is given due importance too. Neo-Schumpeterian Economics is a branch of economic literature that “deals with dynamic processes causing qualitative transformation of economies basically driven by the introduction of novelties in their various and multifaceted forms.” In other words, it strives for comprehensive structural improvements to the workings of the economic system. Innovation, particularly technological innovation, is the most demonstrated form of such novelty, and the major force that propels economic activity. Thus, Neo-Schumpeterian Economics, which has developed substantially over the last 25 years, has innovation as its core underlying principle. This distinguishes Neo-Schumpeterian economics. It emphases “innovation and learning behavior on the micro-level of an economy, the studies on industry dynamics on the meso-level and studies of innovation driven growth and competitiveness on the macro-level of the economy.” This includes organizational, institutional and social innovation besides technological innovation, and constitutes the normative principle of Neo-Schumpeterian economics. Also, defining a meso-level is constructive because it is here that “decisive structural and qualitative changes take place and can be observed.” As prices are central to Neoclassical Economics, so innovation competition is to Neo-Schumpeterian Economics. Prices are significant but not the major driver of economic development. Instead of allocation and efficiency within a set of constraints, the concern in Neo-Schumpeterian Economics is with both structural changes and “the conditions for and consequences of a removal and overcoming of these constraints limiting the scope of economic development.” Additionally, most Neo-Schumpeterians understand that qualitative changes rather than being a continuous phenomena occur as ‘punctuated equilibria’, and non-linearities and positive feedback effects create spontaneous structuring such as ‘pattern formations’. This means that the economy tends to exhibit periods of smooth development interspersed with periods of some turbulence, and so the overall restructuring is not completely erratic either. Thus, of relevance to Neo-Schumpeterian economics are “all facets of open and uncertain developments in socio-economic systems.” It is not only transformational processes such as on an industrial level, “but also on the public and monetary side of an economic system.” This paper also looks at “extensions and complements to a comprehensive Neo-Schumpeterian economic theory, and develops some guideposts in the sense of a roadmap for necessary strands of analysis in the future in order to fulfil the claim of becoming a comprehensive approach comparable to neoclassical theory.” Despite the comprehensive approach in Neo-Schumpeterian economics, the theoretical concepts are still considered to be lacking as far as the financial and public sectors of an economy are concerned. Neo-Schumpeterian economic theory therefore needs further developments itself before it can be applied to the financial markets and the public sector. For Neo-Schumpeterian economics to be useful then, it must be made more consistent to encompass all realms especially given that these are typically closely connected and have an effect on each other. To this end, the writers propose a Neo-Schumpeterian approach based on three pillars: one for the real side of the economy, one for the monetary side and one for the public sector. “The relationship between the three drive or hinder the development of the whole economic system in an non-deterministic way.” Hence, the need for innovations to be all-encompassing, and the result-orientation of innovation to be complemented by a process orientation. Opinion Neo-Schumpeterian economics does not conflict with the other economic schools. Rather, it incorporates their principles in a more comprehensive and realistic framework. But it set the right priority by focusing on qualitative changes. That is, it promotes the development of a wider and progressive framework for economic policy in contrast to the narrow focus of the traditional economic schools. The latter are established schools of economic thought but found to be inadequate and they fulfilled materialistic agendas. The present period of financial instability demonstrates the inherent deficiencies with neoclassical economics and the shortcomings of the capitalist system. Neo-Schumpeterian economics is a welcome development in economic thinking that can help to see, understand and give value to the overall picture and priorities to help overcome these deficiencies. Evolutionary Economics, which underlies Neo-Schumpeterian thinking, is a mature approach with its emphasis on learning within the economic system. The contribution of Complexity Economics is also valuable in that it paints a more realistic picture of socio-economic phenomena. These ideas of evolving of economic systems by learning, perceiving them as complex processes, focus on change and development, and the contribution of systems theory reflect our changing times. They take into account the development of the socio-cultural changes. Neo-Schumpeterian economics will play a great part in the emerging new economics to dominate the post recession world and advanced information and communication age. The major contribution of Neo-Schumpeterian economic thinking during the present financial crisis will be how to get us out of the mess of neoclassical economic policies. This is because Neo-Schumpeterian economics is focused on the idea of achieving equilibria more so than the other schools. If it is successful, this will further consolidate its position in shaping the new wave of economic thinking. As for the Evolutionary Economics component, mankind will learn where the capitalist system went wrong, what we can do to prevent it happening again and how to take a more responsible position. Article 4: Implications of Cross-Border Mergers and Acquisitions by TNCs in Developing Countries - A Beginners Guide _Sanjaya Lall 2002 Summary One of the most visible aspects of globalisation is the overtaking of firms in various countries giant transnational companies through international mergers and acquisitions (M&As). This has important implications including “a substantial restructuring of existing facilities…a repositioning of the acquired enterprise in global and local markets and to consolidating international networks of production, innovation and marketing” etc. They can also lead to layoffs, ‘asset stripping’ or winding up. For this reason, cross-border M&As is deemed suspicious by both developing and industrial countries. The former feel more vulnerable. However, imposing restrictions to keep out M&As also keeps out the opportunities for foreign direct investment (FDI). This paper considers the justifications and opposing arguments for M&As. It is important to note beforehand that “the same forces drive both FDI and M&As” such as rapid technical change, and that M&As are not the only ways of directing foreign investment, nor is FDI a necessity for M&As. An advantage of M&As is that they “may capture and create new synergies between national and foreign firms.” In comparison to ‘greenfield investments, M&As generally offer advantages of “rapid entry and access to existing proprietary assets, established distribution systems, contacts with suppliers and customers etc., and in the case of imperfect capital markets, access to undervalued capital assets. On the other hand, “the impact of M&As can be double-edged and uneven. Capital markets are not a perfect means of allocating resources and restructuring activities.” Furthermore, TNCs do not have full information so wrong decisions can occur leading to “high economic and social costs in host countries.” There are also cultural and organisational obstacles that may raise the costs. The actual experience depends on a number of factors such as type of country and culture, “corporate attitudes, information and global strategies”. A comparison of the costs and benefits to host economies of M&As versus Greenfield FDI is made in terms of finance, technology, employment and skills, export competitiveness, and market structure and competition. This shows that differences do exist between the two but that most of the impacts on the host economies manifest in the short term. There is no indication to support the idea that greenfield investment is any ‘better’ than M&A. It depends on particular circumstances. In fact, M&As are seen as “integral to the process of restructuring that enterprises and economies are undergoing all over the world.” Rather than adversely affecting local enterprises, “they allow capabilities to be preserved and enhanced.” The opportunities for FDI through M&As are greater during periods of crisis or economic transition. The main drawbacks are that M&As “may downgrade local capabilities or drain them away from the host company/” This could destroy ‘efficient practices and linkages’ if the corporate culture and strategies of the TNC are overriding. “Inefficient elements of inertia may slow down the process of restructuring and technology transfer or development. Competition may be reduced in markets with low levels of contestability. Employment may be reduced. Assets may be purchased at unrealistic prices in fire sales or stripped for purely financial gain.” The actual dimension of the costs is uncertain and whether these “are symptoms of larger policy or structural problems” is unclear. In practice, the disadvantages tend to be either minor or “founded on mistaken analysis.” Opinion This is an article in which clearly generalizations have been made. The costs and benefits of M&As by TNCs and the scope for FDI are considered accurately but which of these may be relevant or apply is dependable in particular cases. The last sentence of the article admits in making generalizations and that these have not been made with much confidence. Nonetheless, the points contained within the article provide useful information for an understanding of what may be the likely costs and benefits so as to know what could be expected. What will actually be experienced by both countries and the TNC depends on a number of factors. The variable factors include the nature, location, culture and developmental stage of the host country, comparative standards of technology, liberalization, the context within which the trade is conducted, and so on. The article on the whole gives a positive impression by dismissing the costs. It may seem that in this age of globalization, advancement of information, communication links and technology in general, M&As are somehow ‘inevitable’ but this is not necessarily the case. Many host countries have benefited but there are not only cases of complications but failures too. One thing not pointed out in the article is that the ‘acceptability’ of M&As by a foreign company is very much tied with the image of the government and country to which the TNC belongs or has the closest association with. Thus, American TNCs could be seen as part of the imperialist agenda. And, that even if the TNC has no such government links, it can still be perceived as responsible for the actions of its government and be targeted for wrongful policies. This shows that there are not only overcoming cultural barriers but also political factors that can determine the success of the M&A. Article 5: The Interaction of Public and Private Health Insurance - Ireland as a Case Study _Brain Nolan 2006 Summary This article explores “the dynamics of the interaction between public and private health care and their impact on the demand for health insurance and on equity” with respect to Ireland chosen as a case study. The nature of the interaction is termed ‘symbiotic’ meaning that the two are not only intimately related but that it is to the mutual benefit of both systems. This kind of harmonious relationship is “not seen in other European countries” where differences tend to exist between “in access to care, choice levels and utilization patterns occur between individuals with and without private insurance.” In Ireland, “everyone has entitlement to public hospital care from the state, but half the population now pay for private health insurance. Moreover, this private health care is mainly delivered in public hospitals thus creating a two-tier system. However, such a system is also seen as “problematic from both an efficiency and an equity perspective.” A structure is therefore designed to demonstrate how “to take advantage of possible benefits for the public system of close interaction with private care”, which can otherwise “be both destabilizing for the public system and inequitable in terms of access and utilization.” What makes Ireland distinctive is that private health insurance plays a prominent role and is delivered in public hospitals, and the radical changes that have occurred over the past decade. The quality of health care, waiting times, locations of hospitals etc. are obvious factors to consider and have been, but the impact of health insurance also needs to be examined, and why the two-tier system is considered problematic from an equity perspective. The ‘incentive structures’ raise serious efficiency issues too. The insurance market is tightly regulated but the introduction of competition for a market based approach, although increasing the range of insurance products, fails to “address these fundamental problems” and diverts private patients away from public hospitals. The stability of the market is also doubtful due to no implementation of ‘risk equalization payments.” A number of empirical questions are raised in the paper. For example, “how the two-tier system actually operates in practice, in terms of access and utilization. How much more rapidly do those with insurance obtain hospital care? And how much more rapidly do they obtain access to care in public hospitals? To what extent is the two-tier nature of the Irish hospital system associated with significant inequity in utilization across the income distribution, taking differences in ‘need’ for care into account?” This is in the pursuit of properly assessing “the efficiency and equity aspects of the current public-private mix.” The Irish model shows that despite the structure being designed “to take advantage of possible benefits for the public system of close interaction with private care can create perverse incentives, be inequitable in terms of access and utilization, and undermine that public system.” Furthermore, in such a system wherein there is a reluctance to surrender preferential access and ‘better quality care’ by those who have insurance, carrying out any structural reforms are fraught with difficulties. So this becomes an obstacle to improving equity and efficiency. Opinion There is no real threat to the pursuit of improving efficiency and equity of health care for all by the two-tier system. The government should not hesitate to introduce appropriate reforms because these would be welfare policies for its citizens and targeted to improving the health care provided specifically to those who cannot afford private health care insurance. The beneficiaries are likely to be the poorer sections of society. In fact, such reforms with this in mind should always be a high priority. A basic level of health care should be a guarantee for all citizens and this should be continually improving in line with developments in medical technology, hygiene standards and health care services overall. Not doing this would result in deterioration of standards and a widening of the contrast in health care for those who pay private insurance and those who do not. The perceived obstacle to reform from preferential users is only likely to be highly pressurised if for example the two-system is proposed to be scrapped altogether. The benefits of the two-tier system are enough to warrant that it remains in place. Also, those who pay for private health care should not be made to feel that the quality of their health care would decline either. There is always going to be scope to maintain a differential in health care. Whilst public health care should be at least at the minimum acceptable level, private health care can be distinguished by extra services, “the ‘hotel’ aspects of a private stay”. To blur the distinction, these services can be tiered even further. The examples of some developing countries such as Pakistan could provide useful ideas. In Pakistan there are both private and public hospitals. Private health care is administered both within public hospitals as well as separately and the health costs are payable at the time as insurance is not so common. The private hospitals are themselves distinguishable by their quality of service but some are of international standards. It is true that standards in public hospitals are on the whole poor but there are exceptions and the reason is more due to lack of investment than any vested interests wishing to maintain a sharp two-tier system. Read More
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