An essay "Catch-Up Problem in Developing Countries" reports that the Asian crisis of the late 1990s altered the fortunes of those stricken countries overnight, turning the much-ballyhooed economic miracle into chaos. Japan too became trapped in a banking crisis of its own making…
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Those that had to depend on bailouts from the IMF were forced to accept a wide-ranging reform program as obligatory conditions for the rescue loans.
The themes of this paper are (1) that the Asian crises were the inevitable outcomes of the dirigiste development policies the Asian economies pursued in their successful catch-up growth, (2) that such an institutional regime, however, finally met its match in the form of free-market global capitalism, especially in terms of unbridled capital flows, and (3) that East Asias present trend of deregulation and marketization is all the more pushed by the institutional requirements of the Internet revolution as the region struggles to catch up in the digital age. Any successfully developing economy climbs a ladder of growth. Until the arrival of a New Economy, all the advanced economies had, in the past, trodden a path of industrial structural transformation from the "Heckscher-Ohlin" labour-intensive industries (typified by textiles) to the "nondifferentiated Smithian" scale-driven industries (steel, basic chemicals, and heavy machinery), to the "differentiated Smithian" assembly-based industries (automobiles and electric/electronics goods), and finally to the "Schumpeterian" R&D-intensive industries (specialty chips, biotechnology, and new materials) (Ozawa 1992). This conceptualization of stage-based process of industrialization is in line with a "leading sector" theory of growth a la Joseph Schumpeter, which envisages a sequence of stages in each of which breakthrough innovations (new technologies) create a certain new dominant industry as the main engine of growth. This stage-demarcated sequence of growth can be clearly seen in the history of industrial capitalism. Great Britain was the first country that introduced the Industrial Revolution and quickly moved from textiles to steel and heavy machinery.
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“Catch-Up Problem in Developing Countries Essay Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/politics/1504752-writer-can-pick-one-out-of-the-five-topics-listed-in-the-order-instructions.
This can also be explained as the economic value of any employee. Human capital can be defined as the ability of a single person or a household to engage time, experience and knowledge in the production process. Human ability to work and produce versus the working capital of any organization places any firm in need of labor which can only be delivered by living beings.
This concept is based upon the assumption that the diminishing returns in developed countries are not as strong. It is also important to note that economic literature, especially on the growth economics, indicates two different meanings for the economic convergence.
In fact most of the developing countries are not able to develop properly; not because of the lack of resources, but because of the internal constraints it may face from religions or races. Pakistan and India are two developing countries in Asia and both of them have similar internal resources.
This was seen as a major source of income for the developing countries, but only the dependence on primary exports brought very less income to the firm. Import substitute industrialization Import substitute industrialization is a trade strategy, which has become highly popular in the developing countries.
Diabetes is considered as the disease of modern civilization as more and more people are suffering from this disease. Though the overall causes of diabetes may be different, the increase in the overall incidences of diabetes suggests that it is fast becoming an important public health issue. Diabetes means the blood glucose or blood sugar level is too high.
Sociology recognizes that each individual person is the owner of their own life and has the right to live it fully to their on personal manner and long as he doesn't dictate or violate others. The Developing countries South had a social system, which was distinct in many ways.
Moreover, China's exchange rates, the Renminbi (RMB) to the US dollar and other foreign currencies have pushed its export commodities prices much lower, which in turn have boomeranged to the other countries' currencies. This vicious cycle prompted Roach to conclude that "China is one of the sources of current world deflation" (People's Daily, 2002).
In the first phase of this introduction, there is needs to know that these countries that are called the Developing nations have consist of two third of the whole world, they are also found in parts of the word like in Latin America, Africa and Asia. Developing countries a feature also shows that they depend largely on foods supply from other nations depend on foreign wealth.
This research will begin with the statement that globalization of production and investment in recent years has led to a situation where long-term capital inflows from advanced economies to developing economies is taking place at a rapid pace. No doubt this has contributed immensely to the economic growth and development of these nations.
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