A BOUQUET OF “ISMS”

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A BOUQUET OF “ISMS” At one extreme is[ire-markrt absolutism. which holds’ that the best government is the least government. At the other extreme is complete communism, with the government operating a collectivized economic order in which the first-person singular hardly exists. Between the extremes of laissez-faire and communism lie mixed capitalism, managed markets, socialism, and many combinations of these models. In […]

B. ALTERNATIVE MODELS FOR DEVELOPMENT

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B. ALTERNATIVE MODELS FOR DEVELOPMENT People continually look for ways improve their living standards .. Economic betterment is particularly compelling for poor countries seeking a path to the riches they see around them. This textbook has surveyed in depth the mixed market economy of the United States. which combines fundamentally free markets with a sizable government sector,What other alternatives are available. […]

Summary Judgment

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Summary Judgment Decades of experience in dozens of countries have led many development economists to the following summary view of the way government can best promote rapid economic development: The government has a vital role in establishing and maintaining a healthy economic environment. It must ensure respect for the rule of law,enforce contracts, and orient its regulations toward competition and innovation. Government often […]

Growth and Openness

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Growth and Openness A fundamental issue of economic development concerns a country’s stance toward international trade.Should developing countries attempt to be self sufficient, replacing most imports with domestic. production? (This is known as a strategy of import substitution.) Or should a country strive to pay for the. imports it needs by improving efficiency and competitiveness, developing foreign markets, and keeping trade barriers […]

State vs. Market

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State vs. Market The cultures of nanny developing countries are hostile to the operation of markets. Often, competition among firms or profit-seeking behavior is Conrad to traditional practices, religious beliefs, or vested interests, Yet decades of experience suggest that extensive reliance on markets- provides the most effective way of managing an economy and promoting rapid economic growth. Get Any Economics Assignment Solved […]

Industrialization vs. Agriculture

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Industrialization vs. Agriculture In most countries, incomes in urban areas are almost double those in agriculture. And in affluent nations, much of the economy is in industry and services. Hence, many nations jump to the conclusion that industrialization is the cause rather than .the effect of affluence. We must be wary of such inferences, which confuse the association of two characteristics […]

The Backwardness Hypothesis

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The Backwardness Hypothesis One view emphasizes the international context of development. We saw above that poorer countries have important advantages that the first pioneers along • the path of industrialization did 1I0t. Developing “nations can now draw upon the capital, skills, and technologyof more advanced countries. A hypothesis advanced by Alexander Schrodinger of Harvard . suggests that relative backioardness itself may aid […]

STRATEGIES OF ECONOMIC DEVELOPMENT

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STRATEGIES OF ECONOMIC DEVELOPMENT We see how countries must combine labor, resources, capital, and technology in order to grow_rapidly. But this is no real formula; it is the equivalent of saying that an Olympic sprinter must run like the wind. Why do some countries succeed in running faster than others? How-do poor countries ever get started down the road of economic development? […]

Vicious Cycles to Virtuous Circles

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Vicious Cycles to Virtuous Circles We have emphasized that poor countries face great obstacles in combining the four .elements of progress=-Iabor, capital, resources, and innovation. In addition, countries find that the difficulties reinforce each other in a vicious ·cycle’of pove1’ty. Figure 28-3 illustrates how one hurdle raises yet other hurdles. Low incomes lead to low saving; low saving retards the growth of […]

Imitating Technology

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Imitating Technology Poor countries need not find modern Newtons to discover the law of gravity; they can read about it ill any physics book. They don’t have to repeat the slow. meandering route to the Industrial Revolution; they, can buy tractors, computers, and power looms undreamed of by the great merchants of the past. , Japan and the United States clearly illustrate […]