...International Trade As An Engine of Growth In Developing Countries: a Case Study of Nigeria (1980-2003) SECTION ONE 1.1 INTRODUCTION A ll economies are increasingly open in today’s economic environment of globalization. Trade plays a vital role in shaping economic and social performance and prospects of countries around the world, especially those of developing countries. No country has grown without trade. However, the contribution of trade to development depends a great deal on the context in which it works and the objectives it serves. In recent decades, a number of developing countries, most notably the East Asian newly industrializing countries, have been able to purposefully use the elemental force of trade to boost growth and development within a relatively short time span. At the same time many other developing countries, especially the least developed countries (LDCs), have embarked on unilateral trade liberalization in recent years, with very limited results at best in terms of increased growth and development. To act as an engine of development, trade must lead to steady improvements in human conditions by expanding the range of people’s choice, a notion that the concept of human development 3 tries to capture. From this standpoint, the trade and development performance of a country cannot be seen as the mere sum of its economic growth and export performance. Instead, it is a composite notion, reflecting how trade relates to the range of choices available...
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...word innovation is way more complex than just coming up with a new product. A business or an entrepreneur is not REALLY innovative if a random idea is turned into a reality. Innovation truly occurs when “change” is what the new product brings. In essence, there was a certain way people used to do things and with this “innovative” product, there is a new, different, probably easier way in which they do same things. Product offering, service, business model or operations: These areas widen the scope of innovation beyond the popular culture sense of it. Innovation can relate to a product offering, be it a brand new product built on a radical technology or a new feature. Service changes can certainly be innovations. Operational innovations can be quite valuable, such as WalMart’s work to improve its fleet efficiency by 25%. Economic development is the term given to a positive change in the level of production of goods and services...
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...ships and aircraft * generating electricity, including wind power and producing solar panels * producing petrochemicals used for plastics, coatings and detergents * developing technology for hydrogen vehicles. Shell considers it a business priority to diversify its business portfolio to include more unconventional fuels in order to meet the worlds increasing demand for energy whilst minimising the impact on the environment. Hence the need for the development of 'future fuels'. At the present time, any company seeking merely to exploit resources for immediate gain and at the expense of the environment or customers' best long-term interests is likely to generate government scrutiny, public hostility, customer resistance and, possibly, prosecution. Like any well-run business, Shell takes a long term view of what constitutes 'best possible use' of the resources available to it. One key challenge facing Shell is how to use its profits and accumulated reserves to promote sustainable business growth. Like all companies, Shell distributes some of its profits to shareholders in the form of dividends. It needs to invest any retained profit in developing the business in sustainable ways like investing in new oil and gas drilling projects, refinery improvements, and research into, and development of, new products such as 'future fuels'. A company like Shell makes an...
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...Course Title: Economics of Developing Countries II. Course Code: 153400109/1. Marker’s Name: Dr. Sahar Taghdisi Rad. Degree: BSc Economics (Year 3). Essay Question: Is the rapid growth of manufacturing a necessary condition for successful economic development? Assignment: 2. Word Count: 2486. Introduction The consensus view amongst most economists is regarding the vitality of the manufacturing sector; with Nicholas Kaldor arguing that it is the ‘engine of growth’ for an economy. Kaldor discussed that in a poor country’s initial developmental stage, the agricultural sector will play a crucial role, mainly in providing a surplus for growth. But for the country to become developed and rich, there will be no substitution to the development of the manufacturing sector (Kaldor, 1967). “Since the industrial revolution in the eighteenth century manufacturing has been considered to be the main engine of economic growth and development. In development theory, structural change was associated specifically with a shift of resources from the primary sector to the manufacturing sector” (Szirmai, 2011; 5). Kaldor referred to this structural change in a similar way as a “characteristic of the transition from immaturity to maturity” (Kaldor, 1967; 7). Why is manufacturing considered to be so important for development? Why might a poor country want a large manufacturing sector? Majority of this essay will attempt to answer these questions using ‘Kaldor’s Growth Laws’ and...
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...The Industrial Revolution can be considered as one of the most significant watersheds in our human history. It was a result of the economic development and expansion that happened in the sixteenth century yet achieve a global presence in less than 250 years. It is axiomatic to say that the Industrial Revolution started independently in one place, to be more specific, it began in Britain with the invention of steam engine, new industrial landscapes in which iron and textiles which are the characteristics products of this revolution. The very name of Industrial Revolution also clearly depicted its relatively tardy impact on Europe. There will be two important questions to be explained in this paper which are the revolutionary changes resulted...
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...Western Governors University GKT1 Applications in US and World History Tammy Railsback Four Themes to be Addressed • Geography and the Development/Diffusion of Human Societies-Cumberland Gap • Individuals and Institutions as Mechanisms of Social/Governmental Change-Clara Barton • Historical Systems of Power, Governance and Authority-The Nazi Party • Science and Technology as the Engine of Economic Growth and Development-Gunpowder Geography and the Development of Human Societies The United States: Cumberland Gap Cumberland Gap is an excellent example of geography and diffusion of human society as until its discovery in 1750 the Appalachian Mountains blocked the way of further settlement into the West. History of Cumberland Gap • Natural passage through the Cumberland Mtns. • Formed by erosion from a stream that once flowed through it. • The path used by animals and Native Americans. • First discovered and explored by Dr. Thomas Walker in 1750 (Columbia Encyclopedia, 2013). Road to the West • In 1775 Daniel Boone and party of woodsman marked the Cumberland Gap as they traveled from Virginia to Kentucky. • Up until 1810 the Cumberland Gap was known as “the way West” and saw a steady stream of settlers pass through it. • Between the 18th and 19th centuries the Cumberland Gap was travelled by over 200,000 people migrating west. • The Cumberland Gap remained a major route for travel & trade during the 20th century (Mahaney, 2014). Individuals as Mechanisms...
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...ANALYSIS OF SUCCESS FACTORS OF GOOGLE INC. We know that today, Google is the number 1 search engine in the world with millions and billions of search results available in any part of the world. There are certain factors that have made Google a success since its inception. “Some of the key success factors of Google are Technology, Innovation, Building a Brand, User Experience, Acquisition” 1. Technology: The reason behind the google’s success of providing the fastest search on the internet is its “Pigeon Rank” technology. With the help of Pigeon rank, google can provide the user the fastest result of the desired information. Pigeon Rank works much faster than the technology developed by Yahoo and Microsoft. The reason why PigeonRank works so efficiently is that it has been developed in such a way that it can identify the objects related to the specific search from the content lying anywhere on the internet. The Pigeon Rank can also distinguish the results even with the mere difference between them. Google’s technology has two parts working efficiently namely the “Software Engineering and the Hardware Engineering”. The Software Engineering part deals with the Page ranking, which essentially ranks the sites based on the links associated to them. Software Engineering means writing some query and then to think how the computer works in order to give the data in a fraction of second. Hardware Engineering part deals with the decreasing of the cost by building its own servers....
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...What dose Baidu do? Baidu is a search engine tool, using its powerful Chinese information repository for retrieving the user to provide information services, commodity information resources to obtain address and services help Baidu users to find the information resources of the Internet to meet the needs of the information. In recent years, Baidu's main profit model is becoming clearer, and the services they provide and the content was changing trends. Baidu as a business, you need to face two very important customers: one is ordinary users of Baidu, Baidu general Internet users of information retrieval; another commercial customers direct economic transactions with Baidu. For the former, Baidu to provide information retrieval services, not money earned income, but the network CTR. For the latter, Baidu to provide technical or advertising, and have achieved substantial economic income Baidu sustained expansion operating funding sources. The retrieved users and commercial customers and now the driving force is Baidu. Both are indispensable. Baidu, uses its search technology and information repository to attract a wide range of network users, forming a stable mass base the brand belongs Baidu effects, including stable Baidu search usage, the relatively high rate of retrieval match search results CTR. Publicity opportunities behind this effect is tapped, so with the keyword advertising market development. So far, Baidu has developed an efficient profit model. What’s so great about...
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...partnership Driving success – a strategy for growth and sustainability in the UK automotive sector July 2013 Contents | 3 Contents Foreword Executive summary Challenges and opportunities Investing in innovation and technology Enhancing supply chain competitiveness and growth Investing in people – ensuring the right skills A business environment that enables a competitive automotive industry 1 The UK automotive industry Overview of the sector Competitiveness – a high productivity sector Enhancing UK competitiveness: strengths and weaknesses Vision for the UK automotive sector Investing in innovation and technology Success through collaboration Developing more detailed technology roadmaps Maintaining the UK’s strength in propulsion systems Hydrogen and fuel cells Enhanced links with motorsport Enhancing collaboration with the research base Better engagement with EU funding Delivering intelligent mobility Future technologies Enhancing supply chain competitiveness and growth Key challenges for the supply chain Quantifying and capitalising on the business opportunity for the UK supply chain Improving long-term supply chain competitiveness Encouraging inward investment in the UK supply chain and creating export opportunities Access to finance Innovative processes for premium manufacturers 3 5 6 6 7 8 8 9 9 10 12 16 18 21 24 26 31 31 32 32 32 33 34 37 38 40 44 47 48 2 3 4 | Driving success – a strategy for growth and sustainability in the UK automotive sector ...
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...The development model of Government of India added another feather in the cap with the new project of making one hundred Smart Cities. Finally the Prime Minister Narendra Modi launched the Smart Cities Mission and declared India all set to give shape to its ultramodern smart cities. A year back when the idea of smart city was presented in the Budget 2014, there was a global buzz over building smart cities and many interconnected notions floated in this perspective as no clear definition was given to the Smart City. But ultimately with the launch of this project Prime Minister Narendra Modi finally eliminated the uncertainty and gave a definition of Smart City in India. The concept of Smart City is incorporated with three major schemes - Effective...
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...2.1.2 Economic development 3 2.2 Related literature: The role of FDI in economic development 3 2.2.1 The radical view of FDI 3 2.2.2 The positive view of FDI impact 4 2.3 The impact of economic development 5 3. Case of study: the impact of FDI in garment industry and automobile industry in Viet Nam 7 3.1 Overview of FDI in Vietnam 7 3.2 Garment industry 8 3.3 Tourism Industry 9 3.4 Assess the impact of FDI in Vietnamese economic development 10 4. Conclusion 11 References 14 Appendices 17 1. Introduction to the study Foreign direct investment (FDI) is a concept that has emerged in recent decades. It was born with the trend of globalization and become an interesting topic for economic researchers. The evidence is that there are a large number of studies on this field, including case studies in specific country and cross-country analyses, single-dimensional and multi-dimensional studies, examinations in single-sector and multi-sector. However, until now there are still some debates about the issues related to this concept. One of the noticeable discussions is the relationship between foreign direct investment and economic development. This paper, to some extent, will review these studies about the relationship between foreign direct investment and economic development. In specific, it aims to answer the question: Is foreign direct investment necessary for economic development...
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...in Economic Development: The Nigerian Perspective Dr. Mrs Ann Ogbo AGU CHIDIEBERE NWACHUKWU Dept. Of management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria. A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of funding for its operations. The major findings of this study include the following: SMEs have played and continue to play significant roles in the growth, development...
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...Chery has been able to compete effectively in a very crowded domestic market and has established a significant position in international markets. This is rather remarkable for a firm founded in 1997 in a very poor province not known for economic innovation. Historical Development By Western standards, Chery is an unusual firm. It is the result of the hybrid nature of many Chinese businesses, combining government ownership and effective and competitive management. Quite simply, Chery exists because of the entrepreneurial efforts of government officials – known as the “Eight Guardians” - in a relatively small Chinese city looking to expand the economic base of their area and spurred on by the dramatic economic growth happening all around them. By the mid-1990s economic reform had led to fifteen years of rapid growth concentrated along the eastern coat of China. A second stage of growth extending these opportunities across the entire nation began in 1993. The Wuhu government, with support from the Anhui provincial government, was in the best position to define a new economic direction for the area and establish firms able to operate in the new market economy. The municipal officials purchased an automobile engine assembly line and engine technology from British Ford in 1996, attracted a number of entrepreneurial engineers from FAW-Volkswagen, and combined a set of auto parts companies already owned by the Wuhu government to establish the predecessor to Chery in 1997. Skirting...
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...Investor Presentation In this Presentation 1 Eicher Motors Limited - Journey So far... Eicher Motors Limited Overview India’s Economic Growth and Opportunities for Commercial Vehicles Volvo Eicher Commercial Vehicles Limited 2 3 4 Eicher Trucks & Buses Volvo Trucks India Eicher Engineering Components & Eicher Engineering Solutions Heavy Duty Breakthrough Medium Duty Engine Project 5 6 Royal Enfield Financials Investor Presentation 2 Eicher Motors Limited – Journey so far… India’s first tractor rolls out of Eicher factory in Faridabad Forms JV with AB Royal Enfield motorcycles acquired Enters HD trucks segment Volvo of Sweden; transfers CV business to the JV 1959 1984 JV with Mitsubishi Motors to make ‘Canter’ trucks 1991 1993 JV with Mitsubishi ended, enters MD bus segment 2002 2005 Divests tractor and allied businesses to focus on CV and motorcycle businesses 2008 Investor Presentation 3 Moving forward... 1 Eicher Motors Limited - Journey So far... 2 3 4 Eicher Motors Limited Overview India’s Economic Growth and Opportunities for Commercial Vehicles Volvo Eicher Commercial Vehicles Limited Eicher Trucks & Buses Volvo Trucks India Eicher Engineering Components & Eicher Engineering Solutions Heavy Duty Breakthrough Medium Duty Engine Project 5 6 Royal Enfield Financials Investor Presentation 4 Eicher Motors Limited Overview Retail Investors 11.8% Institutional...
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...Does export lead to growth? Hoang Ngoc Anh – 1001010026 – CTTTk49 Abtracts The export-led growth hypothesis (ELG) hypothesis states that export is one of the key factors of economic growth. It rose to prominence in the late 1970s and became part of a new consensus among economists about the benefits of economic openness. This study aims to discover the relation of export and economic development, digging into past data and empirical study to give a conclusion that export is a key factor for economic growth. Does export lead to growth? Introduction Economic Growth is perhaps the foreground goal of all nations. Across time, in pursuing this objective, varies economic hypothesis and strategies have been developed and applied within different countries. Among these strategies, exportled growth has gained its popular among economists and policy makers due to the success of this policy in many new developed countries in the late 20 th century, especially the miracle growth of the 4 Tigers of South East Asian and China. The idea that trade can be the engine of economic growth states that promotion of the export sector is the best way to achieve economic growth. This hypothesis is verified to be valid through many economic data thorough history and also there are many explanations as to why exports are a crucial way to obtain growth. Firstly, the economy of scale argument of the new trade theory is that domestic markets severely limit the scope for sales of a domestically produced...
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