Economic growth

This literature review attempts to present, analyze and if it is possible to make suggestions on the result of institutions on economic growth and development. First of all, it would be appropriate to start this literature review with the definition of institutes as it is given by the American economist D. North. “Institutions are a set of rules, compliance procedures, and moral and ethical behavioral norms designed to constrain the behavior of individuals in the interests of maximizing the…

Development and Economic Growth Financial growth is the change in the financial system regarding size and structure. Nonetheless, financial deepening expresses the share of the money supply of national income, and it becomes a standard of economic development and financial instrument variety (Saltoglu, 1998). Mercan and Gocer (2012) work on the panel data analysis using the annual data for the period from 1989 to 2010. They establish that the impact of financial development on economic growth…

2.0 LITERATURE REVIEW 2.1 FDI inflows with Economic Growth In the early 1960s, scholars have noted the impact of foreign direct investment (MacDougall, 1960) for the general welfare , early contribution to the study of the spillover effect of foreign direct investment( spillover effects of FDI refers to the positive externalities of foreign direct investment in addition to a direct role than generated .) , including foreign direct investment also tariff policy as well as the host country the…

One of the main questions currently circulating economic forums is: does income inequality hurt economic growth? Main concerns about global increases in income inequality have motivated nations to study the potential impacts on societies and economies. According to the Organization for Economic Cooperation and Development, OECD for short; one of the resounding conclusions is that poorer members of society are less able to invest in their education. The OECD consists of 34 democracies with market…

In The Stages of Economic Growth: A Non-Communist Manifesto (1960), Walt Whitman Rostow inspires terminology that still sticks in our minds after 55 years. In his work, Rostow uses the terms “underdeveloped” and “developed” to explain the stages of economic development that all countries need to go through. In Rostow’s time, he observes that the United States, Western Europe, and Japan were exemplar nations which have passed the test of development and maturation. According to Rostow, countries…

Based on what I read in this chapter, I believe that the government had a large part in the economic growth in the 18th century. Opening of the factories was a major contribution to the growth to point of 213 factories were being operational by 1815. This with many other things has helped lead to my conclusion. For example, building railroads, and the rise of corporations are other contributors. To help elaborate on the factory’s, by 1789 an English man named Samuel Slater started to work at…

1819, she experienced rapid growth during her first century under British government. Various economic and political factors largely-free trade and capital flows, a common currency with neighboring British territories, free inflow of migrant labor, regional and international treaties-played a crucial part to accelerate her growth. I shall outline the economic and political factors separately and will explain how those factors defined the growth of Singapore. Economic Factors:  Successful…

unemployment, seasonal unemployment, structural unemployment, voluntary and non-voluntary unemployment. These different types unemployment explain why unemployment is not always the result of low economic growth. Furthermore one factor which explains the reason why unemployment is not the result of low economic growth is structural unemployment. Structural unemployment is unemployment due to changes in technology. In the 21st century new products are being introduced and launched to the market…

Review Paper : The Stages of Economic Growth After the World War II, the idea of ‘development’ became major concern of many countries and international organizations. Many researchers try to figure out how development works and how this process could help modernization process in the world. Walt Whitman Rostow in his article ‘The Stages of Economic Growth’ also try to figure out how economic develops. In his article, Rostow (1959) argues that economic growth in modern world is not a continuum…

Economic Growth The economic strength of the African American community will soon reach $1.5 trillion. To quantify this number and put it into some context, this number is equivalent to the gross domestic product of Russia and South Korea. If we were a nation, we would be the 12th richest country on the planet. Although macro-economists will quickly tell you that GDP and buying power are not the same, since we are not a country exclusive of the U.S., I believe that it provides, at least, some…