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15 Cards in this Set
- Front
- Back
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Factors influencing growth |
GDP, Males secondary/ higher schooling, life expectancy, fertility rate, government consumption ratio, rule of law, terms of trade, democracy, inflation, regional variable |
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Competitiveness |
According to Porter, “it is increased productivity overtime.” |
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Globalization |
The integration of markets i.e. capital, Labour, goods, etc. |
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Assumptions behind comparative Advantage - (Ricardian Model) |
•Mobility of Factors of Production within countries •Immobility of factors of production internationally •Homogeneity of Tastes • Demand sufficient to absorb supply •Constant returns to scale •No learning/ Experience Curve |
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Characteristics of Trade under globalization |
Central role of WTO in trade relations Construction of regional trade blocs Policies of economic liberalization |
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Impact of globalization |
Alleged loss of national sovereignty Attainment of global competitiveness by all Consolidation of private capital |
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Helping the competitiveness of small economies |
The state should play a stronger role in driving competitiveness in these economies There is also need for proactive strategies to improve export offerings and build internationally competitive industries and firms. |
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Trading components and their implementation mechanisms |
National regulations: Tarrifs, Quotas, VERS, OMAs, NTBs Multilateral Trading Organization: WTO ( previously GATT) Non reciprocal Trading Regimes: CBI, CARIBCAN, GSP, EBA Developing country institutional response: UNCTAD, NIEO |
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Barriers in exports |
Technological protection Cultural protection Influence over market price |
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Barriers to imports |
Infant industry protection Import substitution industrialization Protection of strategic industries Avoidance of unemployment Temporary relief to allow resuscitation of industry |
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National Regulations:Tarrifs, Quotas, VERS, OMAs, NTBs, |
Tarrifs: a tax imposed by one county on the goods and services imported from another country. Quotas: a government imposed trade restriction limiting the number or value of goods a country can import or export during a particular period. VERs: a voluntary export restraint (ver) is a trade restriction on the quantity of a food that an exporting country is allowed to export to another. OMAs: orderly marketing agreement is a bilateral agreement between governments which one government limits exports to the other. NTBs: non Tarrifs barriers are market access barriers that result from prohibitions, restrictions, conditions or specific requirements and exporting products difficult and/or costly. |
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Multilateral Organization: WTO |
The world trade organization promotes free trade among its members |
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Non- reciprocal trading regimes: CBI, CARIBCAN, GSP, |
CBI: Caribbean basin initiative is an inter-American program to increase economic aid and trade preferences for 28 states of the Caribbean region. CARIBCAN: the Caribbean- Canada trade agreement was created to promote trade, investment and provide industrial cooperation through the preferential access of duty free goods from the countries of the commonwealth- Caribbean to the Canadian market. GSP: the generalized system of preference (GSP) provides duty free treatment to goods of designated beneficiary countries. |
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Developing Country Institutional Response: EBA, UNCTAD |
EBA: economic partnership agreements are a scheme to create free trade area between the European Union and the African, Caribbean and Pacific Group of States. UNCTAD: the United Nations conference on trade and development has the primary goal of formulating policies relating to all aspects of development including trade, aid, transport, finance and technology. |
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Transactional-transformational leadership paradigm |
Transactional-transformational leadership paradigm views leadership as either a matter of contingent reinforcement of followers by beyond their self interest self-interests for the good of the group, organization, or society by a transformational leader. |
