Economic Growth and Development Essay

for countries experiencing rapid economic growth. Since the Mao era, China has grown increasingly susceptible to this problem as it has developed to become the second largest economy in the world. To further contextualize China’s economic growth, Wang Jisi explains, “As recently as 2001, China’s total GDP was only 12.8% of U.S GDP. In 2011, China’s GDP reached $7.3 trillion, amounting to 48.5% of U.S. GDP” (Lieberthal and Jisi, 9). Although this rapid development has brought about higher…

the abundance natural resources and economic growth. Gelb’s (1988) cross-country economic analysis of oil exporting countries (Algeria, Indonesia, Nigeria, Venezuela, Ecuador and Trinidad and Tobago) was one of the early studies on the negative connection between natural resources wealth and economic development. The studies revealed that windfalls from natural resources during the booms periods of 1974 – 1978 and 1979 – 1981 were harmful for economic development. Natural resource like oil…

richness with lower economic growth - lies in the condition of a countries institutions. They assert that institutional quality is a barrier, restricting natural resources. Such resources should theoretically increase the wealth of nations through higher investment and growth rates, leading ultimately to augmented levels of economic development. The central argument in this article pivots around this critical role of institutions in achieving such effective economic development in countries…

services to final international consumers for their personal consumption (Dicken, 2011). At the present time, the massive global economic growth and the change of the competitive market environment drive the retail foreign direct investment become one of the most important parts of the international economic activity in the world. This essay attempts to discuss the GDP and economic dynamic result financial crisis, also the government political such as capitalism, regulation and gendered economy…

technology imitation and cheap labor has a diminishing marginal returns, there is a growing concern if Malaysia has been falling into a middle income trap (Flaaen. A et.al 2013). While middle income trap is defined as the stagnated or slowed down growth of an economy for a long period of time (leading to low income level and therefore low savings & low production); with some proficient advocacy and policy reforms, Malaysia can possibly escape this trap (Kharas and Kohli 2011). This article thus…

The figure above showed inflation rates from year 2007 to year 2012. In year 2007, the inflation rate is 4.10% and plummeted down to 0.10% in 2008. However, this inflation value increase in the year 2009 to 2.7% and drop to 1.5% in 2010. From 1.5%, the inflation rate risen up to 3% in 2011. In year 2012, the inflation rate is 1.7%. The pattern of the inflation rates between these years is inconsistent. (“Current US Inflation Rates: 2005-2015”) High inflation rates between the years of 2007 to…

independence they developed an economic system that was restricted to domestic boundaries and centered on the Industries Development and Regulation Act. This act was what “regulated and restricted entry of new firms and expansion of existing ones” (Aghion, Robin, Stephen, Fabrizio 2). This was later known as the license raj. By following the strict guidelines of the Industries Act, it limited the potential expansion of Indian firms and slowed economic growth. Economic conditions were made even…

hopes of promoting continued growth. This new source of income was important to many third world countries which at that time were in the early stages of economic development. However, many countries also experienced the growth of another industry which is sex tourism. Sex tourism refers to the…

States in economic growth. As a result of globalization the United States maintains its hegemonic status in international politics. Despite recovering from the financial crisis of 2008, at the time of writing this article, the author predicted that the United States will be able to sustain its leading position…

growing and changing. There are several different factors that impact the economy’s growth too, such as the rate of saving, growth in technology, immigration, and property rights. Each factor plays a specific role in influencing a country’s economic growth and development year after year. This essay will discuss these various types of factors that contribute to economic growth. What is economic growth? Economic growth is defined as “increases in per capita real gross domestic product measured by…