world average HDI is 0.862. India is now an NIC‚ as the IT services boom has transformed the country’s economy‚ which is now growing at more than 9% per year‚ the same rate as China. India’s HIC is 0.547(2011 estimate). Since China opened up its markets to the West in the 1980s‚ the city of Shanghai has transformed into a booming metropolis consisting of about 21 million people. Shanghai accounts for 30% of China’s foreign exports and attracts 25% of all foreign investment into the country. The GDP
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globalisaton good or bad ? Globalisation means economic resources and factors of production(including commodity‚ labours‚ capital and information)‚ breaking the national border‚ flowing freely within the area of the earth‚ making each country’s finanical market open to the world‚ and conneting tightly with each other. Globalisation refers to the fact that countries in the world are continually expanding their connections with one another in the economic‚ political‚ cultural and other aspects. The high
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The disadvantages of globalization 1. “The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. It is wonderful for managers and investors‚ but hell on workers and nature.”1 2. Multinational corporations are accused of social injustice‚ unfair working conditions (including slave labor wages and poor living and working conditions)‚ as well as a lack of concern for the environment‚ mismanagement of natural resources‚ and ecological damage. 3.
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addition to being outcompeted‚ the Fordist model relied on its rigid division of labor and highly specialized tasks to achieve massive production at low cost. However‚ such inflexible system makes the Fordist model difficult to adapt or shift into new market demands. As a result‚ the sunk cost geared toward a single product has prevented Fordist firms to produce a range of product to meet the diversity of consumers. In the beginning of the century when oil crisis hits the U.S. automobile industry
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is the improvement of the product’s quality and service due to the increased competition. Thanks to globalization‚ domestic companies are compelled to manufacture a good product with a reasonable price to satisfy their customers and compete in the market‚ which only the fittest can survive. Customers benefit a lot from this fierce competition because they have the opportunity to choose from different available commodities and get quality goods at a cheaper cost. In addition‚ with globalization‚ several
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Economics of Competition Policy in India: Emerging issues Rajeev C.Bharathan‚ Background Generally in economics‚ competition is seen as rivalry among firms for a larger share of the market‚ which leads to efficiency in production and lower prices for the consumers. Competition can be defined as a process by which cost efficient production is achieved in a structure where entry and exit are easy‚ a reasonable number of players (producers and consumers are present) and close substitution between
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government get an advantage. For example‚ government use the money for generates large number of jobs that providing few long term benefits for the government. The third one is transfers of low interest concessionary finance will interfere in the market of interest rates and exchange rates. Not just the statement above‚ the political right also says that foreign aid will create problems. They say that flow of aid is
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Globalization is the buzzword of today. Economies of the world are being increasingly integrated as new technology and communication has brought people together. We often hear the phrase that the ’world has become a global village’ - which itself signifies how much has changed in the world in the past few decades. American businessmen are investing their time in studying the culture of the Middle East‚ so that they can negotiate with their counterparts in a better way. Young graduates in India are
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3.6 THE IMPORTANCE AND LIMITATIONS OF THE MODELS TO UNDERDEVELOPED COUNTRIES The Harrod-Domar model like we have been taught was formulated to maintain the steady growth rate in developed economies of the world and not to address the problem of vicious cycle faced by the developing countries. Be that as it may‚ the model could still be used to aid in analyzing the growth process in less developed countries. The importance of this model to the developing countries is explained below. The Harrods-Domar
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at has increased massively and the impact is seen most greatly on developing economies. The two main characteristics of globalisation are global brands and global sourcing. Global branding involves one brand being available in most international markets. Examples of global brands include McDonalds and coca-cola. Even though the price charged in each economy may be different‚ the product will be almost identical in every country. Global sourcing on the other hand is more about ways in which global
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