A Relationship Between Growth And The Historical Context Of The Countries

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

1. Are there any hidden assumptions or price rigidities in the country or countries that might inhibit market force indicators from revealing the true economic health of the country, thereby either preventing government policy actions from correcting the problems or otherwise making them ineffective and counterproductive? This is absolutely the case. Prior economic histories of countries around the world have proven that there are general results that can be expected from a given action or series of actions, but this does not always hold true. The current state of affairs in the United States is a glistening example of that. The groundwork and root statistics of the United States economy circa February 2013 are pretty good, but jobless rates are still too high and GDP growth is anemic to nothing. There are two commonly attributable reasons for that. The first is that businesses are being very conservative with their funds. They're not investing and spending the way they usually would because of the uneven and unpredictable conditions that are seen with the federal government, the level of spending in general and the wider market.

Modern African states have various problems ranging from corruption, to armed conflict, to stunted structural development. Africa’s ongoing political instability and economic crisis have hindered the improvement of Africa. Thus, the lack of money, advancement in technology, and climate has hampered economic development. Despite European mistreatment and oppression African’s have endured hardships that have encouraged economy, education, and political

overcome barriers and fully take part in the globalised economy. In much of Africa however this was held up

Intuitively, countries that adopt ELI need markets to which they can export. Import substitution industrialization, which focuses on domestic industrial production, has less of an emphasis on creating goods for the international market. In contrast, countries that follow an export-led industrialization strategy, by the very nature of ELI, must find markets to which they can export their goods. In the absence of sufficient demand, ELI strategies fail. Put positively, ELI strategies require sufficient demand for the goods of the country in question. Where, then, does demand come from? This is a particularly vexing problem. It seems a reasonable intuition that developing countries would not, prima facie, produce goods of sufficient quality that external, developed markets would demand. Moreover, only developed markets would be worthwhile targets for exports; exports to developing markets would not provide sufficient capital flows to fuel transformation into a developed country. In other words, embarking upon an ELI strategy is a fundamental catch-22. A solution to this problem of demand is the presence of not only a willing market for the developing country’s goods, but also a market that is willing to make investments of capital and technology into that developing country. Doing so would enable domestic firms to develop their industry to levels of quality and

Africa is a region that has for long been taunted as the dark continent. Years of political cynicism, proliferation of civil wars and governance mismanagement have negated the growth and development of the continent. However if the present positive growth patterns and future economic projections are anything to go by then the continent is set to undergo a massive transformation by 2025. African economies are showing impressive growth, with an average Gross Domestic Product (GDP) growth forecasted to be 6.3 % in 2013, Africa has become the fastest growing region in the world, and only a few Asian countries will continue to grow faster than the continent's top performers. Africa`s growth projections are premised on the backbone of an anticipated educated young population growth, rising intra-African trade, investments in public-private partnerships and commodity-based industrialization. This paper gives an impetus to the future prospects of Africa by highlighting inter alia the present growth trends and envisaged future prospects. It also analyses what still needs to be done to ensure the envisaged growth projections are realized.

1) With reference to theories of growth and development, explain the contrasting growth experience of China and Sub Saharan Africa post 1980.

In order to understand the economic growth model shift from export-led to industrialization through the

One way countries are organized and categorized into developing and developed countries based on a various number of factors. Two of the factors that are valued highly in the process of organizing countries are government stability and resource accessibility. These components are held in a higher regard than some of the others because of their significance and importance in the process of building up a country’s economy as well as a country as a whole. Some of these developing countries are great examples of countries that are on their way, do not be mistaken just because they are developing countries does not mean that they do not have bright spots, although those bright spots are few and far between. Instances of these bright spots can be found in almost every country, most especially a country like Nigeria. Many developed countries could once have been developing before being almost completely recreated by one or two key events in their histories. This all is evidence that countries are classified into developing and developed categories through their resource accessibility and government stability.

All in all, Gabon and Cameroon began as very similar countries in my mind but the stark differences allowed for a renewed perspective which included different economic, nationalistic, and political approaches. There is much more than economics for the two countries as for the citizens of each demonstrate the greater social implications of institutional decisions which carry a serious weight. My paper further helped me review certain themes of the course applicable to any LDC and further support the argument of the growth and development of a country not being a linear trend. Instead, by looking further into relative “stability” each country promoted, this paper supports that the complexity of development that is much more than the indicators

Growth and perpetual change of this stature was not just an increase in demand and labor or even investments. Geography lends to some of the differences between countries however it does not explain why growth was more or less successful due to emerging and sustaining growth of the region. Innovation to the greatest

I discuss below major developmental challenges in Africa (by extension other poor countries) which have roots in contemporary imperial relations with the West. These include: debt burdens, structural adjustment programmes, operations of multinational corporations and external aid.

Most of the developing countries are mired deeply in economical obstacles, which prevent them from development significantly. In order to overcome those embarrassments world’s society struggles to find the efficient solution for poor countries’ economies. Historically, developed countries undertook policy of giving aid to their colonies, afterwards by the end of The Second World War the United States and United Nations embarked the global sponsorship to the developing countries and countries of the Third World due to humanitarian considerations. Since then many other countries have joined in the effort to provide financial aid to lesser developed or poverty ridden countries. But none of those countries that received an aid had experienced a prosperity phase and rapid economic growth.

For the purpose of this paper, Import-Substitution Industrialization (ISI) is a trade and economic policy that seeks to replace foreign imports with domestic production on the industrial and agricultural basis (Nelson 99). ISI is typically enacted by developing countries that seek to increase independence from the global market and to develop its internal domestic markets. The methods to achieve ISI in many countries in Latin America were very similar: impose high tariffs, prohibit certain imports, and have direct public investment in industries that can thrive in given conditions (Cardoso 5). In Brazil, as well in other Latin American countries, ISI was first triggered by World War I. During the War, reliable foreign exports on necessities were not always guaranteed as the United States and most European

He pointed out that different economic levels have their own requirements and they may not follow the same process of industrialization. Moreover, he raised the most influential theory related to late industrialization that the economically backward states may have rapider growth rate as they are late comers, and the national development process relied on the degree of economic backwardness. That is to say the more backward a country, the faster it will advance (ibid).