Economic Development Of Southwest And Southeast Asia With Simple But Comprehensive Explanation

Societies and their governments have developed different policy approaches to addressing domestic inequality. Compare and contrast two different countries and evaluate the effectiveness of their key policy measures in addressing inequality.

Countries have different endowments. Differing climates give advantages to the production of different crops. Differing histories and inclinations result in different advantages in finance, skills and manufacturing.

When the resources in a society are distributed unevenly it leads to social inequality. Often inequality is understood as being socio-economic and it is now closely associated with social inequality. “Social inequalities are differences in income, resources, power and status within and between societies. Such inequalities are maintained by those in powerful positions via institutions and social processes.” (Warwick-Booth, 2013 p.2)

There were many changes and continuities in East Asia, in the relationship of religion and politics from 1450-1750. One main change is the “kaozheng”, or research based on evidence; which led to much critisism of the Neo- Confucian orthodoxy. A main continuity was the system of Neo- Confuciasm, which continued during the Ming and Qing dynasties in China.

Income inequality has been a major concern around the world, and it mainly links to how economic metrics are distributed among individuals in a country. Economists generally categorise these metrics in wealth, income and consumption. Wilkinson and Picket (2009) showed in their studies that inequality has drawbacks that lead to social problems. This is because income inequality and wealth concentration can hinder or delay long term growth. In 2011, International Monetary Fund economists showed that less income inequality increased the duration of countries’ economic growth spells more than free trade, low government corruption, foreign investment or low foreign debt (Berg and Ostry, 2011).

resources, income, and other factors between different sectors in the society. Inequality can be defined

The IMF found that intense income inequality is also accompanied by “resource misallocation, corruption, and nepotism”. Since people will seek favored treatment, income inequality can also oppose civil unity and trust in the future. Moreover, the Economic Cooperation and Development (OECD) expressed that “econometric analysis suggests that income inequality has a sizeable and statistically significant negative impact on growth.” The OECD’s findings were based on a report titled “In It Together: Why Less Inequality Benefits Us All”. John Schmitt, the Research Director for the Washington Center for Economic Growth, summarized the OECD’s findings stating, “The new report finds that between 1990 and 2010 gross domestic product per person in 19 core OECD countries grew by a total of 28 percent, but would have grown by 33 percent over the same period if inequality had not increased after 1985. This estimate is based on an econometric analysis of 31 high- and middle-income OECD countries, which concluded that lowering inequality by just one ‘Gini-point’ (a standard measure of inequality used by economists) would raise the annual growth rate of GDP by 0.15 percentage points”. “Latin America’s new college graduates are inferior to other countries, because they receive poor elementary and high school education, which

The video on Southwest Asia (the Middle East) mainly focused on conquest, consolidation, expansion, degeneration, and conquest again. This sequence repeated for over a thousand years until it was a common pattern for the history of war in Southwest Asia. Empires, including the Assyrians, Persians, and Parthians, would fight for land such as Babylon. Most of the time, they would successfully conquer the area until another empire fights for that same land and takes it

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

The overall economy is based on equality. Several different countries suffer from the populations economic growth. As the poor get poor the rich keep on getting richer. Bolivia for instance has arguably the highest difference in Income inequality of 44 percent compared to the United States of 28 percent. For that reason, income inequality has had negative effects of the local population. It has caused a great deal of trust issues between countries and society as a whole. For example, Countries with greater income inequality have greater infant mortality, higher rates of obesity, and lower life expectancy than countries with more equal incomes, and the same relationships hold true across the fifty states in the United States. Policy makers and

While economic growth can bring many benefits such as increased consumption power, improved public services and reduction of unemployment. Having a higher economic growth can also cause income inequality and stress. So those might not lead to high standard of living. Inclusive is when there’s more equality. When there’s growth in the sectors where the poor work and help to reduce the prices of consumption items that the poor consume so the United Kingdom is inclusive and Thailand is exclusive in economic growth. There’s a negative correlation between income inequality and economic growth. When there is income inequality the poor is very poor and the rich is very rich. The economy grows when a lot of people spend but the small percentage of

The questions are raised as what and how the wealth is distributed or allocated among societies. Countries with similar average incomes can differ substantially when it comes to people’s quality of life such as social justice, access to education and health care, job opportunities, availability of clean air and safe drinking water, the threat of crime, freedom of speech, life expectancy, birth-death control, identity, culture, conservation, equal opportunities, environmental change. Development is important as it covers a wide range process involving cultural, economic, environmental, political, social and technological change of a country. Regarding goals and means of development, recent United Nations documents emphasize on human development measured by life expectancy, adult literacy, access to all three levels of education as well as people‘s average income which is a necessary condition of their freedom of choice. In other words, human development incorporates all aspects of individuals’ well -being from their health status to their economic and political freedom. The Human Development Report 1996 of UNDP focuses on development as the end and economic growth a

East Asia includes approximately 15 countries, within this there is a population of 1.974 billion people. Of the total population 51% live within rural areas resulting in agriculture making up 11% of GDP, which is considerably more than the likes of the US (1% of GDP). There is considerable diversity between countries within East Asia. There are major differences between country’s GDP per capita and economic development, resulting in distinctive high, middle and low per capita GDP groups as shown in figure 1. New Zealand in comparison would be in the high per capita group with a GDP of $36,200. The East Asia countries in which agriculture makes up largest proportion of their GDP are within the lower to middle GDP band and are Vietnam with 22%, Indonesia with 15% and Thailand with 12%. Whereas in comparison to the likes of Japan who has the highest GDP per capita within the region, agriculture only represents 1%. It can also be seen that the risk of investment increases in East Asia as incomes reduce and that the middle income countries have considerable growth potential.

Extractive and Inclusive institution was the major theme of this book and analyzing why inequality is still so apparent in most of the world.

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).