Economic Development in India

In the early 1900’s Henry Ford developed the idea of “a wagon that will run without a horse”.1 This idea and Ford’s success changed America and its people forever. The development of the automobile played a tremendous role in the economy, labor unions and society. Generally, when most people think of Henry Ford they reflect upon his wealth and contributions to the transportation industry as an infinitely positive phenomenon. It is thought that aside from just allowing consumers to purchase and use his inventions, he provided thousands of people with jobs and the promise of prosperity. The tale of Henry Ford’s legendary business and remarkably effective assembly line is unparalleled in

Furthermore, this essay discusses the standard development model or development policies it refers to the group of four policies: mass-education, creating a national market, erecting an external tariff and creating a banking system as discussed in (Allen, 2011, pp. 41-43). This essay argues that colonisation was economically beneficial to the colonialist powers through improving the metropolitan state’s international trade and giving them access to cheap resources. Furthermore, this essay argues that colonisation was economically detrimental to colonies due to both the short-term impacts of deindustrialisation and longer-term impacts of limiting development by limiting the use of the standard development model and creating economies characterised by inequality. However, this essay acknowledges that some colonies did benefit but they were largely the exception due to their high European population i.e. the US.

Henry Ford, whose name arouses recognition to this day, was one of the most well known figures in the automobile industry. He had created the assembly line to use within manufacturing in order to increase productivity, and consequently, reduce the prices of automobiles. With these famously low prices, it wasn’t uncommon to see cars, such as the 1920 ReVere Touring Car, parked around cities (Doc D). Finally, most American persons would be able to afford a personal vehicle. Due to the growth in this particular industry, employment opportunities had opened up for the common man, with the demand for car factory laborers. It seems, that with this advancement, America was better

The American economy is a vibrant, free-market system that is constantly developing out of the choices and decisions made by millions of citizens who play multiple, often overlapping roles as consumers, producers, investors and voters. The changes in the organization and performances of the manufacturing industry over the last century have helped shape the American economy. The Automotive industry perhaps made the biggest changes to their manufacturing processes. I will be reviewing the role of the industrialist Henry Ford and his innovative methods that changed the organization and performance of the American manufacturing industry forever. He produced an affordable car, paid high wages and helped create a middle

India has a highly dynamic and entrepreneurial business environment (Ford, 2011). The freedom of democracy in India supports the country’s private enterprise greatly. India’s characteristics of sovereignty could very well succeed China’s Communist led, authoritarian growth model (Schuman, 2012).

New imperialism was motivated by the increased production demands created as a result of the industrial revolution, technological developments in communication and transportation and the wave of extreme nationalism (Seton-Watson, 1961). During that time period, the acquisition of new territories was encouraged as a means of expanding profit by investing capital in the various territories (Seton-Watson, 1961). In order to meet the constantly growing demands brought on by the industrial revolution, imperialist countries sought to expand their territories even further (Seton-Watson, 1961). One major benefit of the expansion was an increase in amount of raw materials available. Another benefit of acquiring territories included cheap labour which was a necessity due to the expanding industries (Seton-Watson, 1961). Economic growth was another benefit of territorial expansion as there were more markets to trade with. This second wave of imperialism encouraged imperialist countries to take political control of their colonies (Seton-Watson, 1961). They created new governments that would also benefit them economically as the local leaders would no longer have to be paid for their provision of raw materials like they were under the ‘cash and carry system’ implemented during the first wave of imperialism. Western imperialist nations believed that they were far more

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A few decisions that Henry Ford made for his company helped the productivity and business flourish. Ford did things like offering a pay of $5 a week, wish was over half more than what most companies paid workers in this time. An offer like this would not be put down in this time, so this made a lot of people all over America move to Michigan and work for Ford, and this is how he easily got more than enough employees. Because Henry Ford paid his employees so generously, they had the money to save up and eventually buy an automobile from Ford, which increased sales and production. This was really good for the industry and made it so that the filthy rich of this era were not the only ones to afford cars and other vehicles. This boosted the economy greatly.

The great strength of American capitalism is also its great weakness, namely, its extremely high productivity. In the historical development of the international economic system that we call capitalism, a number of factors have produced enormous increases in productivity, for example, the mechanization of the production process introduced by Henry Ford. The productivity of the great American enterprises rose spectacularly; for example, already in the twenties countless vehicles rolled off the assembly lines of the automobile factories of Michigan every single day. But who was supposed to buy all those cars? Most Americans at the time did not have sufficiently robust pocket books for such a purchase. Other industrial products similarly flooded

ensure significant growth and development. As a result, there is usually the need to obtain the

India has been on a growth trajectory ever since the 1990s when it opened its doors to the global economy. Today, India is one of the most competitive third world countries in the world and has among the best annual growth rates in the world. Essentially, globalization in India has grappled the country with a myriad of adaptive challenges as the country struggles to keep up with the international competition. In the push for growth, there has been a need for increased labor both skilled and unskilled. Eventually, India faces the challenge of child labor as more and more children are enrolled as workers in different industries.

This special reports dives into the changing business world of India. It starts off by describing a big day for India, one where county leaders discussed the fact that business people in their country feel disheartened and the dynastic culture of the entrepreneurs in India. “The world is Flat” by Thomas Friedman is mentioned as he describes India as a “silicon Valet with worse roads and spicier food”. And an idea of a new form of capitalism in India is discussed; stating that Indian capitalism is concentrated and that in the stock market debt levels are low and growth rates are strong. The idea of India’s sense of ownership is mentioned with the evidence that many Indian firms are under family or founder control. India is growing to be

Imperialist countries tightened their control by establishing localized governments.[footnoteRef:3] Some argued that industrial capitalism produced an excess of capital that was unable to find any profitable outlet in the domestic economy, which led to the search for new markets abroad, creating massive foreign investments.[footnoteRef:4] Further supported by the British Empire that could not find lucrative investment opportunities at home, due to changing patterns of consumptions, sought outlets abroad, and drove imperial expansion forward.[footnoteRef:5] It was argued, with the desire to achieve new colonies, that some countries made the decision to rule rather than to teach new colonies, by teaching them they would help to modernize their industries. Some countries had greater advancements than others. They argued that those with wealth should not be cheap, but emphasized “No tawdry rule of kings.”[footnoteRef:6] That those of wealth and power should fill the mouths with food by investing to “fill full the mouth of famine.”[footnoteRef:7] Humanity believed that it was man’s duty to educate and teach the new organized colonies how to be independent.[footnoteRef:8] With sending out settlers to oversee the local population, a nation is establishing its influence over how the new colony should function. Imperialism was one of the first driving forces that introduced by education and the horrors of the 20th century, without

However gaining independence opened doors for better development for all kind of things. The government saw an opportunity to utilise the countries riches

Economic Growth is one of the foremost goals of policymakers throughout the world. Every country has varied strategies across the time for pursuing this objective. One amongst all the strategy is the export-led growth. This strategies directly associated with East Asian countries during the recent period. Export-led growth model appears to have become a desirable for many developing countries across the globe in recent years. Following the Asian financial crisis of 1997–1998 and the global recession in 2001, the developing countries generated considerable interest in the potential of export-led growth a relative rapid growth along with surplus in the current. In this report we have done a study on the strategy-