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Export-oriented
Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and Economics, economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries. However, this may not be true of all domestic markets, as governments may aim to protect specific nascent industries so they grow and are able to exploit their future comparative advantage and in practice the converse can occur. For example, many East Asian countries had strong barriers on imports from the 1960s to the 1980s. Reduced tariff barriers, a fixed exchange rate (a devaluation of national currency is often employed to facilitate exports), and government support for exporting sectors are all an example of policies adopted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Four Asian Tigers
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1960s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year. By the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centres, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices. Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of southeast Asia. In 1993, a World Bank report ''The East Asian Miracle'' credited neoliberal policies with the economic boom, including the maintenance of export-oriented policies, low taxes and minimal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taiwan
Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeast, and the Philippines to the south. The territories controlled by the ROC consist of 168 islands, with a combined area of . The main island of Taiwan, also known as ''Formosa'', has an area of , with mountain ranges dominating the eastern two-thirds and plains in the western third, where its highly urbanised population is concentrated. The capital, Taipei, forms along with New Taipei City and Keelung the largest metropolitan area of Taiwan. Other major cities include Taoyuan, Taichung, Tainan, and Kaohsiung. With around 23.9 million inhabitants, Taiwan is among the most densely populated countries in the world. Taiwan has been settled for at least 25,000 years. Ancestors of Taiwanese indigenous peoples settled the island a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Import Substitution Industrialization
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production.''A Comprehensive Dictionary of Economics'' p.88, ed. Nelson Brian 2009. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich ListMehmet, Ozay (1999). ''Westernizing the Third World: The Eurocentricity of Economic Development.'' London: Routledge. and Alexander Hamilton.Chang, Ha-Joon (2002). ''Kicking Away the Ladder: Development Strategy in Historical Perspective.'' London: Anthem Press. ISI policies have been enacted by developing countries with the intention of producing development and self-sufficiency by the creation of an internal market. The state leads economic development by nationaliza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed by the Yellow Sea, while its eastern border is defined by the Sea of Japan. South Korea claims to be the sole legitimate government of the entire peninsula and List of islands of South Korea, adjacent islands. It has a Demographics of South Korea, population of 51.75 million, of which roughly half live in the Seoul Capital Area, the List of metropolitan areas by population, fourth most populous metropolitan area in the world. Other major cities include Incheon, Busan, and Daegu. The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Its Gojoseon, first kingdom was noted in Chinese records in the early 7th century BCE. Following the unification of the Three Kingdoms of Korea into Unified Silla, Silla and Balhae in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south, the South China Sea to the east, and the Straits of Johor to the north. The country's territory is composed of one main island, 63 satellite islands and islets, and one outlying islet; the combined area of these has increased by 25% since the country's independence as a result of extensive land reclamation projects. It has the third highest population density in the world. With a multicultural population and recognising the need to respect cultural identities of the major ethnic groups within the nation, Singapore has four official languages: English, Malay, Mandarin, and Tamil. English is the lingua franca and numerous public services are available only ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade
Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services, i.e. trading things without the use of money. Modern traders generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning. The invention of money (and letter of credit, paper money, and non-physical money) greatly simplified and promoted trade. Trade between two traders is called bilateral trade, while trade involving more than two traders is called multilateral trade. In one modern view, trade exists due to specialization and the division of labour, a predominant form of economic activity in which individuals and groups concentrate on a small aspect of production, but use their output in trades for other produc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East Asia
East Asia is the eastern region of Asia, which is defined in both geographical and ethno-cultural terms. The modern states of East Asia include China, Japan, Mongolia, North Korea, South Korea, and Taiwan. China, North Korea, South Korea and Taiwan are all unrecognised by at least one other East Asian state due to severe ongoing political tensions in the region, specifically the division of Korea and the political status of Taiwan. Hong Kong and Macau, two small coastal quasi-dependent territories located in the south of China, are officially highly autonomous but are under Chinese sovereignty. Japan, Taiwan, South Korea, Mainland China, Hong Kong, and Macau are among the world's largest and most prosperous economies. East Asia borders Siberia and the Russian Far East to the north, Southeast Asia to the south, South Asia to the southwest, and Central Asia to the west. To the east is the Pacific Ocean and to the southeast is Micronesia (a Pacific Ocean island group, clas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodities
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory. Popular commodities include crude oil, corn, and gold. Other definitions of commodity include something useful or valued and an alternative term for an economic good or ser ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raw Materials
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products. The term ''raw material'' denotes materials in unprocessed or minimally processed states; e.g., raw latex, crude oil, cotton, coal, raw biomass, iron ore, air, lumber, logs, water, or "any product of agriculture, forestry, fishing or mineral in its natural form or which has undergone the transformation required to prepare it for international marketing in substantial volumes". The term ''secondary raw material'' denotes waste material which has been recycled and injected back into use as productive material. Ceramic While pottery originated in many different points around the world, it is certain that it was brought to light mostly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Manufactured Goods
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers). Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * policies of the government * regulation and market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influence the availability and cost for money through ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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