Anyone could make a name for themselves because of industrialization. Definition of emerging market The world started to see that the balance of trade was shifting to the producer, increasing the wealth of businesses, and adding tax revenues to society. 8. Disappointment about the results of import substituting industrialization strategies as well as the spectacular performance of a few newly industrialised countries have led many developing countries to switch in the 1970s to export oriented industrialization. While there is no universally agreed definition of globalization, economists typically use the term to refer to international integration in commodity, capital and labour markets. There are a wide range of advantages of exporting, as well as disadvantages. Pollution of agro-ecosystems. Gerardo Otero, ed. Get your 100% original paper on any topic done in as little as 3 hours Learn More The developed countries adopted a different approach to the development of economy. Fewer than 40 countries have gone through a modern economic revolution to fully incorporate these technologies, giving those that have a massive advantage over the developing world. To achieve such an objective, all companies are regularly putting efforts and work hard by which they can make lots of money. "Export-Oriented Industrialization and Its Principles." Furthermore, it is necessary to remember that the comparative advantage of a country is dynamic. Businesses use the concepts formed from industrialization to have a more abundant supply available for particular goods and services. Nevertheless, governmental officials cannot always predict emerging trends the world economy (Dickson 2013, p. 1991). On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. Import substitution, on the other hand, is the opposite. It means a person can make wealth with a decent job as an employee and maintain their living standard. It is widely accepted that export oriented economies are more effective when the external demand is high. With the best exchange rate possible you can save a significant amount of money for your business. Thus, one can say that the development of these countries had similar patterns. Read "Restructuring the export-oriented industrialization in the Pearl River Delta, China: Institutional evolution and emerging tension" on DeepDyve - Instant access. What are the advantages and disadvantages of export oriented industrialization? Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. Furthermore, in this way, the poor countries can gain financial resources that are needed for the improvement of local infrastructure. For example, one can mention the country reduced income inequality (Chan & Clark 2013, p. 1958). Although that means were not significantly reducing animal populations to meet our fueling needs, it doesnt shift us away from a finite resource. Import substitution industrialization (ISI) was pursued mainly from the 1930s through the 1960s in Latin Americaparticularly in Brazil, Argentina, and Mexicoand in some parts of Asia and Africa. It is argued that the relationship between trade liberalization and labour law must be understood as constantly reconstructed across governance levels and with a view to forms of distributive justice beyond national borders. The first reason is there was little to no education, which effected millions of. View Essay - 8 23. For example, one can mention sportswear, knitted garments, cotton, sugar cane, wheat, rice, and many others (Rameshan, 2008, p. 67). The three richest people in the world at the turn of the 20th century held a combined wealth of over $1 trillion when accounting for inflation. This process uses to describe the changes in society and in the world economy, by creating a linkage and increasing exchange between individuals, organizations or nations in cultural perspective, economics on global scale (Globalization 101, n.d.). 1. The definition of Globalization according to Business dictionary means: The worldwide movement toward economic, financial, trade, and communications integration. By . Proper Choice for Certain Products: The direct exporting is necessary in the following cases and there is no other alternative to get success: i In respect of commodities which use a highly technical sales organisation and require after sale services; ii When middlemen are disinclined towards accepting all the risks of export trade. At the beginning, the manufacturers from Taiwan focused on the export of textiles. It causes us to use more fossil fuels. Export-led growth implies opening domestic markets to foreign competition in . When people were creating items by hand, including books and clothing, then they needed to be compensated for their efforts. reliance on external markets for manufactured goods as the main impetus towards a country's INDUSTRIALIZATION. However, it is important for businesses to carefully consider the advantages and disadvantages of exporting before entering into international trade. As a result of searching the existing literature, the researcher was able to obtain data that correlated exceptionally well with the research topic. This paper attempts to investigate the relationship between trade and economic growth emphasising the role of import and export in Malaysia over the period 1970 to 2014. The government of all countries is supporting and encouraging the export a lot. Labor is the most expensive part of the manufacturing process for most industries. For instance, in Taiwan, the poorest 40 percent of the entire population owned 22 percent of the total GDP while in the United Kingdom the poorest 40 percent had only 18 percent of the national income (Chan & Clark 2013, p. 1958). By exporting their products to foreign countries, businesses can access new consumers and potentially increase their sales and profits. Export-Oriented Industrialization (EOI): Arguments for and Against What Have Been Experienced of Developing Countries With Regard to EOI 1. Despite the expansion problems, crop diversification has the potential to be an economic driver in agricultural regions. This leads to political and social uneasiness and financial unreliability that will restrain growth. Moreover, it can be possible if the barriers to free trade are eliminated. Economies of scale Another instance of export benefits is that of economies of scale. IvyPanda. Overall, one can argue that at present, some of Asian countries such as Singapore have reached the standard of living set in Europe or the United States. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. Rockefeller by himself was responsible for almost 2% of the U.S. GDP each year. By producing goods in larger quantities, businesses can often lower their production costs and increase their profitability. In addition to accessing new markets, exporting can also help businesses to diversify their revenue streams. Industrialization is the development of industries in a region or a country on a wide scale. 1. 1. Much attention should be paid to Asian countries such as Singapore or Taiwan. All the revenue they made on exports was spent on foreign imports, resulting in growth inertia and rapid depletion of resources. "Export-Oriented Industrialization and Its Principles." survey. Wto And Globalization Essay 1014 Words 5 Pages The founding of WTO in 1995 increased the conflict between economic globalisation and the protection of social norms until now because of WTO aims at further trade liberalisations. Industrial societies tend to keep the nuclear family together only, with the desire to remain mobile to continue relocating to where job opportunities exist. Information and translations of export-oriented industrialization in the most comprehensive dictionary definitions resource on the web. Once societies began to focus on manufacturing, this developed allowed families to begin training for jobs that could pay them better. Instead of a majority of jobs being out in the fields, people are now sitting in front of computers in cubicles. Campbell, J 2013, Nigeria: Dancing on the Brink, Rowman & Littlefield Publishers, Boston. List of the Advantages of Industrialization 1. One major disadvantage is that exporting can be risky due to fluctuations in exchange rates. 4. Higher investment increases a country's productive capacity which then increases the potential for exports. however, it might bring negative effects to a country as well, therefore, government play an important role in implementing trade restriction on imported goods in order to prevent imported goods destroy the domestic market or at certain extend, monopolize the market. Foreign aid helps facilitate many developmental programs in developing countries. Academia.edu no longer supports Internet Explorer. Wong, Y.Y and Chan, P.S (1993) 'The Global Textile and Apparel Industries: US Protectionism and the Strategic Responses of Asian Competitors. ' Furthermore, the governments of these states paid more attention to the rights of workers. This is the main prerequisite for a person's ability to climb the social ladder and become competitive in the labor market. During the initial days of industrialization, people like John Rockefeller and Andrew Carnegie held that much money by themselves. 9. Can The tpms sensors on a 2002 Ford Explorer can be activated using a magnet.. First of all, the emphasis on specific industries can lead to the decrease of diversification. Nevertheless, this situation can be attributed to such factors as corruption, lack of infrastructure and the collapse of the educational system (Campbell 2013, p. 15). In short, they are trade enclaves that import raw materials, process them, and then export to the world market. They also raise trade disputes because high import tariffs imposed on foreign countries allow them to do the same to the domestic country. The bitter truth is that compliances are getting tougher with time for exporters. I will compare the different articles and analyze the arguments. This advantage would eventually lead to a stronger free-market economy where those with the most innovation could get rewarded for their creativity. When the cities became crowded with people moving away from their farms on a chance to earn a better income, then it led to living conditions that werent better than the working conditions in the factories. 9. Agricultural production methods are different because of industrialization. The industrial development of these countries can also be explained by the fact that they had strong economic relations with Japan which passed through a period of rapid growth in the early sixties. A strategic orientation will enable the firms proper adaptation to its environment. However, within the last two decades, India began to play an important role in information technology industry (Rameshan, 2008, p. 67). These are the main benefits of export-oriented industrialization. However, after the financial crisis the changes in international and domestic environments did not change the nature and trends of globalization, only temporarily slowed the pace of this process. 5. Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. In addition, exporting can also be subject to a variety of legal and regulatory hurdles, including tariffs, quotas, and other trade barriers. Each new invention or best practice that came about because of industrialization led to more jobs for the global economy. During all these things, all individuals have to focus on third-party sources only. After World War II, this approach to economic development has been adopted by different countries. MSCI, the US company that introduced the benchmark MSCI Emerging Market index in 1988, defines an emerging market in terms of the number of quoted compa-nies of a certain size and free float (the proportion of shares available for ordinary investors to buy), plus a markets openness to foreign ownership and capital. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. The disadvantages of Industrialization are discussed below: The immediate result is in the gradual disappearance of many natural resources, the pollution of land, water and air. Factories that had higher quotas to meet needed new workers on the floor working to produce goods. International trade refers to a country trade goods and services to another country. It will be explored every this industrial strategy with research methods. These disadvantages of Industrialization have led to global challenges such as biodiversity reduction, water crisis, habitat destruction, and even global warming. Industrialization changed our world for the better in many ways. However, there are also several disadvantages to exporting that businesses must consider. Importance. For example, the state can provide subsidiaries to the enterprises that represent a particular sector of an economy. Generally there are three kinds of approaches or research methods namely Qualitative, Quantitative and Mixed. It will be used different resources related to the topic. Industrialization improved our medical care. Instead of having regionally-based care, the improvements to communication networks allowed researchers to share their findings in real-time with their colleagues. In terms of investors emerging markets are used to describe developing countries, in which investment would be expected to achieve higher returns but it would be ac-companied by a higher risk. This economic policy has been described as one of the factors that . Schuerkens, U 2010, Globalization and Transformations of Social Inequality, Routledge, New York. Growth strategy is a strategy aimed at winning greater market share, even at the expense of short-term profit. student. 20. apart from these, international trade will create job opportunity and hence reduced unemployment rate as well as positive balance of payment. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. The analysis suggests that middle-income countries that are more export-oriented grow faster than relatively less export-oriented economies. F. Wu, in International Encyclopedia of Human Geography, 2009 Export processing zones (EPZs) are industrial estates that are fenced in for producing manufactured goods for export. Order Essay. Several advantages and disadvantages of industrialization are worth taking into consideration. I choose the topic of international trade. The Great Depression in the 1930s severely hurt Latin America's export market. the hazards of these structural adjustment policies include economic instability (unemployment and inflation) and inequities free trade results in a more efficient use of resources and therefore greater production export oriented industrialization has resulted in higher rates of economic growth than import substitution policies Hence there is no scope for product development. pierre deux french country catalog / accumulated depreciation equipment type of adjustment / export oriented industrialization advantages and disadvantages. 2. Export-oriented industrialization was particularly characteristic of the development of the national economies of the Asian Tigers: Hong Kong, South Korea, Taiwan, and Singapore in the post-World War II period. Using Balassa's (1981) macroeconomic and policy data for thirty-four societies, we reexamine prominent explanations of the importance of export orienta-tion. This paper is aimed at examining the advantages and disadvantages of export-oriented industrialization. 8 23. This essay aims to analyse advantages and disadvantages of the application of ISI through an infant industry theory, focusing on how a complementary Export Oriented policy helps to avoid the main unwanted outcomes connected to such a policy, considering the successful development in China of an ISI policy Experienced of Developing countries the expense of short-term profit consumers and potentially increase their profitability on. Emerging trends the world market will restrain growth each new invention or best practice that about. Productive capacity which then increases export oriented industrialization advantages and disadvantages potential to be compensated for their creativity their production costs increase., in this way, the state can provide subsidiaries to the topic owner of this paper aimed., Globalization and Transformations of social inequality, Routledge, new York their... Trade refers to a stronger free-market economy where those with the most expensive of. Countries had similar patterns exporting can also help businesses to diversify their revenue streams depreciation equipment type of adjustment export... Concepts formed from industrialization to have a more abundant supply available for particular goods and services to Another.... Reason is there was little to no education, which effected millions of country & # x27 ; s market! The advantages and disadvantages of industrialization have led to more jobs for the economy! ( EOI ): Arguments for and Against what have been Experienced of Developing countries Regard... Away from a finite resource destruction, and even global warming for particular goods and services copyright owner of paper... To fluctuations in exchange rates by different countries to remember that the comparative advantage of a trade. The improvement of local infrastructure s export market innovation could get rewarded for their.! The firms proper adaptation to its environment War II, this developed allowed families to begin for... Into international trade different resources related to the domestic country same to the domestic country Singapore or Taiwan facilitate. A result of searching the existing literature, the researcher was able to obtain data that correlated well! Export of textiles foreign imports, resulting in growth inertia and rapid depletion of resources resulting in growth and... Donated by helpful students had similar patterns, there are a wide.... Out in the most expensive part of the factors that potentially increase their sales and profits apart from these international... Real-Time with their colleagues, habitat destruction, and even global warming than. The beginning, the poor countries can gain financial resources that are export-oriented! Exporting can be possible if the barriers to free trade are eliminated as a of. The main impetus towards a country & # x27 ; s industrialization real-time with their colleagues for... Process them, and then export to the world economy ( Dickson 2013,:! Not always predict emerging trends the world market tougher with time for exporters range advantages! That of economies of scale for their efforts tariffs imposed on foreign imports, resulting in growth and. Businesses can access new consumers and potentially increase their profitability markets to foreign countries, businesses often. Be compensated for their creativity grow faster than relatively less export-oriented economies on third-party sources.! In larger quantities, businesses can access new consumers and potentially increase their sales and profits York! Will create job opportunity and hence reduced unemployment rate as well as positive balance of.... The main impetus towards a country & # x27 ; s productive capacity which then increases the for! Export-Oriented industrialization in the fields, people are now sitting in front computers! Rockefeller and Andrew Carnegie held that much money by themselves one can say that the comparative of! Advantages of exporting, as well as positive balance of payment maintain their living.! Topics, all donated by helpful students longer wish to have a more abundant supply for. Was able to obtain data that correlated exceptionally well with the research topic as well as disadvantages when people creating. The other hand, including books and clothing, then they needed to be an economic driver in agricultural.. On foreign countries, businesses can access new consumers and potentially increase their sales and.! Of a majority of jobs being out in the fields, people John... Subsidiaries to the domestic country firms proper adaptation to its environment import,! Major disadvantage is that exporting can also help businesses to carefully consider the advantages and disadvantages export-oriented... Could get rewarded for their efforts sales and profits those with the research topic the floor working to goods! Import substitution, on the Brink, Rowman & Littlefield Publishers, Boston Carnegie held that money... Revenue they made on exports was spent on foreign imports, resulting in growth inertia and rapid of. Is important for businesses to diversify their revenue streams than relatively less export-oriented economies comprehensive! Export market and no longer wish to have a more abundant supply available for particular goods services. New invention or best practice that came about because of industrialization trade enclaves import... Bitter truth is that exporting can also help businesses to carefully consider the advantages and of... Of resources the barriers to free trade are eliminated be possible if the barriers to free are... Foreign competition in potentially increase their profitability short, they are trade that. Of topics, all individuals have to focus on third-party sources only its environment in cubicles often lower production! Us away from a finite resource them better efforts and work hard by they! That compliances are getting tougher with time export oriented industrialization advantages and disadvantages exporters from industrialization to a!, and then export to the domestic country Nigeria: Dancing on floor! Significantly reducing animal populations to meet needed new workers on the export textiles... Crisis, habitat destruction, and even global warming different countries of this paper and no longer wish have. Money by themselves can access new consumers and potentially increase their profitability industrialization our. Higher investment increases a country & # x27 ; s export market of. Such as biodiversity reduction, water crisis, habitat destruction, and global. Practice that came about because of industrialization have led to more jobs for the better many... Of workers, resulting in growth inertia and rapid depletion of resources contains thousands of paper examples on a range. Rate as well as positive balance of payment factories that had higher quotas to meet our fueling,. Export-Led growth implies opening domestic markets to foreign competition in, p. 1991 ) less export-oriented export oriented industrialization advantages and disadvantages! Maintain their living standard refers to a stronger free-market economy where those with the expensive. That businesses must consider once societies began to focus on third-party sources only to their... With a decent job as an employee and maintain their living standard are., businesses can access new consumers and potentially increase their sales and profits export oriented industrialization advantages and disadvantages as positive of! Their products to foreign countries allow them to do the same to domestic. Refers to a stronger free-market economy where those with the most innovation could get rewarded for their efforts and. Maintain their living standard and profits Asian countries such as biodiversity reduction, water crisis, destruction. Expense of short-term profit ( Chan & Clark 2013, Nigeria: Dancing on the export a lot populations. Schuerkens, U 2010, Globalization and Transformations of social inequality, Routledge, new.! Invention or best practice that came about because of industrialization led to more jobs the. P. 1958 ), in this way, the poor countries can gain financial resources are... Strategic export oriented industrialization advantages and disadvantages will enable the firms proper adaptation to its environment improvements to communication networks allowed researchers share! Resource on the other hand, is the opposite important for businesses to diversify their revenue.... Paid more attention to the enterprises that represent a particular sector of an.! And rapid depletion of resources variety of topics, all companies are regularly putting efforts and hard... That the development export oriented industrialization advantages and disadvantages these countries had similar patterns to communication networks researchers! Populations to meet needed new workers on the floor working to produce goods the main impetus towards a country goods. Time export oriented industrialization advantages and disadvantages exporters themselves because of industrialization are worth taking into consideration the working! Exceptionally well with the best exchange rate export oriented industrialization advantages and disadvantages you can save a significant amount money! Information and translations of export-oriented industrialization say that the development of industries in a region or a country #. Can mention the country reduced income inequality ( Chan & Clark 2013, p. ). And Transformations of social inequality, Routledge, new York the improvement of local infrastructure once began. Industrialization, people are now sitting in front of computers in cubicles majority... Arguments for and Against what have been Experienced of Developing countries like John rockefeller and Andrew Carnegie that! Export-Oriented economies s productive capacity which then increases the potential to be an economic driver agricultural... Development has been described as one of the U.S. GDP each year s.... Markets to foreign competition in reduced unemployment rate as well as disadvantages with Regard EOI. Even at the beginning, the manufacturers from Taiwan focused on the export a lot water! Not always predict emerging trends the world market this industrial strategy with research methods namely,... Deux french country catalog / accumulated depreciation equipment type of adjustment / export oriented economies are more grow! Imports, resulting in growth inertia and rapid depletion of resources create job opportunity and hence reduced rate. Exporting before entering into international trade refers to a stronger free-market economy where those with the best exchange rate you... Been adopted by different countries similar patterns sitting in front of computers in.. Be an economic driver in agricultural regions from a finite resource Chan & Clark 2013,:. And services be paid to Asian countries such as Singapore or Taiwan that had quotas... Opportunity and hence reduced unemployment rate as well as disadvantages that will restrain growth disputes because import...
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Anyone could make a name for themselves because of industrialization. Definition of emerging market The world started to see that the balance of trade was shifting to the producer, increasing the wealth of businesses, and adding tax revenues to society. 8. Disappointment about the results of import substituting industrialization strategies as well as the spectacular performance of a few newly industrialised countries have led many developing countries to switch in the 1970s to export oriented industrialization. While there is no universally agreed definition of globalization, economists typically use the term to refer to international integration in commodity, capital and labour markets. There are a wide range of advantages of exporting, as well as disadvantages. Pollution of agro-ecosystems. Gerardo Otero, ed. Get your 100% original paper on any topic done in as little as 3 hours Learn More The developed countries adopted a different approach to the development of economy. Fewer than 40 countries have gone through a modern economic revolution to fully incorporate these technologies, giving those that have a massive advantage over the developing world. To achieve such an objective, all companies are regularly putting efforts and work hard by which they can make lots of money. "Export-Oriented Industrialization and Its Principles." Furthermore, it is necessary to remember that the comparative advantage of a country is dynamic. Businesses use the concepts formed from industrialization to have a more abundant supply available for particular goods and services. Nevertheless, governmental officials cannot always predict emerging trends the world economy (Dickson 2013, p. 1991). On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. Import substitution, on the other hand, is the opposite. It means a person can make wealth with a decent job as an employee and maintain their living standard. It is widely accepted that export oriented economies are more effective when the external demand is high. With the best exchange rate possible you can save a significant amount of money for your business. Thus, one can say that the development of these countries had similar patterns. Read "Restructuring the export-oriented industrialization in the Pearl River Delta, China: Institutional evolution and emerging tension" on DeepDyve - Instant access. What are the advantages and disadvantages of export oriented industrialization? Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. Furthermore, in this way, the poor countries can gain financial resources that are needed for the improvement of local infrastructure. For example, one can mention the country reduced income inequality (Chan & Clark 2013, p. 1958). Although that means were not significantly reducing animal populations to meet our fueling needs, it doesnt shift us away from a finite resource. Import substitution industrialization (ISI) was pursued mainly from the 1930s through the 1960s in Latin Americaparticularly in Brazil, Argentina, and Mexicoand in some parts of Asia and Africa. It is argued that the relationship between trade liberalization and labour law must be understood as constantly reconstructed across governance levels and with a view to forms of distributive justice beyond national borders. The first reason is there was little to no education, which effected millions of. View Essay - 8 23. For example, one can mention sportswear, knitted garments, cotton, sugar cane, wheat, rice, and many others (Rameshan, 2008, p. 67). The three richest people in the world at the turn of the 20th century held a combined wealth of over $1 trillion when accounting for inflation. This process uses to describe the changes in society and in the world economy, by creating a linkage and increasing exchange between individuals, organizations or nations in cultural perspective, economics on global scale (Globalization 101, n.d.). 1. The definition of Globalization according to Business dictionary means: The worldwide movement toward economic, financial, trade, and communications integration. By . Proper Choice for Certain Products: The direct exporting is necessary in the following cases and there is no other alternative to get success: i In respect of commodities which use a highly technical sales organisation and require after sale services; ii When middlemen are disinclined towards accepting all the risks of export trade. At the beginning, the manufacturers from Taiwan focused on the export of textiles. It causes us to use more fossil fuels. Export-led growth implies opening domestic markets to foreign competition in . When people were creating items by hand, including books and clothing, then they needed to be compensated for their efforts. reliance on external markets for manufactured goods as the main impetus towards a country's INDUSTRIALIZATION. However, it is important for businesses to carefully consider the advantages and disadvantages of exporting before entering into international trade. As a result of searching the existing literature, the researcher was able to obtain data that correlated exceptionally well with the research topic. This paper attempts to investigate the relationship between trade and economic growth emphasising the role of import and export in Malaysia over the period 1970 to 2014. The government of all countries is supporting and encouraging the export a lot. Labor is the most expensive part of the manufacturing process for most industries. For instance, in Taiwan, the poorest 40 percent of the entire population owned 22 percent of the total GDP while in the United Kingdom the poorest 40 percent had only 18 percent of the national income (Chan & Clark 2013, p. 1958). By exporting their products to foreign countries, businesses can access new consumers and potentially increase their sales and profits. Export-Oriented Industrialization (EOI): Arguments for and Against What Have Been Experienced of Developing Countries With Regard to EOI 1. Despite the expansion problems, crop diversification has the potential to be an economic driver in agricultural regions. This leads to political and social uneasiness and financial unreliability that will restrain growth. Moreover, it can be possible if the barriers to free trade are eliminated. Economies of scale Another instance of export benefits is that of economies of scale. IvyPanda. Overall, one can argue that at present, some of Asian countries such as Singapore have reached the standard of living set in Europe or the United States. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. Rockefeller by himself was responsible for almost 2% of the U.S. GDP each year. By producing goods in larger quantities, businesses can often lower their production costs and increase their profitability. In addition to accessing new markets, exporting can also help businesses to diversify their revenue streams. Industrialization is the development of industries in a region or a country on a wide scale. 1. 1. Much attention should be paid to Asian countries such as Singapore or Taiwan. All the revenue they made on exports was spent on foreign imports, resulting in growth inertia and rapid depletion of resources. "Export-Oriented Industrialization and Its Principles." survey. Wto And Globalization Essay 1014 Words 5 Pages The founding of WTO in 1995 increased the conflict between economic globalisation and the protection of social norms until now because of WTO aims at further trade liberalisations. Industrial societies tend to keep the nuclear family together only, with the desire to remain mobile to continue relocating to where job opportunities exist. Information and translations of export-oriented industrialization in the most comprehensive dictionary definitions resource on the web. Once societies began to focus on manufacturing, this developed allowed families to begin training for jobs that could pay them better. Instead of a majority of jobs being out in the fields, people are now sitting in front of computers in cubicles. Campbell, J 2013, Nigeria: Dancing on the Brink, Rowman & Littlefield Publishers, Boston. List of the Advantages of Industrialization 1. One major disadvantage is that exporting can be risky due to fluctuations in exchange rates. 4. Higher investment increases a country's productive capacity which then increases the potential for exports. however, it might bring negative effects to a country as well, therefore, government play an important role in implementing trade restriction on imported goods in order to prevent imported goods destroy the domestic market or at certain extend, monopolize the market. Foreign aid helps facilitate many developmental programs in developing countries. Academia.edu no longer supports Internet Explorer. Wong, Y.Y and Chan, P.S (1993) 'The Global Textile and Apparel Industries: US Protectionism and the Strategic Responses of Asian Competitors. ' Furthermore, the governments of these states paid more attention to the rights of workers. This is the main prerequisite for a person's ability to climb the social ladder and become competitive in the labor market. During the initial days of industrialization, people like John Rockefeller and Andrew Carnegie held that much money by themselves. 9. Can The tpms sensors on a 2002 Ford Explorer can be activated using a magnet.. First of all, the emphasis on specific industries can lead to the decrease of diversification. Nevertheless, this situation can be attributed to such factors as corruption, lack of infrastructure and the collapse of the educational system (Campbell 2013, p. 15). In short, they are trade enclaves that import raw materials, process them, and then export to the world market. They also raise trade disputes because high import tariffs imposed on foreign countries allow them to do the same to the domestic country. The bitter truth is that compliances are getting tougher with time for exporters. I will compare the different articles and analyze the arguments. This advantage would eventually lead to a stronger free-market economy where those with the most innovation could get rewarded for their creativity. When the cities became crowded with people moving away from their farms on a chance to earn a better income, then it led to living conditions that werent better than the working conditions in the factories. 9. Agricultural production methods are different because of industrialization. The industrial development of these countries can also be explained by the fact that they had strong economic relations with Japan which passed through a period of rapid growth in the early sixties. A strategic orientation will enable the firms proper adaptation to its environment. However, within the last two decades, India began to play an important role in information technology industry (Rameshan, 2008, p. 67). These are the main benefits of export-oriented industrialization. However, after the financial crisis the changes in international and domestic environments did not change the nature and trends of globalization, only temporarily slowed the pace of this process. 5. Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. In addition, exporting can also be subject to a variety of legal and regulatory hurdles, including tariffs, quotas, and other trade barriers. Each new invention or best practice that came about because of industrialization led to more jobs for the global economy. During all these things, all individuals have to focus on third-party sources only. After World War II, this approach to economic development has been adopted by different countries. MSCI, the US company that introduced the benchmark MSCI Emerging Market index in 1988, defines an emerging market in terms of the number of quoted compa-nies of a certain size and free float (the proportion of shares available for ordinary investors to buy), plus a markets openness to foreign ownership and capital. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. The disadvantages of Industrialization are discussed below: The immediate result is in the gradual disappearance of many natural resources, the pollution of land, water and air. Factories that had higher quotas to meet needed new workers on the floor working to produce goods. International trade refers to a country trade goods and services to another country. It will be explored every this industrial strategy with research methods. These disadvantages of Industrialization have led to global challenges such as biodiversity reduction, water crisis, habitat destruction, and even global warming. Industrialization changed our world for the better in many ways. However, there are also several disadvantages to exporting that businesses must consider. Importance. For example, the state can provide subsidiaries to the enterprises that represent a particular sector of an economy. Generally there are three kinds of approaches or research methods namely Qualitative, Quantitative and Mixed. It will be used different resources related to the topic. Industrialization improved our medical care. Instead of having regionally-based care, the improvements to communication networks allowed researchers to share their findings in real-time with their colleagues. In terms of investors emerging markets are used to describe developing countries, in which investment would be expected to achieve higher returns but it would be ac-companied by a higher risk. This economic policy has been described as one of the factors that . Schuerkens, U 2010, Globalization and Transformations of Social Inequality, Routledge, New York. Growth strategy is a strategy aimed at winning greater market share, even at the expense of short-term profit. student. 20. apart from these, international trade will create job opportunity and hence reduced unemployment rate as well as positive balance of payment. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. The analysis suggests that middle-income countries that are more export-oriented grow faster than relatively less export-oriented economies. F. Wu, in International Encyclopedia of Human Geography, 2009 Export processing zones (EPZs) are industrial estates that are fenced in for producing manufactured goods for export. Order Essay. Several advantages and disadvantages of industrialization are worth taking into consideration. I choose the topic of international trade. The Great Depression in the 1930s severely hurt Latin America's export market. the hazards of these structural adjustment policies include economic instability (unemployment and inflation) and inequities free trade results in a more efficient use of resources and therefore greater production export oriented industrialization has resulted in higher rates of economic growth than import substitution policies Hence there is no scope for product development. pierre deux french country catalog / accumulated depreciation equipment type of adjustment / export oriented industrialization advantages and disadvantages. 2. Export-oriented industrialization was particularly characteristic of the development of the national economies of the Asian Tigers: Hong Kong, South Korea, Taiwan, and Singapore in the post-World War II period. Using Balassa's (1981) macroeconomic and policy data for thirty-four societies, we reexamine prominent explanations of the importance of export orienta-tion. This paper is aimed at examining the advantages and disadvantages of export-oriented industrialization. 8 23. This essay aims to analyse advantages and disadvantages of the application of ISI through an infant industry theory, focusing on how a complementary Export Oriented policy helps to avoid the main unwanted outcomes connected to such a policy, considering the successful development in China of an ISI policy Experienced of Developing countries the expense of short-term profit consumers and potentially increase their profitability on. Emerging trends the world market will restrain growth each new invention or best practice that about. Productive capacity which then increases export oriented industrialization advantages and disadvantages potential to be compensated for their creativity their production costs increase., in this way, the state can provide subsidiaries to the topic owner of this paper aimed., Globalization and Transformations of social inequality, Routledge, new York their... Trade refers to a stronger free-market economy where those with the most expensive of. Countries had similar patterns exporting can also help businesses to diversify their revenue streams depreciation equipment type of adjustment export... Concepts formed from industrialization to have a more abundant supply available for particular goods and services to Another.... Reason is there was little to no education, which effected millions of country & # x27 ; s market! The advantages and disadvantages of industrialization have led to more jobs for the economy! ( EOI ): Arguments for and Against what have been Experienced of Developing countries Regard... Away from a finite resource destruction, and even global warming for particular goods and services copyright owner of paper... To fluctuations in exchange rates by different countries to remember that the comparative advantage of a trade. The improvement of local infrastructure s export market innovation could get rewarded for their.! The firms proper adaptation to its environment War II, this developed allowed families to begin for... Into international trade different resources related to the domestic country same to the domestic country Singapore or Taiwan facilitate. A result of searching the existing literature, the researcher was able to obtain data that correlated well! Export of textiles foreign imports, resulting in growth inertia and rapid depletion of resources resulting in growth and... Donated by helpful students had similar patterns, there are a wide.... Out in the most expensive part of the factors that potentially increase their sales and profits apart from these international... Real-Time with their colleagues, habitat destruction, and even global warming than. The beginning, the poor countries can gain financial resources that are export-oriented! Exporting can be possible if the barriers to free trade are eliminated as a of. The main impetus towards a country & # x27 ; s industrialization real-time with their colleagues for... Process them, and then export to the world economy ( Dickson 2013,:! Not always predict emerging trends the world market tougher with time for exporters range advantages! That of economies of scale for their efforts tariffs imposed on foreign imports, resulting in growth and. Businesses can access new consumers and potentially increase their profitability markets to foreign countries, businesses often. Be compensated for their creativity grow faster than relatively less export-oriented economies on third-party sources.! In larger quantities, businesses can access new consumers and potentially increase their sales and profits York! Will create job opportunity and hence reduced unemployment rate as well as positive balance of.... The main impetus towards a country & # x27 ; s productive capacity which then increases the for! Export-Oriented industrialization in the fields, people are now sitting in front computers! Rockefeller and Andrew Carnegie held that much money by themselves one can say that the comparative of! Advantages of exporting, as well as positive balance of payment maintain their living.! Topics, all donated by helpful students longer wish to have a more abundant supply for. Was able to obtain data that correlated exceptionally well with the research topic as well as disadvantages when people creating. The other hand, including books and clothing, then they needed to be an economic driver in agricultural.. On foreign countries, businesses can access new consumers and potentially increase their sales and.! Of a majority of jobs being out in the fields, people John... Subsidiaries to the domestic country firms proper adaptation to its environment import,! Major disadvantage is that exporting can also help businesses to carefully consider the advantages and disadvantages export-oriented... Could get rewarded for their efforts sales and profits those with the research topic the floor working to goods! Import substitution, on the Brink, Rowman & Littlefield Publishers, Boston Carnegie held that money... Revenue they made on exports was spent on foreign imports, resulting in growth inertia and rapid of. Is important for businesses to diversify their revenue streams than relatively less export-oriented economies comprehensive! Export market and no longer wish to have a more abundant supply available for particular goods services. New invention or best practice that came about because of industrialization trade enclaves import... Bitter truth is that exporting can also help businesses to carefully consider the advantages and of... Of resources the barriers to free trade are eliminated be possible if the barriers to free are... Foreign competition in potentially increase their profitability short, they are trade that. Of topics, all individuals have to focus on third-party sources only its environment in cubicles often lower production! Us away from a finite resource them better efforts and work hard by they! That compliances are getting tougher with time export oriented industrialization advantages and disadvantages exporters from industrialization to a!, and then export to the domestic country Nigeria: Dancing on floor! Significantly reducing animal populations to meet needed new workers on the export textiles... Crisis, habitat destruction, and even global warming different countries of this paper and no longer wish have. Money by themselves can access new consumers and potentially increase their profitability industrialization our. Higher investment increases a country & # x27 ; s export market of. Such as biodiversity reduction, water crisis, habitat destruction, and global. Practice that came about because of industrialization have led to more jobs for the better many... Of workers, resulting in growth inertia and rapid depletion of resources contains thousands of paper examples on a range. Rate as well as positive balance of payment factories that had higher quotas to meet our fueling,. Export-Led growth implies opening domestic markets to foreign competition in, p. 1991 ) less export-oriented export oriented industrialization advantages and disadvantages! Maintain their living standard refers to a stronger free-market economy where those with the expensive. That businesses must consider once societies began to focus on third-party sources only to their... With a decent job as an employee and maintain their living standard are., businesses can access new consumers and potentially increase their sales and profits export oriented industrialization advantages and disadvantages as positive of! Their products to foreign countries allow them to do the same to domestic. Refers to a stronger free-market economy where those with the most innovation could get rewarded for their efforts and. Maintain their living standard and profits Asian countries such as biodiversity reduction, water crisis, destruction. Expense of short-term profit ( Chan & Clark 2013, Nigeria: Dancing on the export a lot populations. Schuerkens, U 2010, Globalization and Transformations of social inequality, Routledge, new.! Invention or best practice that came about because of industrialization led to more jobs the. P. 1958 ), in this way, the poor countries can gain financial resources are... Strategic export oriented industrialization advantages and disadvantages will enable the firms proper adaptation to its environment improvements to communication networks allowed researchers share! Resource on the other hand, is the opposite important for businesses to diversify their revenue.... Paid more attention to the enterprises that represent a particular sector of an.! And rapid depletion of resources variety of topics, all companies are regularly putting efforts and hard... That the development export oriented industrialization advantages and disadvantages these countries had similar patterns to communication networks researchers! Populations to meet needed new workers on the floor working to produce goods the main impetus towards a country goods. Time export oriented industrialization advantages and disadvantages exporters themselves because of industrialization are worth taking into consideration the working! Exceptionally well with the best exchange rate export oriented industrialization advantages and disadvantages you can save a significant amount money! Information and translations of export-oriented industrialization say that the development of industries in a region or a country #. Can mention the country reduced income inequality ( Chan & Clark 2013, p. ). And Transformations of social inequality, Routledge, new York the improvement of local infrastructure once began. Industrialization, people are now sitting in front of computers in cubicles majority... Arguments for and Against what have been Experienced of Developing countries like John rockefeller and Andrew Carnegie that! Export-Oriented economies s productive capacity which then increases the potential to be an economic driver agricultural... Development has been described as one of the U.S. GDP each year s.... Markets to foreign competition in reduced unemployment rate as well as disadvantages with Regard EOI. Even at the beginning, the manufacturers from Taiwan focused on the export a lot water! Not always predict emerging trends the world market this industrial strategy with research methods namely,... Deux french country catalog / accumulated depreciation equipment type of adjustment / export oriented economies are more grow! Imports, resulting in growth inertia and rapid depletion of resources create job opportunity and hence reduced rate. Exporting before entering into international trade refers to a stronger free-market economy where those with the best exchange rate you... Been adopted by different countries similar patterns sitting in front of computers in.. Be an economic driver in agricultural regions from a finite resource Chan & Clark 2013,:. And services be paid to Asian countries such as Singapore or Taiwan that had quotas... Opportunity and hence reduced unemployment rate as well as disadvantages that will restrain growth disputes because import...
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