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Economics2:TheWorldEconomy
F86E35
CandidateName:RENLU
GradeandClass:2013BA1
Introduction
2
1.Freetrade
3
2.Absoluteadvantagesandcomparativeadvantages
3
3.Thebenefitsoffreetrade
4
4.Thepurposeofcarryingouttradeprotectionism
5
5.OneMechanismoftheWorldTradeOrganization
6
6.OnemeasureofEuropeanUnionpromoteseconomicintegration
8
7.Balanceofpayments
9
8.ThegeneraltrendsinUKtradeoverthelast30year
10
9.Thebalanceofpaymentsaffectedbyexchangerates
12
10.Advantagesanddisadvantagesoffixedrateandfloatingrate
13
11.Effectsoffixedrateandfloatingrateonindividualsandcompany
15
12.Thecharacteristicsofthenewlyindustrializedcountriesandthedevelopingcountries
16
13.Theissuesofthenewlyindustrializedcountriesandthedevelopingcountries
17
14.TheinfluencesMulti-NationalCorporationsbringtonewlyindustrializedcountries.
18
Conclusion
19
Reference
20
Introduction
Thisreporthasintroducedtheworldeconomicssimply.Thecontentincludes:Internationaltrade,freetrade,Protectionism,theroleofWTOandunder-developednation,UKabsoluteandcomparativeadvantage,theprotectionismandtworecentexamplesaboutdemonstrateargumentswhichgovernmentmayputforwardforitsuse,twobarriersoftrade,aEUinitiativeabouttheroleoftheEUinpromotingtrade,thecompositionofthebalanceofpayments,thegeneraltrendsinUKtradeoverthelast30years,thewaywhichthebalanceofpaymentsaffectedbyexchangerates,ananalysisoftwocurrentissuesthatfaceLDCs,andtheaidofrecentexamplesabouttwoimpactsofmultinationalsonNICsandLDCs.
I.Freetrade
(1).Freetradeisatypeoftradepolicythatallowstraderstoactandtransactwithoutinterferencefromgovernment.Thus,thepolicypermitstradingpartnersmutualgainsfromtrade,withgoodsandservicesproducedaccordingtothetheoryofcomparativeadvantage.
China-ASEANfreetradeareawasformallyestablishedinJanuary1,2010,coveringapopulationof1900000000.China-ASEANfreetradearea’sGDPamountedto$6andtradeamountedto$4.5.Itisthelargestfreetradezoneamongdevelopingcountries.
AftertheestablishmentofCAFTA,morethan90%productsarecarriedoutforzerotariffsonbothsides.AveragetariffsfromChinesetoASEANdecreasefrom9.8%to0.1%,AveragetariffsfromASEAN’ssixoldmemberstoChinesedecreasefrom12.8%to0.6%.Tariffs’hugereductionpromotedtherapidgrowthofbilateraltrade.
ChinaandASEANcountries’tradeinvestmentgrows,economicintegrationdeepens,companiesandpeoplearewidelybenefit,realizinggoalsofmutualbenefitandwin-wincooperationandcommondevelopment.ChinaandASEAN’stotalquantityofbilateraltradegrowsrapidly.FromJanuarytoOctoberthisyear,thebilateraltradevolumehasreachedto$295900000000,ayear-on-yeargrowthof25.7%.
(2).Absoluteadvantagesandcomparativeadvantages
Absoluteadvantagesissaidtooccurwhenonecountrycanproduceagoodorservicetopre-determinedqualitywithlessresourcesormorecheaplythananothercountry.
Evenwhenacountryhasanabsoluteadvantageoveranothercountryintermsofcommoditiestheywishtotradeitwillstillbetotheirmutualadvantagetotradeprovidingeachcountryhasthecomparativeadvantages.
UKisamajorimporterofmanufacturinggoodssuchclothes,shoes,toys,electronicproducesetc.astheselabororientedconsumergoodswillcostmoreinUKbefore1980s.UKhastheWiththedevelopmentofservice,theadvantageoftradeisservicetrade.
Thegoodsthatcourtryimportandexportchangeovertimeasthegoodsinwhichtheyhaveacomparativeadvantagechangeovertime.Before1970s,manufacturingindustryisitsabsoluteadvantage.After1970s,serviceindustryismorecompetitiveforinternationaltradesuchascomputersoftware,businessserviceandpharmaceuticals.Theseindustryareseentobringthepossibilityoflongtermgrowth,whiletheindustriesbasedonheavycapitalinvestmentorrequiringrelativelycheaplaborwillnotbecompetitivewithdevelopingcountries.
2.Thebenefitsoffreetrade
(1).Goodsandservicesproducedatlowercost.Freetradecanpromotethecooperationofdifferentcountriesintheworld.Itcandecreasethecostofproducinggoods.
(2).Greaterrangeofcommoditiesforconsumers,morechoice.Anycountriescannotproduceallproducts,theyallhaveproductswhichareunabletoproduce.Tradeallowustobuyallofthem.Greaterrangeofcommoditiesprovidecustomerswithmorechoice.
(3).Increasedworld-wideoutput.Eachcountryproducingaccordingtotheirrespectiveadvantageshashighefficiency.Underthesameresources,ithashighyield.Therefore,internationaltradeincreasedworld-wideoutput.
BarrierstoInternationalTrade
Tradebarriersaregovernment-inducedrestrictionson
\o"Internationaltrade"
internationaltrade
.Thebarrierscantakemanyforms,includingthefollowingtariffsandnontariffs.
NonTarriffBarriers-exchangecontrols
Inarealworld,thereisandshouldbeacertaindegreeofgovernmentinterventiononforeignexchange.Importsneedforeigncurrenciestobuygooodsandservicesfromabroad.Importersmustapplytothecenytalbankforthecurrencytheyneedtopurchasegoodsinthatcountry,TheCentralbankcanerxertcontroloverthevarietyandvolumeofbothimportsandexportsbycontrollingthequantityofforeigncuurencyitwillissuetoexportersandimporters.
NonTarriffBarriers-ImportDepoits
Governmentrequiresimporterstolodgeanon-interestbearingdepositinadvancewithitsCentralBankbeforetheycanbuygoodsandservicesfromabroad.Besides,thedepositisusuallyinanamountequaltoallorpartofthecostofimportedgoods.Thisistimeconsumingandobviouslyexpensivesinceitreducestheliquidityoftheimportingfirms,whichtendtohindertheirimportingactivities.Before1984,theNigerianadvancedimportdepositrangedfrom50%to200%ofthevalueofalistofimportitems.
Giveaexampleabouttariffs,35%tariffsonChinesetyresimposedontheUnitedStateson11thSeptemberin2009.ItmakeChinesetyresfirmshavetoincreasepriceifsalesinAmerica.
Forexample,tnontariffsinRussiatoUkraineforembargoeswhichsuspensionofUkraineimportsofjuiceon29thJulyin2014.ItmakeUkraine’sjuicenotallowsaleinRussia.
4.ThepurposeofraisingbarrierstoInternationalTrade
(1)Thepurposeistoprotectemployment.
FootwearmanufactureersassociationsofItaly,SpainadPortugalarereportedtohavefieldapplicationstotheEUtocurbfootwearimportsfromChina.LocalshoemarkersinElche,thecapitalofSpain’sonceflourishingfootwearindustry,arguethat“madeinChina〞istakingawaytheirjobsbythatChineseshoeshavebeenboominginSpainjustbecauseofgoodqualityandreasonableprices.
(2)Thepurposeistoanti-dumping.InJuly2012,SolarWorldAG,aGermangiant,ledaconsortiumofaround25EUsolarpanelproducerstofileacomplainttotheEUCommissiontoinvestigatewhethertherehasbeendistortionofcompetitionbyChinesecounterpartsduetodumping.SoonGermanyagainstChinalowprice.
5.TheRoleofWTO
TheWorldTradeOrganization(WTO)isan
\o"Organization"
organization
thatintendstosuperviseand
\o"Freetrade"
liberalize
\o"Internationaltrade"
internationaltrade
.Theorganizationofficiallycommencedon1January1995underthe
\o"MarrakechAgreement"
MarrakechAgreement
,signedby123nationson15April1994,replacingthe
\o"GeneralAgreementonTariffsandTrade"
GeneralAgreementonTariffsandTrade
(GATT),whichcommencedin1948.
Theorganizationdealswithregulationoftradebetweenparticipatingcountriesbyprovidingaframeworkfornegotiatingandformalizingtradeagreementsandadisputeresolutionprocessaimedatenforcingparticipants'adherencetoWTOagreements,whicharesignedbyrepresentativesofmembergovernmentsandratifiedbytheirparliaments.
TheWTOdisputesettlementmechanismismeasuresofdealingwithtradedisputesbetweenmembers.Itistheeffectivewayforcountriesespeciallythedevelopingcountriestoresolvetheeconomicfrictionandsafeguardtheirlegitimaterightsandinterests.Itisveryunfavorableforthedevelopingcountriestoresolvetradedisputesespeciallytradedisputeswiththedevelopedcountriesthroughbilateralchannels.Thebilateralapproachpursuesstrengthdoctrine.Involvedintradedisputesamongdevelopingcountries,theWTOdisputesettlementmechanismrulingiscomparativelyfairandreasonable.Aseitherthecomplainantorrespondent,thelegitimateinterestsofthedevelopingcountrieshavebeeneffectivelyprotected.ItisbecausetheWTOdisputeadjudicationhasverystrongfairness,developingcountriesgenerallyhaveahighenthusiasmtousetheWTOdisputesettlementmechanism.SomelargereconomicscaledevelopingcountriesismoreactiveintheuseofWTOdisputesettlementmechanism.Ithelpstoreducetheeconomicfrictionbetweencountries,andpromotefriendlyrelationsamongnations.
TheUruguayRoundwasthe8throundof
\o"Multilateraltradenegotiations"
multilateraltradenegotiations
(MTN)conductedwithintheframeworkofthe
\o"GeneralAgreementonTariffsandTrade"
GeneralAgreementonTariffsandTrade
(GATT),spanningfrom1986to1994andembracing123countriesas"contractingparties".TheRoundledtothecreationofthe
\o"WorldTradeOrganization"
WorldTradeOrganization
,with
\o"GATT"
GATT
remainingasanintegralpartoftheWTOagreements.ThebroadmandateoftheRoundhadbeentoextendGATTtraderulestoareaspreviouslyexemptedastoodifficulttoliberalize(
\o"Agriculture"
agriculture
,
\o"Textiles"
textiles
)andincreasinglyimportantnewareaspreviouslynotincluded(tradein
\o"Service(economics)"
services
,
\o"Intellectualproperty"
intellectualproperty
,
\o"Investmentpolicy"
investmentpolicy
tradedistortions)
HerearesomeothersareastheWTOhasdealtwithinattemptstoestablishitselfasthepolicingbodypromotingfreetrade.TheBananaDispute.TheWTOruledthattheEuropeanUniondiscriminatedunfairlyagainsttheUSwithitsbananaimportrules.TheWTOallowedtheUStoslapa$191millionsanctionontheEU.Wasitpaid?Wedonotknowbutprobablynotso.
6.OnemeasureofEuropeanUnionpromoteseconomicintegration
TheEuropeanUnion(EU)isa
\o"PoliticsoftheEuropeanUnion"
politico
-
\o"EconomicandMonetaryUnionoftheEuropeanUnion"
economic
unionof28
\o"MemberstateoftheEuropeanUnion"
memberstates
thatarelocatedprimarilyin
\o"Europe"
Europe
.TheEUoperatesthroughasystemofsupranational
\o"InstitutionsoftheEuropeanUnion"
institutions
and
\o"Intergovernmentalism"
intergovernmental
negotiateddecisionsbythememberstates.Theinstitutionsare:the
\o"EuropeanCommission"
EuropeanCommission
,the
\o"CounciloftheEuropeanUnion"
CounciloftheEuropeanUnion
,the
\o"EuropeanCouncil"
EuropeanCouncil
,the
\o"CourtofJusticeoftheEuropeanUnion"
CourtofJusticeoftheEuropeanUnion
,the
\o"EuropeanCentralBank"
EuropeanCentralBank
,the
\o"CourtofAuditors"
CourtofAuditors
,andthe
\o"EuropeanParliament"
EuropeanParliament
.TheEuropeanParliamentiselectedeveryfiveyearsby
\o"CitizenshipoftheEuropeanUnion"
EUcitizens
EUcaneliminatecustomersdutiesandquotasonimportsandexportsofgoodsbetweenmemberstatesandeliminatetariffsbetweenEUmembers.Thoughtheinstitutions,memberscanestablishcommonpoliciesforagricultureandtransportforfreetrade.
Itcanacceleratetheinvestmentfromawiderangeofcontries.WiththerisingstatusoftheeuroanddevelopmentofEuropeancapitalmarket,members’costofcapitalwilldecline,whichisconducivetoinvestmentandeconomicgrowth.TheEuropeanCentralBank(ECB)developandimplementaunifiedmonetarypolicy,eachcountry’sinterestrates,pricesandinvestmentreturnswillgraduallynarrowthedifferencesorreachtounanimous,leadingtoanoveralldeclineofpriceandthelevelofinterestrates.
7.Balanceofpayments
(s://gov.uk/government/statistics/announcements)
Thebalanceofpayments(BOP)ofacountryistherecordofalleconomictransactionsbetweentheresidentsofacountryandtherestoftheworldinaparticularperiod(overaquarterofayearormorecommonlyoverayear).Thesetransactionsaremadebyindividuals,firmsandgovernmentbodies.Thusthebalanceofpaymentsincludesallexternalvisibleandnon-visibletransactionsofacountryduringagivenperiod,usuallyayear.Itrepresentsasummationofcountry'scurrentdemandandsupplyoftheclaimsonforeigncurrenciesandofforeignclaimsonitscurrency
Thistableillustratescurrentaccount,capitalaccountandfinancialaccountinUKduringthe20yearsfrom1980to2010.Intermsofcurrentaccount,therejustfouryearsthefigureispositivewhenbetween1980and1983.Andthenthefigurealmostnegativefrom1984to2010.Andthefigureachievesthelowestnumberabout-55190millionin2008.ThissituationillustratethattheeconomyofUKdevelopnotverywell.
Asforcapitalaccount,thedatashowsthatthisaccountexperienceafluctuatetrend.First,thefigurewas-4millionin1980andthenthefiguredecreaseto-79millionin1981.Afterthatthefigurewas6millionin1982increaseto159millionin1987.Whatisfunnythingisthefigurefallagainto-39millionin1988.Afterthatthefigureexperienceafluctuateandwhatisnotableisthefiguregainalowestnumber-1527millionin2006.
Intermsoffinancialaccount,thefigureseeanpositivetrendfrom2157millionin1980to122millionin1986.Andthenthefigureexperienceanegativetrendbetween-9690millionin1987and-23296millionin1993.Andfrom-20261millionin1999to-30276millionin2010thisaccountexperiencenegativetrendagain,andgetthelowestnumberin2008becauseofthefinancialcrisisthefigurewas-39301million.
8.ThegeneraltrendsinUKtradeoverthelast30year
Overall,theevolutionoftradeingoodsshowanupwardtrend.Withthequickdevelopment,UKneedtokeepupwiththetimes,thecountrymustthroughtradeingoodtoincreasecountry’sincomesowiththepassageoftime,therearemoreandmoretradeinUK.
ThetableshowstheevolutionoftradeingoodsandservicesinUKbetween1980and2008.Thetradeingoodsaccountstand20billionin1980.Thetradeingoodsaccounthasremainedindeficit.Thedeficitgrewremarkableinthelate1980storeachapeakofabout24billionin1989.Andthendecreasedbackto20billioninearly1990sandkeepastableat10billionfrom1991to1998.In1998thedeficitjumpedbyover9billion,andithascontinuedtorisesince,reachingacashrecordof92.9billionin2008.
Thechartshowsthatthetotalgoodsexportsarelessthanimports,whichleadstodeficit.However,thetotalserviceexportsaremorethantotalserviceimports,whichresultsinsurplus.
ItshowsUnitedKingdomisinalargefiscaldeficitinthelast30years.Thehighestsurplusisin1981,howeverthecurrentbalancedeficitfrom1984to1990.From1984to1989,thecurrentbalancedeficitandin1987,thedeficitincreasequickly.Thecurrentbalancedeficitfellsharplyfrom1990to1991.From1992to1997,thecurrentbalanceslightlyfluctuates.Thenfrom2000to2006,thedeficitincreasedsubstantially,althoughfrom2002to2004,thereisaslightdecline.From2007to2008deficithasasteepdecline.Mainreasonmaybeingoodstradebalancedeficits,whilethesurplusontradeinservices,especiallyinthelast30yearsgrowth.
Inthepast30yearsBritain'smerchandisetradedecreased,becauseofthehighcostofHR,theUKisfewtodoingthemanufacture,mostgoodsisdependonimported,noexported.Butthefinancialservices,rentingandbusiness,istotallyincreased,sointhepast30years,theUKfinancialhasbeensteadilyincreasing.
9.Thebalanceofpaymentsaffectedbyexchangerates
(1)Theeffectsofexchangeratesfortrade
a.Importedgoodswillbedearer,thereforetheTradeinGoodsislikelytomoveintodeficit.Consumersmayturntoconsumemoreimportedgoods;Inflationmaybelowerbecausedomesticfirmsmayreduceprices.ThepriceofimportedrawmaterialsmaygodownagainaffectingtheTradeaspect.Consumersmayfinditeasiertobuyimportedgoods.
b.Domesticgoodsandserviceswillbecheaperbothinforeignanddomesticmarkets.Acountrywhichhasreducedthevalueofitscurrencywouldcertainlybelookingtosellmoreabroad.ThisshouldmeananimprovementinTradeinGoods.
Cheapercurrencyhelpsboosttheexport
Seeanexample:AUKfirmmanufacturesharddiscsforacomputerfirmintheUSA.
Sellingprice:100pounds.
Exchangerate:1pounds=$1.5
CosttotheAmerican:$150.
Exchangerate:1pounds=$2
CosttotheAmerican:$200
TheAmericanfirmmayconsiderthistobetooexpensiveandlookelsewhereforacheaperalternative.
If:
Exchangerate:1pounds=$1
CosttotheAmerican:$100
TheAmericanfirmmayconsiderthistobecheaper,andbuymore.
(2)Theeffectsofexchangeratesforcapitalaccounts
a.Manufacturingfirmsmightforexamplebuildupstocksattecheaperpriceandforeigninvestmentmayincreasebecauseprofitssentbackwillbeworthmoreintheirdomesticcurrency.
b.Itcouldencouragefirmsandindividualstoinvestabroadinthattheforigncurrencyearnedwillbeworthmorewhensentbacktothedomesticmarket.
10.Advantagesanddisadvantagesoffixedrateandfloatingrate
Floatingexchangerateorfluctuatingexchangerateisatypeof
\o"Exchange-rateregime"
exchange-rateregime
inwhichacurrency'svalueisallowedtofluctuateinresponsetomarketmechanismsofthe
\o"Foreign-exchangemarket"
foreign-exchangemarket
.Acurrencythatusesafloatingexchangerateisknownasafloatingcurrency.Afloatingcurrencyiscontrastedwitha
\o"Fixedcurrency"
fixedcurrency
.
Advantages.
Largereserveswillnotbenecessarytoprotectthecurrencyagainstchangesorspeculation.Acountryhasnoobligationtomaintainexchangeratestability,andthereforeitdoesnotneedforeignexchangereserveasmuchasinthefixedexchangerates,whichcansaveforeignexchangefunds.
Theexchangeratewillnotbecomeatargetbecausewhicheverwayitmoves,themechanismshouldstarttooperatequicklytorestoreequilibrium.Theimbalanceofacountry'sinternationalbalanceofpaymentscanbeeliminatedbyfreefluctuationofexchangerate.
Governmentsdonothavetointroducemeasurestokeepthevalueatafixedrate,whichmightbeharmfultoothersectionsoftheeconomy.Becausethebalanceofpaymentsofeachcountrycanadjustbythemselves,whichensuresthestabilityofforeignexchangemarketinacertainextent.
Disadvantages.
Thefuturesmarketisdesignedtopreventthis.Bybuyingforwardforcommoditiesapriceisagreedwhichdoesnotchangewhenthecommodityisdelivered.Itcausesallcountries'instabilityofabilityofinternationalsettlementandcommodityprice.
Demandmaybeunstablebecauseexternalpricesofdomesticgoodswillbesubjecttochange.Planningproductionmaybedifficult.Theinstabilityofexchangerateincreasestheriskofinternationaltrade
Ifthereisinflationafloatingexchangeratewillnotalwaysdealwithiteffectivelybecausethedepreciationofthecurrencyintheforeignexchangemarketswillmakeimportsdearerandassistpossiblecostpushinflation.
Fixedexchangerate,sometimescalledapeggedexchangerate,isatypeof
\o"Exchangerateregime"
exchangerateregime
wherea
\o"Currency"
currency
'svalueisfixedagainsteitherthevalueofanothersinglecurrency,toa
\o"Currencybasket"
basketofothercurrencies
,ortoanothermeasureofvalue
Advantages.
Theyreduceuncertainty,thismakestradeandinvestmentsbetweenthetwocountrieseasierandmoreexternalandmorepredictableandisespeciallyusefulforsmalleconomiesinwhichexternaltradeformsalargepartoftheirGDP.
Longtermgrantingofcredits,long-termcontractsandinvestmentoverseasareseentocarrylessrisk.Itmakesthecapacityoftheinternationalsettlementandthepriceofimportandexportgoodsbestable.
ThefixedrateplayedacrucialroleinachievingthisgrowthinFDI.Thestabilityoftheexchangeratesuppressedthespeculationofforeignexchangemarkettoacertainextent.
Disadvantages.
Ifdeficitspersistthenreservesofforeigncurrencymaybeusedupquitequickly.Itleadstoreductionofexports,thedeficitofinternationalbalanceofpaymentsandmoreunstablethecurrency.
Countrieswhichhaveapersistentdeficitorsurpluswillhavetotakesomeactionwhichmayhavesevereimpactsuponexportsandimportsorboth.
Ifinflationoccurstheunderlyingcausewillneedtobetackled.Countriescannotrelyondevaluingthecurrencytogetridoftheproblem.Itweakenedtheautonomyofdomesticmonetarypolicy.
11.Effectsoffixedrateandfloatingrateonindividualsandcompany
FloatingExchange
Company.
Floatingexchangeratesystemputforwardhigherrequirementsforcompany'smacro-economicmanagementcapacityanddevelopmentoffinancialmarket.
Itincreasescompany’smanagementandoperationcost.
Thecompanydirectlyproducesexchangeloss.
Individuals.Inthefloatingexchangeratesystem,exchangeratetendtofluctuatesignificantly,whichisnotconducivetoindividualsinvestmentWithfloatingexchangerates,individualsmightspeculateinfinancialmarketsIndividualsarebeginningtorealizethechallengeofpriceadvantagerecessionandthenecessityofimprovingnonpricecompetitiveness.
Theindividualsbegantorealizetheimportanceofmonetarysettlementtiming.
Theindividualsbegantorealizetheimportanceofmonetarycurrencyselection.
FixedExchange
Company.Rigidexchangeratearrangementsmaybeconsideredimplicitexchangerateguarantee,soastoencouragecapitalinflowsintheshorttermandnohedgingofforeigndebt,damagingthecompany’shealthofthefinancialsystem.Fixedratemakesthecompany’sadjustmentofrelativepricebeeasierandsmoother.
Itisbeneficialtoalong-termstabledevelopmentofcompany’seconomic.
Itisdirectlygeneratetheexchangeratelosses
Individuals.ItIsconduciveforindividualstomakecostandprofitaccounting,whichavoidstheriskofexchangeratefluctuations.
Iteasilyleadstocurrencyovervaluationandweakenthecompetitivenessoflocalexports,causingpersonalimbalancesoflong-termcurrent-account.
Ithelpsindividualstoeliminatetheriskofexchangerateandreducethetransactioncostofinternationaltradeandinvestment.
12.Thecharacteristicsofthenewlyindustrializedcountriesandthedevelopingcountries
Newlyindustrializedcountries’economicstructureespeciallyindustrialandagriculturalstructurechangessignificantly,andtheproportionofindustryislargerthanagriculture.Intotalexports,theproportionofmanufacturedgoodsincreased,gettingridofthesituationofahalfofthedevelopingcountriesdependingonprimaryproducts.Manyintermediateproductsandmachineryandequipmentrequiredforproductionisstillinthehandsofthedevelopedcountries.Insomeproductionofmanufacturedgoods,Brazilisonlydevelopedcountries’assemblyprocessingfactory.Duetotheintroductionofalargenumberofforeigncapital,Brazilhaslargeforeigndebts,andtheamountofprincipalandinterestishuge.From2011to2014,theeconomyofBrazilisnotoptimisticthesituationoftheperiodforthesefouryears,theaverageeconomicwasonly1.4%.
Thedevelopingcountriesrelyheavilyonagriculturalproduction.Fromtheproductionstructureofagriculture,low-incomecountries’shareofagricultureintheGDPismuchhigherthanthatofdevelopedcountries;fromtheemploymentstructure,theproportionofagriculturallaborinIndiaupto50%~70%;fromtheurbanizationlevel,theproportionofurbanpopulationintotalpopulationoflowandmiddleincomeismuchlowerthanthoseofhighincomecountries.UnderdevelopedmarketeconomyisthenatureofIndia’seconomy.Duetothelongsufferingboundcolonialplunderandfeudalrelationsofproduction,aswellasgovernment’simproperinterventionafterindependence,themarketofIndiafailedtooperateandwasdistortedseverely,unabletofunctionasthebasicmeansofresourceallocation.
13.Theissuesofthenewlyindustrializedcountriesandthedevelopingcountries
Newlyindustrializingcountry:
WhileBrazilintroducinglarge-scaleforeigncapitalandborrowingfromtheinternationalfinancialcapital,Brazilcannotsolvetheproblemofexcessivedependenceoninternationalcapitalintheecono
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