23 May. Advantages of export-led growth. Bair, J 2009, Frontiers of Commodity Chain Research, Stanford University Press, Palo Alto. Much attention should be paid to Asian countries such as Singapore or Taiwan. Reducing dependence on labour non-intensive industries such as raw resource extraction and export 3. Advantages of ISI 1. Nevertheless, these problems encountered by Nigeria can be resolved by the government. This strategy enabled many states to raise the standards of living and boost the development of industries. However, within the last two decades, India began to play an important role in information technology industry (Rameshan, 2008, p. 67). However, these short-comings do not undermine the positive role that was played by export-oriented architecture. Advantages • Make a couple products, and make them well • Slowly stop making simple items and start making more complex ones • Leads to GDP growth Disadvantages • Reliant on government for … Overall, export-oriented industrialization can be described as the economic policy which lays stress on the production and export of those products for which a country has a comparative advantage (Bair 2009, p. 29). May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. Moreover, in many cases, the development of an industry is affected by the governmental policies. It should be borne in mind that the comparative advantage can be explained by several factors, for instance, the presence of natural resources, the availability of skilled and less expensive labor force, or even the climate of a country. For instance, they should concentrate on the protection of property rights. You are free to use it for research and reference purposes in order to write your own paper; however, you must. Help to reduce poverty. For example, the state can provide subsidiaries to the enterprises that represent a particular sector of an economy. After World War II, this approach to economic development has been adopted by different countries. 15. Kui-Wai Li, in Redefining Capitalism in Global Economic Development, 2017. This essay on Export-Oriented Industrialization and Its Principles was written and submitted by your fellow student. In turn, they can start their own businesses that can also become profitable. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. One should bear in mind that in the middle of the twentieth century various countries could be viewed less developed, for instance, one can mention South Korea, Taiwan, or Singapore. For full functionality of this site it is necessary to enable JavaScript. It will be explored every this industrial strategy with research methods. Abstract: Purpose of this research paper is research export-oriented industrialization. However, they could gain comparative over others because local companies had access to relatively skilled and cheap labor force (Hamilton 1996, p. 1). Moreover, these nations had to rely on advanced technologies in order to retain comparative advantage. Read it carefully. Export-Oriented Industrialization was particularly characteristic of the development of the national economies of Japan, South Korea, Taiwan and Singapore in the post World War II period. These products enjoyed significant demand in the foreign market. Schuerkens, U 2010, Globalization and Transformations of Social Inequality, Routledge, New York. This nation concentrated on the exports of textile and agricultural products. Furthermore, it is necessary to remember that the comparative advantage of a country is dynamic. Moreover, it can be possible if the barriers to free trade are eliminated. For example, one can mention the country reduced income inequality (Chan & Clark 2013, p. 1958). IvyPanda. This economic policy has been described as one of the factors that contributed to the development of many less advanced countries that were able to raise their standards of living. This trend has been observed in other countries such as Singapore or Hong Kong. This is the main thesis that can be put forward. Furthermore, this policy implies that foreign market can be more profitable for a country, than the domestic one. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. What is the contribution of candido bartolome to gymnastics? Introduction. (2020) 'Export-Oriented Industrialization and Its Principles'. If the purchasing power of local clients does not become strong, the industrialization of a less developed country may not be successful. They paid attention to both domestic and foreign markets since the purchasing power of local clients was also high. Moreover, the government should not suppose that a certain industry can always retain comparative advantage. Need a custom Essay sample written from scratch by Both policies have advantages and disadvantages. These examples suggest that policy-makers should understand the drawbacks of export-oriented industrialization. This paper is aimed at examining the advantages and disadvantages of export-oriented industrialization. Having decided to industrialise, the developing nations had to choose between industrialisation through import substitution and export-oriented industrialisation. Overall, it is possible to argue that export-oriented industrialization can indeed contribute to the growth of economy because this policy can increase the income level and purchasing power of people living in less developed countries. It continues to be adopted by many countries that attempt to participate in the global trade. 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). professional specifically for you? Why is melted paraffin was allowed to drop a certain height and not just rub over the skin? Export-Oriented Industrialization and Its Principles, South Africa: International Agribusiness, Trade and Financing, Multinational Firms Impacts on the Economic Growth, The underlying principles of export-oriented industrialization, The limitations of export-oriented industrialization, Transforming Taiwan's Economic Structure in the 20th Century, The Future and Stability of Taiwan’s Independence, Expansion of Export Oriented Industry Subsidies, Substitution Industrialization and Multinational Corporations, Human Development: Democratization and Economy' Relations, Human Development Index: Limitations and Benefits, Kenya: Economic Growth and Health Care System, The Dominant Groups and India’s Development. We utilize security vendors that protect and ensure the integrity of our platform while keeping your private information safe. This discussion suggests that export-oriented industrialization has been a driving force that improved the economic performance of many less developed countries. export-oriented industrialization reliance on external markets for manufactured goods as the main impetus towards a country's INDUSTRIALIZATION.It is a term usually applied to those THIRD WORLD countries which have attempted to find niches in the world market where advantages of low labour costs may make their goods cheaper than those produced in industrial countries. Defined simply, export-oriented Industrialization (EOI) often termed as export led industrialization (ELI) is a policy designed for the purpose of speeding up the industrialization process of a country through exporting goods for which the nation has a comparative advantage. We will write a custom Essay on Export-Oriented Industrialization and Its Principles specifically for you for only $16.05 $11/page.

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