Based on the e-Activity, identify one challenge of a developing economy and how it can be managed.
The challenge of Cuba’s developing economy is low productivity and labor force of the economy as a whole. The Miami Herald revealed that, “Granma and Yzquierdo indicated a list of reasons for Cuba’s economic inactivity, such as deferrals in projects to broken contracts and “the low productivity and deficiency of the workforce” along with the economic circumstances in Latin America in addition to the rest of the world”. Cuba’s GDP growth for first part of 2013 is assessed at 2.3 percent, compared to 2.1 percent similar time for 2012 Cuba practices a unique approach of calculating GDP that embellishes the number compared to other countries”. (Tamayo, 2013) Negative radical policies have remained in decline in its productivity of the developing economy, and the most significant challenge encountering established order is how to incentivize the market toward the increasing development in production and productivity. All goods and services make up an economy real Gross Domestic Product (GDP) is produced from labor and capital resources. The determinants of economic development are the accessibility of economic resources (quality of labor and capital) and productivity factors (human capital and technology). Cuba can be managed by encouraging sustainable consumption and production, managing the natural resources for the benefit of ecological and social expansion. Provide some form of urgency towards human development, with the eradication of poverty as its crucial objective. Human development success depends on the extent by utilizing the opportunities created through globalization, diminishing its negative effects. In addition, Cuba can b...
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... and other capital infrastructure required for expansion. It also increases domestic agriculture. China's free and unrestricted trade with other country (open-door) policy has prompted foreign direct investment, producing additional occupation in addition linking the Chinese economy with international open market.
HanShih, T. (2013). China's formula to reduce poverty could help developing nations. Retrieved from South China Morning Post Publishers Ltd.: http://www.scmp.com/news/china/article/1202142/chinas-formula-reduce-poverty-could-help-developing-nations
McEachern, W. (2012). Econ - Micro. In W. McEachern, Econ - Micro (pp. 27-30). Mason: Cengage Learning.
Tamayo, J. (2013, July 1). Report says Cuban economic growth hasn’t quickened despite reforms. Retrieved from Miami Herald Co. : http://www.miamiherald.com/2013/07/01/3480625/report-says-cuban-economy-is.html
Whether it 's for the music, people or food, Cuba is a popular and interesting place to visit. Cuba is located between the Caribbean Sea and the North Atlantic Ocean. At 42,426 square miles, Cuba is the largest island in the Caribbean and the 105th largest country in the world. Cuba has a population of 11.1 million. Out of that 11.1 million, Havana is home to 2.1 million (Nation Facts). The official language of Cuba is Spanish, but English and French are spoken throughout the country. The most practiced religion of Cuba is Roman Catholicism, but a large number of people follow the Afro-Cuban and Protestant religions. The president of Cuba is currently Raúl Castro, which is Fidel Castro 's brother. The currency of Cuba is the Cuban peso (Cuba).
Economically, Cubans “enjoyed one of the one of the highest standards of living in Latin America” (34). This is predominately due to the fact that Cuba exported half its sugar and two-thirds of it total exports into the U.S., and imported three-fourths of their total imports from the U.S. Although the U.S. (35). Although the U.S. boosted the Cuban economy, Cubans resented that they were still living at an economic level lower than Americans. The average Cuban income was one- third the average of Mississippi, the poorest state in the U.S. in th...
It is not difficult to identify Cuba as a “developing” nation: a quick glance around at the grimy, graffiti-filled streets, rampant propagandist billboards and the cars, clanking along with broken fenders in tow and a volatility and tint that suggest that their primes passed 50 years hence are enough of an indication. Indeed, those sepia-toned prosperous days under communist rule having come and gone, there has been little to no influx of money to replace and refurbish aging buildings, automobiles, schools, roads and above all, aging policies. When asked what they thought ab...
Cuba today demonstrates itself as a mostly thriving nation. It is a nation in which all citizens are receive c...
Cuba has come an exceptional way economically, politically, and culturally since its discovery in 4200 BC. According to a recent MDG Report Card by the Overseas Development Institute, Cuba is among the top twenty performing countries in the world. As a former colony of Spain, Cuba was under their domination for 388 years before gaining independence. One cannot predict the future of the country, but by looking at the history of Cuba from its pre-colonial era to the present, it is clear that it will be written by charismatic Cuban leaders.
Cuba’s economy became stagnant, private businesses were confiscated, and due to fear of their leader and further collapse, the people fled for the United States in waves. As Charlip discussed, to keep the economy afloat, Castro had to open the country to foreign investment and introduce components of capitalism to the economy. These factors enabled Cuba’s economy to stabilize. It is interesting that when socialism failed, capitalism was the solution, particularly because Castro once said, “I find capitalism repugnant. It is filthy, it is gross, it is alienating... because it causes war, hypocrisy and competition.” His frustration with the fall of the Soviet Union and the humiliation he faced with the U.S. for turning to capitalism was
... the majority of which sought refuge in the United States. With the fall of the Soviet Union, Cuba now stands at a crossroads. The battle cry has changed from “ Socialism or death to Resist, struggle and win” (Castro’s Cuba II). Hopefully, Castro and/or Cuba will not be forced into a market-based economy and all the materialistic commodities that go along with capitalism. In my opinion, Castro should hold out for as long as possible griping to the former battle cry “Socialism or death”. Only time will tell what the fate of Castro’s Cuba will be. Trade might once again flourish the economy, tourism might open up new economic opportunities and foreign investments from Italy, France and Spain could possibly dig Cuba out the current economic hole it’s in. Until then however, the battle against capitalism must not lose any of its vigor.
...tals.Cuba’s exporting dropped substantially due to the global economic downturn. Having low exporting rates called for huge losses in infrastructure and economy. Cuba’s previous investments in human development through past decisions have made for a great workforce. The problem is the economy’s insufficiency hasn’t been able to make good use of the this great work force. Because of Cuba’s commitment to education, health and a stable government, they have the potential for future growth as a country.
Foreign direct investment has played a vital role in the transformation of the Chinese economy in China, with value contracted increasing from US$ 52.1 billion (1998) to US$ 115.1 billion (2003).
understood through graphical representation. One should graph the supply of Chinese goods and services and demand for Chinese products by other countries. As Chinese policies are placed in effect the supply curve shifts to the right because of improved quality standards and higher production capabilities. Open-Door policies also indirectly increase the demand for Chinese goods and services due increased Chinese competitiveness on foreign markets.
The U.S. imposed an Embargo on Cuba on Oct. 19, 1960. Has the time come for the United States to lift the 5-decade embargo? The Embargo on Cuba was a part of America’s Cold War strategy against the Soviet Union, imposed on the basis that Cuba was a threat to the U.S. National Security because of their alliance with the Soviet Union. Although Cuba would like the U.S to terminate the embargo against their country, the U.S. wants Cuba to make their situation a better living environment and to promote human rights for its citizens.
From the 1970s, there has been a wave of liberalization in China, which was introduced by Deng Xiaoping. This is one of the key reasons to the rise of China to be one of the economic giants in the world. In the last 25 years of the century, the Chinese economy has had massive economic growth, which has been 9.5 percent on a yearly basis. This has been of great significance of the country since it quadrupled the gross domestic product (GDP) of the country thus leading to saving of 400 million of their citizens from the threats of poverty. In the late 1970s, China was ranked twentieth in terms of trade volumes in the whole world as well as being predicted to be the world’s top nation concerning trading activities (Kaplan, 53). This further predicted the country to record the highest GDP growth in the whole world.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
McEachern, W. A. (2012). Macroeconomics: A contemporary introduction (10th ed.). Mason, OH: South-Western Cengage Learning.
China has also expanded their trading industries with countries such as South Korea, Japan, Taiwan, ASEAN, India, Russia and Hong Kong. This has not satisfied the Chinese greed for income as they also export and import goods to American countries, name...