Pillar #2: Innovation
With education, came innovation during the Korean uprising. Investment in public goods such as education and innovation has always been a strong priority for the government of Korea. The Korean case shows that practical measures can be effective during the stages of global economic development. The investment made in education and Korean innovation systems helped strengthen its economy due to the improvement of the productivity of workers, companies and the industry as a whole. Effective innovation systems that were put in place by the Koreans were research centres, universities, consulting firms and other organizations that now keep up with the revolution of knowledge, allowing that Koreans to take stock of global knowledge and also gives them the ability to adapt to a globalized market.
Economic growth, to a large extent is driven by innovation. The ability to create knowledge and innovation is essential for increase in productivity and global competitiveness. The newly industrialized economies like South Korea have demonstrated that research and development investments do not reward only countries that are already technologically advanced but can successfully alter the development path for less advanced economies. Argentina is no exception in this trend. Investments in knowledge production, advanced education and research hold a large promise for placing Argentina on the path to sustainable growth. However, there are a number of challenges that would need to be overcome.
As are reference to observe how innovated Argentina is, we look at The Organization for Economic Co-operation and Development. The OECD works with governments to measure productivity and investment. Unfortunately Argentina did not plac...
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...wth or incentive which has led Argentina to its current economic situation.
In conclusion
The design and implementation of development strategies based on knowledge has been proven to lead to rapid growth and a sustained economy filled with knowledge. Over the past four decades, Korea has offered a wide variety of valuable lessons for other developing economies. Particularly important, are the coordinated and complementary expansion of the three pillars of the framework (KE) that provides a vision for an Argentine economic recovery. Economic incentive and institutional regimes, educated and skilled workers, and an effective innovation system are topics the Argentinians must take into consideration. These pillars provide the economy with the necessary means to effectively acquire and use knowledge to improve productivity and improve economic growth in the long term.
In December 2001, Argentina was in the bottom of the economy , which was pushed by the ...
Kehoe, Timothy J. (November 2010). Why Economic Reforms Have Not Generated Economic Growth in Mexico. Kim J. Ruhl Department of Economics, NYU Stern School of Business. Retrieved from http://www.kimjruhl.com/storage/data/KehoeRuhlJEL.pdf
His “Three Worlds of Innovation” system categorizes countries into one of three differentiations of entrepreneurial abilities. The category of marginalized countries includes areas of low innovative contributions, such as Sub-Saharan Africa and Southeast Asia. The second tier categorizes technological diffusers, which have advanced production and technology absorption abilities but low contribution to innovation, including China, India, and the former Soviet Union. At the top of the hierarchy is the core country category, which includes “Western” states like the United States, Japan, and nations in Western Europe which dominate innovation due to their wealth, supportive abilities, and developed infrastructure. Sachs describes the hostility of marginalized countries to innovation, blaming the absence of national innovation systems/democratic policy and poor STEM support, as well as natural disadvantages such as ecological and environmental challenges. To become a diffuser and/or a core country, he recommends marginalized countries aim to develop their urban areas into sites of globalized production, attracting financial grants and international support for scientific advancements. By integrating a national economy into world production, states such as Singapore and Israel have become bases of operation for world-class technology leaders. Conclusively, Sachs contends that while many aspects of innovation (such as intellectual property rights and technology transfer) must be reimagined themselves, the public provision and promotion of STEM is critical to innovation and must be supported
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...
The Musimundo environment is jaded and disproportionately profitable in various regions of Argentina. As Argentina was exiting its economic crisis, various regions were “catching up” in the realm of consumption; however, other regions were either not “catching up” or lacked the activity to generate the proper sales.
Argentina has a rich history dating back to the 16th Century. As time passes, Argentina continues to prove itself as one of the most developed countries in South America. Most of Argentina’s demographic indicators lie within the world average, while the population pyramid shows a more developed country. By looking at all the demographic aspects of Argentina, it can be seen that Argentina will emerge to be one of the most developed countries within the next century.
Today, the region’s level of inequality is staggering compared to the rest of the world. However, Latin America has been able to decrease its most troubling issue through economic growth along with proper government spending to support its impoverished citizens. As a result, the region’s economy expanded by 6%, the overall poverty levels returned to the pre-crisis levels with the rate dropping to 32.1% in 2010. The Gini coefficients of individual Latin American nations are comparable with America’s; Uruguay and Venezuela numbers were at .433 and .412, respectively, while the United States had .468 during the late 2000’s (Gasparini and Lustig 3). While the area is not a perfect economic utopia, Latin America is making strides in attempting to do so given the relatively short time they have implemented their policies to redress the inordinate issue of income
Legend states that in 2333 BCE, Tan'gun, grandson of the Creator, established the kingdom of Choson, or “Morning Freshness”, and thus the Korean people were began. Surrounded on three sides by Russia, China, and Japan, the Korean people have had to endure hundreds of attempts at invasion and domination, including four hundred years of Chinese military rule over the kingdom of Choson, Mongol invasions during the thirteenth and fourteenth centuries, and, most recently, Japanese Colonization from 1910 to 1945. (Soh, 2006) This has caused the people of Korea to adapt parts of other cultures while still maintaining a strong cultural identity of their own.
U.S. State Dept. Country Notes (2009). Argentina. [ONLINE] Available at: http://www.factmonster.com/ipka/A0107288.html. [Last Accessed 4 February 2014].
Most Latin America countries are known as third world countries because the economic structure still in development. To overcome such judgment the countries had been developing different policies since the 1970s. The policies promise to help the countries to obtain a healthier economy and have an economic growth. The author Franko explains in the book The Puzzles of Latin America Economic Development how the economist Paul Rosenstein “believes that in order to achieve sustained growth, an economy must develop various industries simultaneously, requiring a coordination of investment or a big push.” (pg. 19) But to accomplished economic growth countries need to reduce the government control over the economy and start developing a market-base economy. Market-base economy would not only guarantee positive results of development, but will also create a more stable economy. Mexico is one of the countries that have integrated new policies and other economic change which have been giving the country positive results mainly on its economy.
With its myriad of rivers and surplus of wildlife, Argentina remains one of the world’s culturally rich and magical locations. Whether you’re swimming in the Dulce River, or hiking in the Andes, there’s all going to be an adventure waiting around every corner. “I had watched for many years and seen how a few rich families held much of Argentina's wealth and power in their hands. So Peron and the government brought in an eight hour working day, sickness pay and fair wages to give poor workers a fair go.” – Evita Peron.
Colombia and Argentina are two similarly-sized South American states, with Colombia lying at the northern end of the continent, contrasting Argentina at the southern end. With a population of roughly 48.2 million (2013), Colombia is the larger of the two nations, comparing to Argentina’s 42.4 million (2013). However, despite this workforce advantage, Argentina outpaces Colombia economically, boasting a GDP of $437 billion annually, compared to $292 billion in Colombia. This translates to a GDP per capita of $10,301 in Argentina and $6,044 in Colombia, In other words, Colombia’s GDP per capita is roughly 60% of Argentina’s. As an effective indicator of the standard of living in a country for the average individual, a researcher can often look
The topic that I have selected for my chapter evaluation essay is that of “Economic Development”. This paragraph above is the best summary of the chapter’s contents. In this chapter the author discusses the influence of development on the three worlds of countries. These worlds are benchmarks set to assess countries economic states relative to each other.
Scientific and technological progress is one of the most important and far reaching of humanity’s effort streams throughout history. One of the hallmarks of any great society is what new or improved knowledge of the world and how it works that the society can contribute. A strong and vibrant culture celebrates the spirit of invention and innovation. Closely allied with this concept is the spirit of entrepreneurship, considered one of the greatest qualities of the American culture.
In this essay we look in-depth on how government strategies and economic policy play a crucial role in the success of High Performance Asian Economies (HPAEs) during 1960 to 1990 (World Bank 1993).There are eight countries within HPAEs: South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and Japan. Its economic development has significantly rise that it was name ‘East Asia Miracle’ (World Bank, 1993).