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Impact of globalization
Relation between economic growth and development
Impact of globalization
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Globalisation - Economic Growth and Development and development indicators.
“Outline the differences between economic growth and economic development. Discuss how economic development may be measured. Outline how globalisation may impact upon a nation’s development. Where appropriate make reference to a relevant case study.”
Although economic growth and development are similar in meaning, they have some essential differences. Economic growth refers to the increasing ability of a nation to produce more goods and services. Economic development basically implies that individuals of that nation will be better off and takes into account changes in economic and social structures that will reduce or eliminate poverty. Economic development can be measured in a number of different ways including the Human Development Index, a Gender Empowerment Measure, a Human Poverty Index and a Human Freedom Index. All of these measures were developed by the United Nations Development Program. The World Bank also has its own indicator called the World Bank Development Indicator. Globalisation can have both negative affects on a nation. It can impact on the levels of economic growth a country may experience, impact on levels of unemployment or it may impact on a country’s quality of life.
Economic growth is the expansion of a country’s productive capacity. This leads to a rise in total national output. Growth can occur in two different ways; the increased use of land, labour, capital and entrepreneurial resources by using better technology or management techniques and increased productivity of existing resource use through rising labour and capital productivity. While theoretically having an increasing national output means greater material welfare and a rise in living standards, it does not equate to having higher levels of well being for individuals in that nation. Economic growth can, in fact, have negative impacts on a nation including environmental degradation and the loss of traditional cultural values. It also may mean there is greater inequality between different classes in society, that is, the gap between the rich and the poor may grow. It is for these reasons that economic development measurements are also used.
Economic growth as a measure fails to account for other important social and economic factors such as the size of the black market, domestic work ...
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...e strong progress. Although in the very early nineties Poland experienced a sharp decline in GDP, it has since resumed steady growth. In 1999 its GDP growth was 4.1%. The private sector now accounts for over 55% of the total GDP. In early 1990, Poland was experiencing hyper-inflation with levels of up to 1200%. In 1999 the inflation rate was lowered to 7.3%, which although is still high by developed world standards, is slowly dropping. Also in the early nineties, Poland had huge unemployment rates with most sectors at around 30%. This has now been lowered to 13%, which again is high by developed nations’ standards but is a lot less than the rates experienced early in the decade.
Essentially, the difference between economic growth and economic development is that one is a quantitative measure (growth) and the other is a qualitative measure (development). Economic development can be measured using a variety of indicators, mostly developed by the United Nations Development Program (UNDP), though another widely used indicator was developed by the World Bank. Globalisation can have many affects on nations, depending on their government policies and also on their economic status.
Violence is most commonly thought of as force that causes physical harm, but it is not always a physical force. Hurt caused by violence can not only be physical, but it can also be emotional and psychological. In The Iliad by Homer all of these types of violence are evident. In the first book Achilles and Agamemnon are fighting with each other because of a girl. Agamemnon has a priest’s daughter and the priest wants her back, but Agamemnon will not give her up. The priest prays to Apollo and asks him to fire arrows on Agamemnon’s army. Apollo listens and for nine days the gods shoot arrows at the army. Calchas tells the army that they must give the priest’s daughter back in order to win back the favor of the god’s. Achilles convinces Agamemnon
Wildlife tourism has become a particularly popular trend over the years. Riding on elephants, taking pictures with lions, swimming with dolphins are only a few of the adventurous and thrilling activities that wildlife tourism provides. Even my own school is planning a trip to South Africa to participate in several of the enthralling ventures.
“Rage—Goddess, sing the rage of Peleus’ son Achilles…” In Homer’s The Iliad there is a legend so intertwined with love and greed that there is no other way to have a story without violence. Many words are used in The Iliad such as possession, mine, prize, treasures, and cheat. In the first line alone there are three words that represent violence: Rage, Goddess, and Achilles. All three words their own combination of twenty-six letters, but also three different meanings of viciousness. The word Rage, although self-explanatory is defined as “violent, uncontrollable anger.” Goddess, the word may not be the first thing that comes to mind when you think of violence, that is until study mythology and quickly realize that the Gods are malicious. The
Every year there is a ‘league table‘ published showing the level of economic growth achieved by each country. The comparison is made using each countries Gross Domestic Product, or GDP. An important factor to look at is the difference between actual and potential economic growth. Actual economic growth increases in real GDP. This increase can occur as result of using previously unemployed resources, or reallocating resources into more productive areas or improving existing resources. Whereas potential economic growth is the productive capacity of the economy. For example, it can be shown by the predicted ability of the country to produce goods and services. This changes when there is an increase in the quantity or quality of the resources. All countries have different ways of achieving this with the resources they have available to them. For this reason it party answers the question of why some countries are richer than others. It is widely thought that the productive capacity of an economy will increase each year largely due to improvements in education and technology. This will obviously differ from country to country. For example, in the UK the quality of fertilizer could be improved, hence forth increase the years fruit and vegetable output.
The Iliad, translated by Robert Fagles, is the bloody story of the clash between the Trojans and the Achaeans. The epic poem narrates the brutal war as a test of heroism and manliness. Pride and misunderstanding are woven into the battle like the threads of a macabre tapestry. In the story of the Iliad, it seems that human beings are cruelly slaughtered for the sake of gore and glory. Fagles describes the senseless slaughter after a long battle in book four, line 629, “That day ranks of Trojans, ranks of Achaeans fighters sprawled there side by side, facedown in the dust.” Both the Achaeans and the Trojans suffered immensely. Could there be found, in the midst of such carnage, an integral key to the meaning of the Iliad? Some of the most brutal and heart wrenching scenes of Homer’s epic poem are essential to understand the darker side of human nature and Greek culture. In the Iliad, Poseidon chastises crying boys, an example of the
While growth rates of GDP per capita vary, it is not always the poorest countries that seem to see the highest growth rates. The differences in GDP per capita are greater today than any other time in the world’s history. These differences were relatively small before the early nineteenth century when the gap became more divergent during the Industrial Revolution (Parker, 2013). Living standards in many of the poorer countries are from prolonged but small changes. “The Mystery of Economic Growth” starts by showing the divergence of countries by show casing growth rates and living standards differences in courtliness during the post-World War II era. The book presents the Solow (1956, 1957) model to introduce the insights of the effects of growth of capital accumulation. The results from this lead to the question of “what are the forces of divergence in the world economy” (Helpman, 2010: 15). One can predict from the Solow model is economies will converge. For this model to hold and be true this must be true in every situation. The world economies accelerated growth rate cannot be explained by the forces of accumulation described by the Solow model which would predict a convergence and a declining growth rate. The limitation of this model is that it assumes that all countries have the same technological progress. To help expand the model with the concept of accelerated growth, technical innovation must
Economic growth is the percentage change of GDP over a period of time and is
Growth can be defined as an increase in the value of goods and services produced in the country over a period of time. Growth is measured in the Real GDP (Gross Domestic Product), the health of an economy. Real GDP represents the total dollar value of goods and services produced over a specific time period. The Benefits of economic growth is, an increase in production so a wider range of goods and services available for the consumers. An increase in investment, increase in sales, revenues and profits. More jobs and more employment, increase production and investment. Higher income, increased production and more jobs increase household incomes and productivity for the producers. Increased savings, higher household incomes means an increase in savings. Higher tax revenue
The economy of a nation is a major indication of its success. One aspect of a nation's economic success or failure is the system of government. Whether a nation is socialistic, communistic, ruled by absolute sovereignty, or based on capitalistic principles can be a key factor in a country's economic success or failure. Government is the foundation of an economy but it is not what determines its success. Issues that determine a nation’s economic success include growth strategies, improved or increased resources, investment and savings, government policies, trade, foreign direct investment, income distribution, labor allocation, innovations in technology, and several other economic issues. I feel that economic growth is the main indicator of economic success. Additionally, innovations in technology, improving human capital, and improving foreign direct investment (FDI) are three issues that can lead to economic growth.
The Problems of Defining Development Development is very difficult to define as it has a wide range of meanings and has therefore been used in a variety of ways, by different people or organizations at different times. For example, geographers will link development with improvements in human welfare. e.g. greater wealth, better education and health. Many geographers will measure development in terms of the countries HDI (Human). Development Index.
There are at least four different research perspectives about the relationship between development and economic growth. Firstly, economic growth is the basis for social development. Secondly, economic growth and social development are not necessarily linked. Thirdly, both economic growth and social development are not basic causes by each other, but they depend on interaction. Fourthly, social development is the prerequisite for economic growth (Mazumdar. 1...
With the evolution of available technologies and methodologies, some archaeologists became frustrated with the traditional ways of archaeology; they felt that the new technologies should be used to improve archaeology and the outcomes of professionals in the field. The New Archaeology was a movement that sought to contribute to the existing anthropological knowledge of human behavior by emerging as a science and separating itself from the historical approach. New archaeology did not merely incorporate scientific technology, but it also employed various scientific methods and approaches.
Have you ever wondered how a nation’s wealth is measured? How do economists, politicians, and governments know if their economies are improving or decreasing? One method macroeconomists use to measure a countries economy is called measuring the Gross Domestic Product (GDP). According to Mankiw 2015, a GDP is the “market value of all final goods and services produced within a country in a given time period” (p. 198). What are the components of GDP and how GDP is measured will be the discussion of this essay.
Economic growth is one of the most important fields in economics. In current generation economic is developing well. Economic growth is really important to country and for the world as well. Economic are one of the identity for country because it shows a country development and attraction for other countries (F, Peter. 2014). For example well economic develop such as Singapore, Dubai, New York, and Japan. These countries are well develop and maintaining their economic growths. Economic growths are really important because higher average incomes enables consumers to enjoy more goods and services. Then, lower unemployment with higher output and positive economic growth firms tend to utilize more workers creating more employment. Enhanced public
However, the GDP of country growth too rapidly also will negatively affect such as inequality of income increases to a significant level. This problem frequently facing due to economic development. This will let the rich people are getting more richer and poor are becoming poorer. Next, the economic develop rapidly also will increase of pollution rate. This is because the country is producing the maximum output for fulfilling the demand of the consumer. This will let the country has negative consequences for the environment and health of citizens is