Thesis statement Determining whether a country is small is not easy. First, one needs to decide how it will be determined. The “definition of a small open economy is one that is a price taker on world markets” (Wynne) but how this definition should be applied is a harder thing to do than it first appears. Should we focus on imports or exports? In terms of imports, theoretically, all countries all price takers because a country does not specialize in the things that it buys, thus it has no pricing power. Looking in exports is problematic as a country may have significant influence over one product, but even a nation have has a huge share and influence in one market such as Brazil with coffee, the nation will still not have monopolistic power on a global scale. Other popular measures are using population size, and per capita GDP. Even once a measure has been decided upon there is still the question of what the decision point will be and how that point will be decided on. In one study the decision point was a population of a million or less, this cause Singapore to be excluded, as well as several other notable small countries including a couple that this paper will look at in greater detail. This same study analyzed how countries had progressed and several of the countries included in the first round were no longer considered small based on the criteria. Some studies used per capita GPD as the decision criteria the problem with this is that if a country was successful, then their GDP per capita is naturally going to be higher and will possibly exclude themselves from consideration. The problem, those countries are of particular interest as those nation were able to work within their constraints to be successful. Looking at those s... ... middle of paper ... ... Research Institute on Innovation and Technology. Jaakko Kiander, 2004. "The Evolution of the Finnish Model in the 1990s: from Depression to High-tech Boom,"Discussion Papers 344, Government Institute for Economic Research Finland (VATT). Kirby, Peadar. "Globalization, The Celtic Tiger And Social Outcomes: Is Ireland A Model Or A Mirage?." Globalizations 1.2 (2004): 205-222. Academic Search Complete. Web. 5 Dec. 2013. Ocampo, Jose Antonio. "Small Economies in the Face of Globalisation." Third William G Demas Memorial Lecture. Caribbean Development Bank, Cayman Islands. 14 May 2002. Print. Lecture transcript. World Bank. GDP per Capita (current $US). 22 Mar. 2012. Web. 4 Dec. 2013. Wynne, Mark A. "How Have Small Open Economies Responded to the Challenge of Globalization?" Bank of Iceland Conference. Reykjavik, Iceland. 31 May 2007. Print. Lecture transcript.
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Valaskakis, K. (1998). The challenge of strategic governance: Can globalization be managed? Optimum, vol. 28, no. 2, pp. 26-40.
...A.; Giblin, Thomas; McHugh, Deirdre, The Economic Development of Ireland in the Twentieth century, Routledge, London, 1988.
Not a unified and separate country until 1921, Northern Ireland has had cultural, financial, and economic that makes it stand affront from the rest of the Emerald Isles. With its close proximity to England and the immigration all through the 1600s of English and Scottish, Northern Ireland has become more anglicized th...
Haddad, M., Shepherd, B., & World Bank. (2011). Managing openness: Trade and outward-oriented growth after the crisis. Washington, D.C: World Bank.
Many historians and sociologists have identified a transformation in the economic processes of the world and society in recent times. There has been an extensive increase in developments in technology and the economy as a whole in the twentieth century. Globalization has been recognized as a new age in which the world has developed into what Giddens identifies to be a “single social system” (Anthony Giddens: 1993 ‘Sociology’ pg 528), due to the rise of interdependence of various countries on one another, therefore affecting practically everyone within society.
Ireland was once regarded as the poorest of the rich countries in Europe. That all changed dramatically in the 1990s when the Irish economy Grew at an unprecedented rate. For many years, it appeared that both internal and external dynamics were operating side by side to deliver sustainable economic growth
‘The Celtic Tiger’ was the term used by Irish people to describe the rapid growth Ireland was witnessing. Ireland was referred to as ‘Europe’s shining light’ since the start of the Celtic Tiger. It had only been 10 years prior to this that Ireland had been branded as the’ poorest of the rich’ in Europe (Ireland shines, 1997). Open-minded industrial policy targeted MNC (Multi National Companies) to locate in Ireland around 1987. The government had decided Ireland would become a knowledge based, export driven economy. After the 90’s Ireland witnessed major growth and Irelands harsh economy of 1987 when unemployment was 18%, national debt was 125% of GNP and growth averaged 0.2% of 5years seemed a long time ago (Murphy, 2000).
In the following essay I will try to compare two highly developed economies, Japan and The United Kingdom. I will emphasize the success of their economies and how human capital, advancing technology (innovation), and FDI have contributed to their current success or failure. I will briefly discuss the contemporary history of each country, thoroughly cover their current conditions, and end with expectations for their future.
Smith, M. H. (2006). The natural advantage of nations: business opportunities, innovation and governance in the 21st century. Earthscan.
Tovey, H and Share, P. (2002). Sociology of Ireland. 2nd ed. Dublin: Gill & Macmillen.
There are various definitions of smaller enterprises provided from different times and areas. One of the earliest definitions was provided by Bolton Report (1971), which has indicated that a small enterprise should meet three criteria: independent (not part of a larger enterprise); managed in a personalized manner(simple management structure); relatively small share of the market(the enterprise is a price ‘taker’ rather than price ‘maker’). There are also quantitative definition of the smaller enterprise in terms of measurement of the assets, turnover, profitability and employment from different sectors and countries (Bolton, 1971).
Pantzar, Mika. "Tools or Toys: Inventing the Need for Domestic Appliances in Postwar and Postmodern Finland." Expanded Academic ASAP. Gale, Spring 2003. Web. 20 Feb. 2014.
During the twentieth century, Ireland was suffering through a time of economic hardship. “Economic growth was stagnant, unemployment was at a historic high and exceeded anywhere in the EU, except possibly Spain, and the state was one of the most indebted in the world” . Irish men and women who had received a formal education had immigrated to other nations due to the unavailability of jobs at home. This left Ireland in a state of further economic downfall, and the lack of skilled workers left Ireland stuck. The 1990’s were a turning point for Ireland. A rise in industry within the nation, as well as an increase in exports, led Ireland to become the “shining nation” in Europe. It became internationally linked with one of the biggest power nations, the United States, and international trade became Ireland’s new source for a booming economy. This brought the rise of what was known as the Celtic Tiger in Ireland.
Larsson, Thomas. The Race to the Top: The Real Story of Globalization. Cato Institute, 2001.