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Trade and the Nomenclature of Economic Development
Trade and development are two things which are associated with each other when the discussion centers on the economic arena. What attributes do developed, developing and less developed countries have in common? What economic programs are needed for each type of economy? This essay basically answers these questions.
|language || ||english
|wordcount || ||5489 (cca 15 pages)
|contextual quality || ||N/A
|language level || ||N/A
|price || ||free
|sources || ||3
Table of contents
DEVELOPMENT TERMS DEFINED 1
CHARACTERISTICS OF THE LESS DEVELOPED COUNTRIES 2
THE LEAST DEVELOPED COUNTRIES 4
PROBLEMS OF THE LEAST DEVELOPED COUNTRIES 4
DEBT PROBLEM 5
IMPLICATIONS OF DEBT PROBLEM 6
SUGGESTED POLICIES FOR DEBTOR COUNTRIES 6
UNCTAD RECOMMENDATIONS 7
FEATURES OF THE LDCS’ TRADE 8
TRADE PROBLEMS OF THE LDCs 8
UNFAVORABLE TERMS OF TRADE 9
TRANSFER AND DEVELOPMENT OF TECHNOLOGY 10
ACTIVITIES OF UNCTAD 11
SOUTH-SOUTH TRADE 13
PROGRAMS FOR THE POOREST COUNTRIES 13
FOOD AND AGRICULTURE 13
HUMAN RESOURCES AND SOCIAL DEVELOPMENT 14
TRANSFER OF FINANCIAL RESOURCES 15
COMMERCIAL POLICY 16
Preview of the essay: Trade and the Nomenclature of Economic Development
TRADE AND THE NOMENCLATURE OF ECONOMIC DEVELOPMENT Introduction No nation can possibly attain its fullest development without participating in free international trade. It is not possible for any single country to possess all the productive resources of the world, and be able to create all the goods and services that its people need. Hence, the international exchange of goods and services among countries. Development requires skilled labor, appropriate technology, proper machines, sufficient funds and materials. Definitely, not a single country has all – and in adequate quantity – such productive resources. In fact, this is the most serious problems of the poorest countries of the world. Their development has been greatly hampered by inadequate resources. Nevertheless, with the free movement of productive resources between and among nations, the operations of economic development have been accelerated, and the fruits of economic growth have been increased. Expanding trade can lead to fuller employment and more efficient allocation of resources. A nation can improve its economic welfare through free trade based on comparative advantages. The best example is Japan. Although it has been importing about 90 percent of its raw materials, it has achieved an economic miracle. Unfortunately, present conditions in ...
... planning and budgetary cycles. COMMERCIAL POLICY The SNPA likewise supports measures in the field of commercial policy. It stresses the need to improve access to world markets for the products of the LDCs. Preferential schemes of various kinds should be further simplified and improved it provide to the fullest possible duty-free treatment. Moreover, tariff and non-tariff protection should be reduced so as not to hinder the LDCs in their efforts to export processed goods. In the field of commodities, the SNPA urges the need for renewed efforts to conclude international commodity agreements and the Common Fund Agreement. It also suggests that developed countries trading in primary products with the LDCs should study ways and means of helping the LDCs to offset the damaging effects of low foreign exchange earnings due to fluctuations of their exports of primary products. They should compensate the LDCs for shortfalls in their earnings from the export of primary products.
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