In recent years, there has been a growing trend that people tend to buy things on the Internet. This presents both pros and cons, however, in my opinion, its benefits are much more significant than the drawbacks. On the one hand, shopping online brings consumers some disadvantages. Initially, since people are unable to touch or see the products they want to buy in reality, it is always hard for them to examine the quality of these products. As a result,...
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Judith Teichman in her book 'The Politics of Inclusive Development' explores the politics of inclusive development through an in-depth analysis of four case studies, Mexico, Indonesia, Chile, and South Korea, each with clear-cut development paths and different social welfare and distributive outcomes, and places these cases in the context of international development thinking and practice. The book tries to tackle two main concerns: what policies are necessary for the reduction of poverty, its related deprivations, and continued improvements in social...
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Economic growth around the world has meant countries has been able to develop at an exponential rate, particularly those economies in third world countries. Gross domestic product or GDP gives an indication of the country’s economic situation. Many economists would use gross domestic product to provide figures to help determine the rate of growth and the size of an economy for various countries. GDP can be calculated by taking the total value of products and services that are manufactured by...
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The boom of South Korean pop (K-pop) originally expanded to few Asian countries in mid-1990s; however, in early twenty first century, it has gained global popularity in the twinkling of an eye. The latest BTS – a Korean idol group which consists seven boys - got the first place on America’s Billboard album chart (Dal and Lee, 2019). It was also for the first time to get that record as Asian music stars. The announce means BTS got international fame...
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Malaysia is a Southeast Asian country, occupying parts of the Malay Peninsula and the island of Borneo. It is known for its beaches, rainforests and mix of Malay, Chinese, Indian and European culture references. Its capital is Kuala Lumpur. In 2021, Malaysia’s population is 33.42 million, it is an undeveloped country. Malaysia is very special among unique countries in the world. It is because, the diversity of races, religions and cultures. Malaysia’s climate is tropical, and they have natural resources...
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Introduction The main findings affirm the positive effect of the improvement of the life insurance market on economic growth. With the expanded model, the insurance-growth nexus varies across nations with different conditions. For example, the positive effect on economic growth is mitigated within the middle-income nations, but amplified within the low income nations. Moreover, both the development of stock market and the life insurance market are substitutes rather than complements. Several robustness tests are also shown. Improvement of life insurance...
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According to economic theory, economic growth in a given country is possible in only three cases. The first is when investment flows: when capital accumulation outstrips the growth of the labor force, so the share of workers is more capital. This growth is named after the American economist Robert Solow - 'Solovian' growth. The second - economic growth can occur in connection with the expansion of the exchange of goods and services, it is commonly called Smithian growth, because of...
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China’s economy has undergone extraordinary growth over the past four decades. The country was one of the poorest nations worldwide in 1978 with its real per capita gross domestic estimated to be one-fortieth of the US level. However, the nation has become a vital economic power since it opened up to the world following the end of Mao’s rule (Yang, 2013). The country’s real per capita GDP increased from 5.5% of the US level to around 25% in 2014 (Zhang,...
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Democracy is seen as a worthy cause in the world, but there is a lot of debate about the consequences of democracy, the process of democratization and its image of being the most perfect system ever. For example, it is questionable whether democratization brings benefits economically as a given and whether democracy leads to peace. On the other hand, there is also a debate about the possible causes of natural democratization. Do developing countries have less chance of democratization, does...
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Bernard and Austin (2012) argue that traditional theorists believed that financial market in general has no correlation with economic growth, this proposition aroused studies on finding the effect of financial market on growth. Ample of studies have conducted on the traditionalists and established association between stock market and economic growth. In developing economy like Bangladesh and Nigeria, the development and growth of stock markets have been widespread in recent times. Despite the size and illiquid nature of stock market, its...
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Natural disasters have always been one of mankind’s major fears and fascinations, due to their associated human and economic losses. Natural disasters such as the Kobe Earthquake, Hurricane Katrina, the Indian Ocean Tsunami, the Haitian Earthquake, and the Japanese Tsunami have been able to grab the attention of man towards the act of examining the impact and consequences of these events, as they have instilled fear in him that such large-scale devastating events are becoming more frequent and severe. The...
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In order to explain the balanced growth path using a general Solow economy, I have chosen Ukraine as a developing economy as it is a great example of a country in Europe that struggles economically and fits the Solow’s model of economic growth. Solow’s model shows that the rate of savings in the economy determines the size of the capital stock, and accordingly the volume of production. The higher the rate of savings, the higher the capital adequacy and higher...
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Economic growth should be a positive force for the whole planet. This is why we must make sure that financial progress creates decent and fulfilling jobs while not harming the environment. We must protect labor rights and once and for all put a stop to modern slavery and child labor. If we promote job creation with expanded access to banking and financial services, we can make sure that everybody gets the benefits of entrepreneurship and innovation. Productivity is a measure...
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Equality is the state of every individual being equal, especially in status, rights or opportunities. However, up till the 21st century, gender equality is still a prevalent issue. Men and women across the globe do not enjoy equal privileges. Gender equality is the equal right of both men and women to have access to opportunities and resources, including the right to participate in the economic sphere and have a say in making important decision. If achieving gender equality can return...
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Globalization, a significant trademark inside the contemporary financial condition, has brought about critical changes to singular countries regarding monetary improvement procedures embraced by national governments. The term globalization alludes to the joining of nearby and worldwide economies into a comprehensively brought together political, monetary, and social request, and is anything but a particular wonder, notwithstanding, however, a term to depict the powers that change an economy into one described by the embracement of the more liberated development of exchange, speculation,...
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Prior to the late 19th century, America played a minimal role in worldly matters. However, this isolation would change due to imperialism, which is the political, military, and economic control of powerful countries over weaker territories. European nations and Japan initially started the race of acquiring new territories in the 1800s, and in due course, America would join in on the competition as well. The taste of Empire is in the mouth of the people even as the taste of...
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The theoretical discourse underpinning the relationship between democracy and the developmental performance of markets and states, especially in the developing countries, has been at stake for millennia and still has not reached a definite consensus about whether this particular type of non-market institutions actually causally results in economic growth. However, the comprehensive existing literature on this highly salient topic draws on the idea that even if democracy is preferable, it is not a necessary precondition for development. In order to...
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Colombia has been a country of turmoil and unrest for most of its existence. Due to the fact that there are so many regions and each region being in control of itself and not having much to do with the other region, the unrest has been difficult to manage. From a business standpoint, there has not been much going on with the outside world until the early to mid-20th century. It was during this time period that there was a...
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Dubai is located on the Persian Gulf, and it is one of the seven emirates that the UAE form. Dubai is the second largest emirate after Abu Dhabi with a population exceeding 1.3 million which makes about 32% of the UAE population (Al Awad, 2008). However, it is ready to expand twice as much if you add the man-made islands: Waterfront, Three Palms, World, Universe, Dubailand, as well as many other construction projects taking place in the desert. Dubai is...
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With a population of 32.7 million, Malaysia is a multi-ethnic religious nation, distinguished primarily by three major ethnic groups: Malay and indigenous people, Chinese, and Indians. Malaysia has been effectively converting itself from a poor nation into a middle-income country since its independence in 1957. Despite difficult external factors, the economy of Malaysia has shown periodic expansion. It may also certainly assert its fighting success against poverty. Despite its progress in decreasing poverty, for certain geographical and societal factors, a...
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To begin with, the key question for modern growth, however, is this: ‘Does mercantilism still exist?’. In many developing nations, under one-party rule or managed by huge bureaucracies guided by industrial policies, the answer is undoubtedly, yes. On the other hand, in the modern economies, where tax reporting and collection are fairly efficient, mercantilism is much less in evidence. However, this idea of mercantilism was at its peak during the 16th-18th centuries. This time period is also known as the...
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Gross domestic product (GDP) gauges a nation's financial exhibition over a given period, commonly one year or one quarter. Thus, estimating the economy of the nation is the most significant monetary measure. This paper investigates the development and diversity of Australia's gross domestic product. Australia’s Growth Decade As indicated by the report by Aslani et al. (2017), the growth rate of Australia's gross domestic product was 2.8%, with a gross domestic product of US$734.283 million. In 2005, it was predicted...
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The value of small businesses is often underestimated because they are small. But in fact, this absolutely does not mean that they have little influence. Small businesses have a huge impact not only on the national economy but also on the economy of their communities. Small businesses are as unique and individual as their owners and span a variety of industries. They fuel the American dream and allow people to pursue their passion. Small businesses also enable people to achieve...
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The digital economy in world creates efficiency and is beneficial to connect the whole world within a single framework. It is also termed a new economy. The digital economy was first coined by a Japanese professor at the end of 1990. The digital economy is termed because digital technologies help the economy by providing several inclusive opportunities. The broad scope of the digital economy includes sustainable growth for economics and it provides several facilities like e-commerce platforms, industry procurement, implementation...
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Shockingly, 57 million children across the world don't have a school to go to. This is atrocious for the kids as well as the country they are in because without formal education it is hard for a country to develop. This information arises the question of how access to quality education positively impacts children as they become older. Access to quality education positively impacts children as they get older by providing them with new opportunities and improving a country’s economy....
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