雅思听力
雅思阅读
2016-08-25 14:58
来源:新东方整理
作者:上海新东方
Revision: Causes of Growth in South East Asia
Sound Economic policy
Low exchange rate
A willingness to devalue currency to maintain comparative advantage encouraged exports, causing an export led boom.
However a low exchange rate increases the prices of imports and can lead to imported inflation.
On the other hand, the government can keep inflation low by controlling economic activity and reducing overheating.
Inflation may be curtailed due to low wage rates - people don't have a large disposable income. Wages are kept low because of the elastic supply for labor - constant migration from rural areas to the city means the supply of factory workers willing to work for extremely low wages exceeds demand.
Low interest rates
Encourages investment
The investment cycle takes effect: high investment -> high productivity -> high wages -> high savings -> high investment. (A virtuous circle)
The effect of the investment cycle is significant because of the multiplier and accelerator effects.
Foreign investment encouraged
Foreign investment from MNCs (multinational companies) fills the savings gap and the foreign exchange gap, causing an export led boom.
In some countries there were joint ventures between governments and MNCs so that some of the profits from the companies went back to the government.
However, MNCs may suppress wages unnecessarily and keep the standard of living down. Growth, but not development, would occur.
Reliance on MNCs may prevent the country from building up home grown technological capabilities. Problems of flying geese syndrome as MNCs flee when exchange rate becomes unfavorable.
General evaluation:
The policies for growth may conflict: it may be difficult for the government to achieve all economic objectives at once.
Sufficient savings
The government can maintain the savings level by restricting consumption and keeps the MPS (marginal propensity to save) high to maintain cash flows into investment.
Increase in savings = increase in investment since S=I. The greater capital can increase output.
This may not be true within one country (S=I applies worldwide) if capital flight takes place.
Investment cannot explain the success of SE Asia completely since in the early 1990s the rates of investment in SE Asia and Sub-Saharan Africa were similar yet the growth rates were vastly different.
Education
Investment in human capital
Investment in education was a major difference between Sub-Saharan Africa and SE Asia in the 90s. SE Asia invested in a strong human capital base - near universal primary education, because of more social equality and rising wages.
Later on, secondary and tertiary education was developed. Waiting to develop tertiary education prevented the brain drain. E.g. Korea and China have focused on providing high level technical and engineering education, enhancing their comparative advantage in these fields. Singapore - computer literacy and work based learning. China - students at UK universities.
Political and social stability
Overseas investors will not invest in regimes which are unpredictable e.g. investors won't invest in a country which might nationalize companies at a moment.
Interventionist policies
At first the government discouraged trade to protect domestic industries. The resources were allocated and managed by the government.
Growth began in earnest when the government began to promote exports of manufactured goods. This signified a move away from trade in low-tech goods like textiles.
The economies were capitalist but with government intervention.
Institutions established
Testing and research institutions were built to support industrial development;
Giant conglomerates; New management and techniques for efficiency.
推荐阅读
若想获取更多详尽出国留学攻略以及雅思备考资讯,可以打开我们【上海新东方雅思网】,涵盖雅思真题机经,雅思写作、口语、听力、阅读以及留学名校介绍等,也许就能找到你真正需要的。上海新东方雅思网在这里预祝各位考生学习顺利,都能考取自己满意的学校。
上海新东方寒假班报名地址
|
||||
|
新东方留学院校库,留学选校有门道
A BETTER YOU,A BIGGER WORLD!
版权及免责声明
①凡本网注明"稿件来源:新东方"的所有文字、图片和音视频稿件,版权均属新东方教育科技集团(含本网和新东方网) 所有,任何媒体、网站或个人未经本网协议授权不得转载、链接、转贴或以其他任何方式复制、发表。已经本网协议授权的媒体、网站,在下载使用时必须注明"稿件来源:新东方",违者本网将依法追究法律责任。
② 本网未注明"稿件来源:新东方"的文/图等稿件均为转载稿,本网转载仅基于传递更多信息之目的,并不意味着赞同转载稿的观点或证实其内容的真实性。如其他媒体、网站或个人从本网下载使用,必须保留本网注明的"稿件来源",并自负版权等法律责任。如擅自篡改为"稿件来源:新东方",本网将依法追究法律责任。
③ 如本网转载稿涉及版权等问题,请作者见稿后在两周内速来电与新东方网联系,电话:010-60908555。
雅思听力
雅思阅读