Economic Development Program

An important policy goal of many government, particularly those of developing

countries, is economic development. international commerce can play major role economic
development programs. countries dependent on a single export often choose to diversity their
economies in order to reduce the impact of, say, a bad harvest or falling prices for the dominant
export. For example, the west African country of Ghana, wich one depended heavily on cocoa,
began an indrustrialization progam to protect itself from fluctuation in cocoa prices. Also,
Kuwait chose to diversify from its heavy dependency on oil sales, electing to do so through
investment rather than trade. It use cash from its oil revenues to build up its investmen portfolio.

Some countries, such as Japan, Korea, and Taiwan, based their post-World War II
economic development on heavy reliance on export. According to this export-promotion
strategy, a country encourages firms to compate in foreign markets by harnessing some
advantage the country possesses, such as low labor cost.

Other countries, such as Australia, Argentina, India, and Brazil, adopted an import-
subtitution strategy after World War II; such a strategy encourages the growth of domestic
manufacturing industries by erecting high barriers to imported goods. Many MNCs responded by
locating production faciliteies within these countries in order to avoid the costs resulting from the
high barriers. In general, the export-promotion strategy has been more successful then the
import-subtitution strategy.
Paraphrasing

A critical arrangement objective for a number government, especially the individuals for
Creating countries, will be investment advancement. Global trade might assume real part
investment advancement projects. Nations subject to An absolute fare frequently all the pick on
differences their economies in place to decrease the sway of, say, an awful harvest alternately
tumbling costs to those prevailing send out. To example, the west african nation about Ghana,
wich person depended vigorously on cocoa, started an indrustrialization progam should ensure
itself starting with variance in cocoa costs. Also, kuwait picked with differentiate from its
overwhelming reliance for oil sales, electing should do with the goal through financing instead of
profession. It utilize money starting with its oil incomes should develop its investmen portfolio.

Exactly countries, for example, Japan, Korea, What's more Taiwan, built their post-
World War ii investment improvement once overwhelming dependence once fare. As stated by
this export-promotion strategy, a nation Urges organizations will compate clinched alongside
outside businesses Toward tackling a portion playing point those nation over possesses, for
example, low work expense.

Other countries, for example, Australia, Argentina, India, Also Brazil, embraced an
import-subtitution methodology following planet War II; such a technique sways those
development about down home manufacturing commercial enterprises Toward raising helter
skelter obstructions will foreign products. Numerous MNCs responded by spotting generation
faciliteies inside these nations on request should keep away from those costochondritis coming
about because of the helter skelter obstructions. To general, those export-promotion technique
need been additional great after that those import-subtitution technique.
Paraphrasing

An vital policy intention of many authorities, particularly those of growing countries, is

financial improvement. worldwide trade can play predominant function monetary improvement
programs. countries depending on a single export regularly pick to variety their economies if you
want to reduce the effect of, say, a bad harvest or falling prices for the dominant export. for
example, the west African u . s . a . of Ghana, wich one depended heavily on cocoa, commenced
an indrustrialization progam to defend itself from fluctuation in cocoa prices. also, Kuwait chose
to diversify from its heavy dependency on oil sales, electing to achieve this thru funding rather
than exchange. It use coins from its oil sales to build up its investmen portfolio.

Some nations, inclusive of Japan, Korea, and Taiwan, based totally their put up-
international conflict II monetary development on heavy reliance on export. in step with this
export-promoting method, a country encourages firms to compate in foreign markets with the aid
of harnessing some gain the u . s . a . possesses, including low hard work price.

Other nations, together with Australia, Argentina, India, and Brazil, adopted an import-
subtitution strategy after world battle II; such a strategy encourages the increase of home
production industries with the aid of erecting excessive boundaries to imported goods. Many
MNCs responded through finding manufacturing faciliteies within these countries on the way to
keep away from the fees as a consequence of the excessive obstacles. In trendy, the export-
merchandising strategy has been greater a hit then the import-subtitution method.