many factors influence the establishment of regional economic cooperation. Functionalists believe that collaboration occur on the basis of mutual interests of nation-states . This theory is in line with a general principle of Liberalism: nation-states cooperate in matters where national interests converge . According to Jacob Viner in his Customs Union Theory (1950), the rationale of customs unions—or within this line of argument, regional economic cooperation—among developing countries is that “two
The economic downfall known as the Great Depression began in the 1930’s. This was a period in history that came without warning. Folks thought they were financially stable and all at once stocks declined, jobs were lost and supply and demand disappeared. The one question that is constantly wondered is, what caused this tragic event? The top resources that caused the Great Depression were speculation and installment because of the fast decrease in stock, income maldistribution due to no money and
Early Vietnam Economic System Vietnam is located in a region considered a cradle of mankind, one of the earliest agricultural centers practicing wet rice farming, where the stone and metallurgical revolutions took place. In economic terms, this period saw the formation of agriculture and irrigation development (with Red River Dyke construction) and traditional crafts. During early centuries, Vietnam's production was feudal and agriculture-based. Lands and rice fields were possessed by the court,
particular, consider the role of economic policy and the technological upgrading strategies adopted in China from the 1980s onwards Overview Walking through labor-intensive, industry-led and consumption-led growth (Lo and Zhang), China has made a significant economic development and the growth has shifted people's life from poverty to a better level, such has improved health, higher education level and social welfare. Global trade had remarkable impact on the economic transition of China, because Chinese
The following book review takes a look at William T. Cavanaugh’s Being Consumed: Economics and Christian Desire (William T. Cavanaugh. 2008. Being Consumed: Economics and Christian Desire. Grand Rapids, Michigan: Wm. B. Eerdmans Publishing Co.). Being Consumed: Economics and Christian Desire deals with what Cavanaugh refers to as “the basic matters of economic life”, which is the free market, consumerism, globalization, and scarcity, as he aims to change the reader’s views on each of these topics
Professor Michael Todaro, economic development is an increase in living conditions, improvement of the citizens self-esteem needs and free and a just society. It can also be referred to as the qualitative and quantitative changes in an existing economy. It involves development of human capital, increase in the literacy ratio, improvement in necessary infrastructure, betterment of health and safety services etc. Economic development is a government policy to increase the economic, social welfare and ensuring
Over the decades, there has been an increase in consumption of energy in various sectors of the economy which has led to increasing debate and discuss among researchers and academician. Energy plays an important role in the economic growth of both developed and developing countries. It has always been critical for the development and growth of the country. Adequate energy supply is necessary to meet the needs of the country and also necessary for poverty reduction. However, growth hypothesis suggests
Economic segregation in England: Over the past 20 year, the patterns of segregation in England have changed. A lot of evidences confirm that ‘one-size-fits-all’ policies do not work. With no doubt each area should have different policy than the other. Areas with high levels of deficiency need intensive help to reach a ‘take-off’ point before the private sector is more likely to be expected to become involved. Otherwise, they become immovable in a poverty deception, segregated from other parts of
Prospect theory is a behavioural economic theory, which describes the way people behave when given the choice between alternatives. This can involve risk, probability and uncertainty. This theory assumes that these individuals will make decisions that are based on expectations of either a loss of gain, demonstrating that people often think in terms of expected utility, relative to a reference point. For example current wealth rather than absolute outcomes, which can therefore indicate that individuals
Introduction The role of state in economic development has long existed around the world. Due to the economic depression of 1930 the existing economic theories were not able to give any apt explanations for this worldwide economic collapse. This provided a backdrop for a revolution spearheaded by John Maynard Keynes. John Maynard Keynes was an influential policy analyst and economist. His book titled “The General Theory of Employment Interest and Money” was published in 1936 i.e. during the Great