Following the abandonment of the Bretton Woods system in 1971, the US and Great Britain started to spread their market-oriented policies leading to what we call today, globalization. The European Commission defines globalization as 'the process by which markets and production in different countries are becoming increasingly interdependent due to the dynamics of trade in goods and services and the flow of capital and technology accelerated by the fall in tariff barriers through the impetus of international institutions, notably the World Trade Organization (WTO) and the reduction in transportation and communication costs'. Twenty years ago, a new wave of countries who had been kept away from international trade for a long time appeared in Latin America, Asia, Africa and more recently in Eastern Europe after the collapse of the former Soviet Union in 1991. Czinkota and Ronkainen characterized Emerging Markets by their GNI per capita which should not exceed $ 9.265 according to the World Bank (WB), by their impressive economic growth and by the democratization of their political structure and adoption of neo-liberal reforms.
[...] This employment reduction is mainly due to privatization, and the opening of state-owned sectors to the global market. Contrary to the Stolper-Samuelson thought, world trade, and demand-led economy do not mechanically guarantee the expansion of employment because each region has different socio-economic institutional systems (Lee and Vivarelli, 2006). However, the Stolper-Samuelson model accounts for the reduction of the rate of unemployment in Bulgaria to in 2008 (CIA Factbook September 2009). Bulgaria's production, led by global demand was times higher in 2008 than in 1991 (IMF World Economy outlook database). [...]
[...] available at: http://neerajmishra.wordpress.com/2008/07/27/decoupling-theory-%E2%80%93- truth-or-myth-a-rogue-engineer-turns-economist/ [27 July 2008] Nachum, L., and Wymbs, C., (2002), Firm “Specific attributes and MNE's Location Choices: Financial and Profession Service FDI to New York and London”, Centre for Business Research, University of Cambridge paper work, No March Naghshpour, S., St. Marie, J., (2008), “Emerging no more: Do emerging market economies owe their success to globalization?” International Journal of Trade and Global Markets, Vol No pp266-280 Nicholson, A., and Abelsky, P., (2009), “Russia's Foreign Direct Investment Falls Record available at: http://www.bloomberg.com/apps/news?pid=20601087&sid=a7J5Ov1qPEh0 [21 August 2009] Olavarria-Gambi, M., (2003), Poverty Reduction in Chile: has economic growth been enough? [...]
[...] Nonetheless, the decoupling theory holds that emerging economies are no longer dependent upon the western world for growth, even during recession. Supporters argue that they export half of their production to other emerging markets. export to US now contributes only to Chinese to India to Brazil and to Russia's GDP”. (Neeraj Mishra, 2008). Pierre Tenaud in his article Le sort inégal des pays émergents (2006), underlines that their domestic demand is still not high enough to sell off their production. [...]
[...] Today, the economic situation of emerging markets is better as they have reached an annual average GDP of since 2000, whereas developed economies have only grown by (The Economist, 2006). Their successful growth should be associated with the Comparative Advantage theory of Hecksher & Ohlin, which states that “each region is specialized in, and exports products that use its abundant factor intensively”. Although some economists argue that FDIs cannot be explained by any comparative advantage theories (Hosseini, 2005), Dunning (1993 cited by Nachum and Wymbs, 2002) agrees that companies go to countries where factors of production such as natural resources, industrial facilities and a large and cheap labor force, are in abundance. [...]
[...] Emerging countries are bound with agreements such as intellectual property which allow a large amount of money to be transferred from developing countries to developed countries (Rusdy Hartungi, 2006). Besides, the collapse of the WTO Doha talks, as well as the global crisis, is making the growth of emerging economies trickier and less attractive. Also, intensive production in those countries raises environmental concerns, as China's exports account for 33% of its carbon footprint. This dangerously affects natural resources where they are not managed sustainably (www.newscientist.com, 2008). From a socially point of view, globalization has not succeeded in reducing poverty and inequalities. [...]
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