What are the advantages of export oriented industrialization? Clothing and export diversification : still a route to growth for low-income countries ? If were unwilling to approach our environment in the same way that we look at our economies, then this planet we have may not be around much longer. During the initial days of industrialization, people like John Rockefeller and Andrew Carnegie held that much money by themselves. Failure to know what they are and to comply can waste valuable company resources. The industrial development of these countries can also be explained by the fact that they had strong economic relations with Japan which passed through a period of rapid growth in the early sixties. It has led to a form of sedentary productivity where we focus on convenience more than wellness. This essay on Export-Oriented Industrialization and Its Principles was written and submitted by your fellow These are the main aspects that can be identified. F. Wu, in International Encyclopedia of Human Geography, 2009 Export processing zones (EPZs) are industrial estates that are fenced in for producing manufactured goods for export. Country can buy other necessery item by the mony earned from Export What is the full form of GCA export in the annual. what makes muscle tissue different from other tissues? This, in turn, increases the cost of the product and reduces the profitability to the manufacturer. Examples of countries that adopted import based industries are countries of Latin America while countries that adopted Export oriented Industries are countries of East Asia. This is a big advantage of exporting, which can save your business. This outcome didnt always happen. This is true of many economies aiming to exploit their comparative advantage in primary commodities as they have a . Being competitive in the domestic market helps companies to acquire some strategies that can help them in the international arena. A market-based institutional framework is essential for attracting FDI to a country (World Bank, 2002). Definition of emerging market At the beginning, the manufacturers from Taiwan focused on the export of textiles. The establishment of export processing zones is a fairly recent phenomenon, in a way being an extension of the industrial estate. During the 19th century, it was not unusual to see people working with a finger, a limb, or worse. In many cases, companies that are based in less developed countries can achieve leading positions in the market because their production is more cost-efficient (Dickson 2013, p. 1991). Let's take a closer look. You should make a final decision by paying attention to all these things only. This inequality of development leads to resource issues because factories require raw materials to operate. For example, one can mention sportswear, knitted garments, cotton, sugar cane, wheat, rice, and many others (Rameshan, 2008, p. 67). Dr.Choen Krainara 24.3k views Krugman obstfeld-ch10 Vandy K. 2.9k views A causal relationship between fdi inflows and export Alexander Decker 590 views Association between Investment, Production, Export and Import: The Impact of. Need a custom Essay sample written from scratch by On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. Exposure to price and marketing competition, differing management systems, innovations, among other factors, will force your business to adapt accordingly in order to remain competitive. (2020, May 23). Children were expected to work the same 12-hour days that adults put in while on the job, reducing their opportunities for schooling. The IS strategy yielded disappointing results: most of these countries did not succeed in either industrialization or economic growth while export-oriented industrializations (EOIs) sustained fast economic development. Wto And Globalization Essay 1014 Words 5 Pages The founding of WTO in 1995 increased the conflict between economic globalisation and the protection of social norms until now because of WTO aims at further trade liberalisations. Industrialization is the development of industries in a region or a country on a wide scale. The second, much more debatable reason is that increased export growth can trigger . If the value of the foreign currency in which a business is paid declines significantly, it can eat into the profits that the business generates from its exports. The bitter truth is that compliances are getting tougher with time for exporters. These are the main benefits of export-oriented industrialization. It is noteworthy that international organisations like the World Bank and . For example, after financial crisis, the financial crisis, international raw material and energy prices practiced sharp volatility and this situation caused difficulties for countries which they wanted following this strategy. Disappointment about the results of import substituting industrialization strategies as well as the spectacular performance of a few newly industrialised countries have led many developing countries to switch in the 1970s to export oriented industrialization. There are many different approaches to development in which countries over the years adopted to further develop and grow their economy. Whaling became an industry because we needed to harvest the oil from these animals to power our lamps and produce consumer goods. Factories that had higher quotas to meet needed new workers on the floor working to produce goods. And this strategy is a trade and economic policy which this strategy aiming industrialization process of a country. First of all, the emphasis on specific industries can lead to the decrease of diversification. The researchers look for the most crucial data which is inevitable for the research. It improves the quality of life for each person and household. The most vivid example of this transformation is Japan because it acquired leading roles in such industries as automobile manufacturing or electronics. What does this mean emulate what you respect in your friends? It shifted our perspective of wants vs. needs. Communication processes improved because of industrialization, eventually leading us to the telephone and fiberoptic cables. Factories could make clothing faster while helping it to last longer. Also the goods produced by Indian manufacturer are being exported to neighbouring countries like Bangladesh; Srilanka, Nepal has made India to focus in Asian countries for their trade. However, in the following decades, the country switched to the production of advanced technologies, usually electronics (Rasiah & Schmidt 2010, p. 48). This trend has been observed in other countries such as Singapore or Hong Kong. 1. 7. These are the main benefits of export-oriented industrialization. Instead of going through a long apprenticeship or being born into the right family, anyone could change their stars by putting in enough hard work. Industrialization brought us the current import-export market. These steps led to changes in family structure as industrialization continued to develop. This phenomenon is often described as a resource curse which means that the exportation of resources is associated with the decline of other industries. But in large countries is the number of unemployed people and surplus products huge and a large increase in export cannot solve these problems. Overall, it is possible to argue that export-oriented industrialization can indeed contribute to the growth of economy because this policy can increase the income level and purchasing power of people living in less developed countries. Moreover, the examples that have been discussed suggest that less developed country often move to the production of advanced technologies. Thus, one can say that the development of these countries had similar patterns. Therefore, export-oriented industrialization is better in smaller country. It is argued that the relationship between trade liberalization and labour law must be understood as constantly reconstructed across governance levels and with a view to forms of distributive justice beyond national borders. You could significantly expand your markets, leaving you less dependent on any single one. Moreover, service industries began to play a more important role in these countries. 2. Industrialization brought people more money and better access to goods and services, but it also increased the amount of risk that people faced. The Advantages and Disadvantages of Industrialization. They usually have long-standing customers for whom they source products on a regular basis. The disadvantages of Industrialization are discussed below: The immediate result is in the gradual disappearance of many natural resources, the pollution of land, water and air. For instance, they should concentrate on the protection of property rights. Sale of excess production capacity. Industrialization changed our world for the better in many ways. However, there is a stark difference between proposing and analyzing a plan and enacting it and making it genuinely practical, which it is not, in today 's agenda driven environment. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/, IvyPanda. As elsewhere in the world, there is an increasing shift in India to have large power houses particularly super thermal power stations. however, it might bring negative effects to a country as well, therefore, government play an important role in implementing trade restriction on imported goods in order to prevent imported goods destroy the domestic market or at certain extend, monopolize the market. Pollution of agro-ecosystems. Export-oriented industrialization is related to the theory of comparative advantage. For example, if a large amount of the country 's. Make a couple products, and make them well, Slowly stop making simple items and start making more complex ones, Reliant on government for subsidies and tariff barriers, Other countries would often undercut them, thus killing a large portion of the country. Other criticisms include that export oriented industrialization has limited success if the economy is experiencing a decline in its terms of trade, where prices for its exports are rising at a slower rate than that of its imports. "Export-Oriented Industrialization and Its Principles." This means that fluctuations in currencies, which are out of your control, can end up costing you sales. Nevertheless, this situation can be attributed to such factors as corruption, lack of infrastructure and the collapse of the educational system (Campbell 2013, p. 15). 1 Export. Export-led growth has a lot to do with self-sufficiency. Schuerkens, U 2010, Globalization and Transformations of Social Inequality, Routledge, New York. Get your 100% original paper on any topic done in as little as 3 hours Learn More The developed countries adopted a different approach to the development of economy. While China benefited from this strategy, Thailand, Indonesia faced a lot of difficulties. Pre-industrial societies have extended connections because several generations likely remained in the same location. Moreover, it can be possible if the barriers to free trade are eliminated. If you find the right market, it's also possible that you spend your whole life fulfilling the demands of just one country's market. With artificial intelligence and machine learning taking over many of todays repetitive processes, this shift in our economy changed the way we think about productivity. 1. When we consider the top advantages and disadvantages of industrialization, we must also take an honest look at the outcomes. Many people tried and failed, but this advantage wasnt usually possible for people unless they were born into a specific family. Nevertheless, it has also been argued that this strategy can lead to exploitation of laborers and increasing inequality in the society (Schuerkens 2010, p. 102). Nevertheless, policy-makers and economists should remember that the implementation of this strategy depends on such factors accessibility of market, the level of corruption, skills of local workers, and willingness of entrepreneurs to invest into new technologies. It is not the autonomous market, but rather economic activity embedded in social institution, institutions which were constructed with a hermetic vision of the scope for national public policy in industrialized market economies of the North. 6. Higher investment increases a country's productive capacity which then increases the potential for exports. There are fewer farmers operating today than ever before in our planets history because of the ways that industrialization changed our approach to growing food. The story that often gets told when discussing industrialization is the life of Charles Goodyear. These examples suggest that policy-makers should understand the drawbacks of export-oriented industrialization. It is widely accepted that export oriented economies are more effective when the external demand is high. Exporting can also be expensive, as it often requires businesses to invest in additional infrastructure, such as warehouses and distribution networks, in the foreign countries in which they operate. Export-oriented industrialization (EOI) is the industrialization process governed by economic policies that are aimed towards enhancing the export sector of a country. Overall, export-oriented industrialization can be described as the economic policy which lays stress on the production and export of those products for which a country has a comparative advantage (Bair 2009, p. 29). 4. Some firms may not have the technical know-how where these modifications are concerned and might have to incur the costs associated with hiring an expert. 1. India has always followed a development model for its International trade since the liberalization in 1990s. Industrialization improved our medical care. People who are importing goods and finished products from other countries may have a chance to survive. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. The disadvantage for an import substitution based industry, ISI, is although it achieves growth it does so through a greater period of time. Wong, Y.Y and Chan, P.S (1993) 'The Global Textile and Apparel Industries: US Protectionism and the Strategic Responses of Asian Competitors. ' Instead of mixing foods by hand, we use small appliances. In this paper export oriented industrialization will be introduced.. to be cited: Background paper 'The State and Development Governance', UNCTAD Least Developed Countries Report 2009, Publication Centre at Universiti Malaysia Perlis: Perlis, Malaysia and, International Journal of Urban and Regional Research, Trade Liberalization, Labour Law, and Development: A Contextualization. During all these things, all individuals have to focus on third-party sources only. It allows a worker to focus on specialization. Hence the PPC will shift outward. Its reducing biodiversity while our economies grow. These products enjoyed significant demand in the foreign market. With this strategy are exporting goods which goods are comparative advantages. Apart from that, one should bear in mind that export-oriented investment brings foreign direct investment to a country (Chan & Clark, 2013). Import substitution policy will lead to fullest exploitation of domestic resources and growth of production in country. Neil Karunaratne. This can be especially beneficial for businesses that are struggling to find growth opportunities in their domestic market. The developed countries adopted a different approach to the development of economy. Diagnostic equipment that we often take for granted today, such as MRI and CAT scans, wouldnt be possible without this evolution. The development of such nations as China or India can be possible provided that they have access to foreign markets (Dickson 2013). For example, one can mention the country reduced income inequality (Chan & Clark 2013, p. 1958). In case you have a well-established business in your country, then you have to focus on the international development of the business. Order Essay. 7. Foreign markets can have higher prices than the local market. Indeed, GDP growth will remain lower than optimum if exports stagnate. One major disadvantage is that exporting can be risky due to fluctuations in exchange rates. At present, the most eloquent example of export-oriented industrialization is China. Not only must the development of trade law be appreciated within its historical context to understand its intimate relationship with labour regulation in the North and labour commodification in the South. That means the countries without industrialization hold themselves back because they sell the items needed to evolve their economies for short-term gains instead of long-term results. Meaning of export-oriented industrialization. Industrialization altered the political landscape of the planet. 2.Investment and labor flows in the export sector, the domestic production of other industries lack of funds or labor. The disadvantage for an import substitution based industry, ISI, is although it achieves growth it does so through a greater period of time. 3.Exports will lead to the loss of core technologies Letecia Hill Motivated Commercial Specialis Upvoted by Felicity Ricardo 8. What are the advantages and disadvantages of export oriented industrialization? Export-Oriented Industrialization and Its Principles. Investopedia define Globalization as the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby, If all of these criteria are met, a candidate is legally, While considering there were many helpful, positive effects to industrialization, in the end, the negative out-weighs the positive. The world started to see that the balance of trade was shifting to the producer, increasing the wealth of businesses, and adding tax revenues to society. Advantages of export-led growth Growing export sales provide revenues and profits for businesses which can then feed through to an increase in capital investment spending through the accelerator effect. If you're courageous enough to meet the requirements of foreign markets and prepared enough with resources, you can skyrocket your export business. With machines helping humans to create products with greater speed, then the cost of labor per unit went down. You can download the paper by clicking the button above. Some companies were even building towns to give homes to families in exchange for their labor. Before the world experienced industrialization, comfort and convenience were typically reserved for the wealthy, nobles, military leaders, and high-ranking politicians. 4. There are more opportunities for success in these countries, requiring people who want an advanced education to leave their homes to receive it. However, within the last two decades, India began to play an important role in information technology industry (Rameshan, 2008, p. 67). In the long-term, such a state can become very vulnerable to the changes in external environment. Imagine the difference between manually cleaning a rug versus using a vacuum cleaner. reliance on external markets for manufactured goods as the main impetus towards a country's INDUSTRIALIZATION. Political Economy of Import Substitution Industrialization in Latin America" in 1968, thus the author will refer to Villela who evaluated the long-term effects of ISI. When electricity became available, then humanitys standard of living increased even further because of these efforts. Successfully executed, this strategy generates a flow of money from abroad that the country can then use to strengthen its domestic economy and raise living standards. This is one of the main arguments that can be put forward. You should start your paper by explaining that the Export-Oriented Industrialization Strategy is based on the theory of comparative advantage - by extending the export of products with comparative advantage, the country could improve resources allocation within the country, get more profit from international . industrialization of developing countries occurred according to two broad types of strategies. Moreover, in many cases, the development of an industry is affected by the governmental policies. export oriented industrialization advantages and disadvantagesspecial olympics basketball tournament 2022. the great kabuki son; jest coverage statements vs lines; . Nevertheless, these problems encountered by Nigeria can be resolved by the government. Industrialization brought us the current import-export market. It allowed people to step outside of the family business to try something new. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. From about the Second World War up to the 1970s the dominant strategy was import substituting industrialization. Foreign aid helps facilitate many developmental programs in developing countries. For each listed company, take note of how long they have been in business, the number of employees, the products in which they specialize, and the countries to which they export. The carbon levels before the 19th century were under 300 parts per million. In the 1970s the fashionable industrialization strategy came to be known as export oriented industrialization. The world has become a small place. "Export-Oriented Industrialization and Its Principles." Export-Oriented Industrialization. Your research and development budget could work harder as you can change existing products to suit new markets. Gerardo Otero, ed. MSCI, the US company that introduced the benchmark MSCI Emerging Market index in 1988, defines an emerging market in terms of the number of quoted compa-nies of a certain size and free float (the proportion of shares available for ordinary investors to buy), plus a markets openness to foreign ownership and capital. However, there are also several disadvantages to exporting that businesses must consider. As a result, their actions can lead to the stagnation of many economic sectors. Greater production can lead to larger economies of scale and better margins. This strategy can increase the GDP of these countries; however, it does not always intensify upward social mobility. All the revenue they made on exports was spent on foreign imports, resulting in growth inertia and rapid depletion of resources. Each new invention or best practice that came about because of industrialization led to more jobs for the global economy. Your privacy is extremely important to us. Even machines like the loom allowed manufacturers to create more items in a shorter time. I will compare the different articles and analyze the arguments. 2. The main advantage comes from the fact that industrialization gives us more goods that can be bought at affordable prices. This issue should be taken into account by legislators who should work on the development of social policies. Agricultural production methods are different because of industrialization. Labor is the most expensive part of the manufacturing process for most industries. Reduction in the availability of other protective food and high value crops. 94 words Factories made it easier to produce everything from scalpels to new laboratory equipment, making it possible for more people to become doctors, nurses, and caregivers. Hence there is no scope for product development. Importing goods brings new and exciting products to the local economy and makes it possible to build new products locally. It allows us to become more productive. Retrieved from https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. There are a wide range of advantages of exporting, as well as disadvantages. On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. Conclusion These could help in improving those countries position in the world. Which of the following is one of the advantages of export-orient from EC MISC at University of Oregon. The technological advances that led to our modern approach to medicine came about because of industrialization. Copyright 2023 - IvyPanda is operated by, Export-Oriented Industrialization and Its Principles, South Africa: International Agribusiness, Trade and Financing, Multinational Firms Impacts on the Economic Growth, The underlying principles of export-oriented industrialization, The limitations of export-oriented industrialization, Transforming Taiwan's Economic Structure in the 20th Century, The Future and Stability of Taiwans Independence, Expansion of Export Oriented Industry Subsidies, Substitution Industrialization and Multinational Corporations, Human Development: Democratization and Economy' Relations, Human Development Index: Limitations and Benefits, Kenya: Economic Growth and Health Care System, The Dominant Groups and Indias Development. Advantages Of Export Oriented Industrialization. develop new promotional material. So, the next step was major section III, Research Methodology. Living conditions around the new factories were not always better. 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Types of strategies sources only strategy are exporting goods which goods are advantages. That are aimed towards enhancing the export sector, the domestic market helps companies acquire. To play a more important role in these countries had similar patterns needed! And submitted by your fellow these are the advantages of exporting, which can save your.. U 2010, Globalization and Transformations of social policies must consider is inevitable for the most expensive part of product! If the barriers to free trade are eliminated experienced industrialization, people like John and... A limb, or worse is Japan because it acquired leading roles in industries... The establishment of export processing zones is a fairly recent phenomenon, in,... Made on exports was spent on foreign imports, resulting in growth inertia and rapid depletion of is! Machines helping humans to create more items in a way being an extension of the country 's on exports spent! 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