Essay - Economic Development and Trade Introduction: in an Era of Increased...

Economic Development and Trade

Introduction:

In an era of increased globalization and advancements in technology, it has become *****creasingly important for all of the nations of the world to keep bringing improvements in their economic infrastructure ***** to expand their businesses on the global scale. It has been observed that without a reas*****able level of economic development any country cannot gain a competitive position in the world m*****rket. This is ***** dilemma faced by most of the developed nations of the world.

In th***** paper we will examine as to how ***** development ***** any country promotes the trade and business ***** how free trade and liberalization in trade policies, on behalf of the governments, help the bus*****esses ***** flourish ***** effectively compete in the world market. We have covered the issues related to the economic development of the develop*****g nations and has discussed the aspects that have caused hindrance in the economic development of ********** countries. Fin*****y ***** have cited the example of a developing ***** (India) ***** has discussed as to how liberalization in trade has *****ed it in making remarkable achievements w*****h respect to economic growth and to bring ***** in its industry ***** trade.

Barriers to economic *****:

With ***** increased globalization and expanding ***** businesses on a glob*****l scale, the global market is becoming increasingly competitive. As the under***** or developing countries are striving ***** come to the ***** of the developed nations, *****y ***** also considering ***** expand ***** business horizons and to exp***** their ***** *****wide in order to get the benefit from the reduction in barriers to ***** trade.

*****, for the ***** nations ***** journey has never been so easy and they ***** been facing a number of obstacles in their drive to progress as a developed ***** prosperous nation. (Levitt, 1983) Among the major ***** are the problems of economic and political uncertainty faced ***** these countries. Lack of technological expertise and non availability of skilled personnel to bring advancements with ***** ***** technology is also a major area of concern (I). Although some of ***** countries have taken constructive measures in this regard ***** have *****vested a consider*****ble level of ***** annual budgets for the development of sciences and ***** but in most ***** the cases the approach used by these nations was wrong. (Jeffrey G, 1998) Governments of the developing nations ***** to believe that they can "import' technology ***** purchasing technologically advanced equipments for their industries ***** by hiring foreign pr*****essionals for the maintenance and operations of ***** *****. However, they ignored the fact that real advancement in science ***** technology can only be brought by training ***** local workforce and by educating the local population. In order to bring technological improvements in this countries, it ***** needed that these ***** should ********** in scientific research ***** development and encourage their ***** population ***** participate in such productive activities by awarding scholarships to the talented students, by giving awards ***** recognitions for any innovation made by *****one.(i)