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Submitted by Beantown1232 on April 24, 2008
Category: Social Issues
Words: 2211 | Pages: 9
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Much of modern economics has been dedicated to the importance of building an economy through industrialization. Industrialization brings more trade, more trade brings higher GDP, higher GDP = good. The view of developing countries is that they are the same as developed countries fundamentally, only they are poor. With outside help these developing countries can become industrialized.
In modern economics the goal of growth in an economy is to build up revenue to the point where there is surplus revenue. That surplus revenue becomes savings, and the savings can become investment. To many economists investment goes hand and hand with growth. A steady growth rate consists of a constant per capita output/income, coupled with investment. In order to achieve these goals set forth for an economy, key industry must spring up.
The idea that industrialization is the most important factor to nurse a growing economy is an idea that is shared by many modern economists. Industrialization is the key factor to competing in the global market. Although industry can be beneficial for an economy, it can also have negative effects.
Paul Prebisch believes that industrialization should not be the goal of development. The main goal of industrialization is to compete in the global marketplace. Prebisch believes that the terms of trade are biased against developing countries. Trying to compete with other countries.
Import substitution industrialization substitutes products a country is importing, with domestically produced products. Easy ISI focuses on substituting products like furnished goods and clothing. This type of ISI is concerned with building a healthy domestic market capable of creating goods that countries would otherwise need to import. Some countries go further to the next stage, which is aggressive ISI. Aggressive ISI includes creating big industry with the intention of internationally competition. This type of industry can create problems...
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