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Globalisation Trade and Development (Paperback)
Loot Price: R1,986
Discovery Miles 19 860
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Globalisation Trade and Development (Paperback)
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Total price: R2,006
Discovery Miles: 20 060
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The standard development and growth theory and practice in the
post-Second World War era gravely misled about the key determinants
of economic development. The postwar models focused mainly on the
patterns of savings and investment by a representative household
and firm. According to such models, the biggest development
challenge was raising the rate of capital accumulation. The
socialist economies-including the Soviet Union, China and, in case
of even India, they took the emphasis on capital accumulation to
the extreme, by employing various forms of compulsion, including
extreme suppression of peasant incomes, to raise national saving
rates in order to speed industrialization, urbanization and
development. The savings-led model of development proved to be
inadequate both in theory and in practice. China and India are the
largest economies today, which have fully integrated into global
markets but there are fundamentally different conditions in the two
places such as differences in the extent of urbanization,
industrialization, and rural development, even differences in
solving poverty and unemployment problems.
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