Econ 4450 (2010) Note 16 - Econ 4450 Note 16 A sequence of...

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Econ 4450 Note 16
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A sequence of questions: (1)Is globalization necessary for development in today’s world? The assignment , Working knowledge, Sci. Am. Suggests probably yes. Without trading as well as learning from trading, a developing economy may not be able to sell even a bottle of carbonized drink?
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(2) To develop with an outward orientation, is it desirable to start with the labor intensive sectors? Currently, India and China are the two fastest growing economies. China specializes in labor intensive products, India in goods that embodies much human capital. Both seem doing well. Yet, for promoting income equality and poverty alleviation, exporting labor intensive goods seems to have much merit.
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(3) For economies starting development with labor intensive exports, on the strength of low labor cost, what if successful development leads to rising wages and hence eroding advantage in manufacturing? Hong Kong and Singapore seek to develop service trade.
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Econ 4450 (2010) Note 16 - Econ 4450 Note 16 A sequence of...

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