Economics and the World Bank (Essay Sample)
The World Bank is currently advising newly industrialized countries on how to encourage growth and they have asked for your help.
•Using the Internet, library, or other resources, research and briefly explain 2–3 methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
•Which of these methods of encouraging growth would you suggest for the typical company in Hong Kong and Singapore?
•Explain the rationale for your choice.
23rd July 2015.
The main goal of the World Bank has always been to improve the economic conditions of the world's countries. The bank tries alleviating the levels of poverty in the developing and emerging economies by implementing a number of strategies that in the long run helps in the wellbeing of such nations. It also tries reducing the gap between the rich and the poor, something that is still a daunting task under every definition of it. Singapore and Hongkong were merging nations back in the early part of the twentieth century .However; the two countries have managed to make massive strides to the present state that they are in. They are in some way, industrialized countries, with their own markets, and thriving economies. The underlying question is the strategy they employed within their confines and their respective industrial sectors, which can be used as a template for the rest of the developing world to emulate.
First is the understanding of the concept of a market economy and what it entails for a country to have a market economy. A market economy is formed as a result of labor stratification or simply, division, which automatically sets a price system freely determined by the laws of demand and supply. The two countries made a step into being market economies by reorganization of their political systems and recognition of human rights, in this case, the rights of employees in relation to their employers (The Econo...
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