export oriented industrialization advantages and disadvantages

https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/, IvyPanda. 8. ensure the integrity of our platform while keeping your private information safe. The Great Depression in the 1930s severely hurt Latin America's export market. Sale of excess production capacity. Industrialization created the surge in automation that we experience today. They paid attention to both domestic and foreign markets since the purchasing power of local clients was also high. The contemporary challenges to labour regulation in low income settings of the South are also ripe for a less deterministic analysis of the impact of trade regulation once contemporary regulatory action is considered broadly, and across governance levels. Emerging markets are between developed markets. This strategy enabled many states to raise the standards of living and boost the development of industries. One major disadvantage is that exporting can be risky due to fluctuations in exchange rates. This process uses to describe the changes in society and in the world economy, by creating a linkage and increasing exchange between individuals, organizations or nations in cultural perspective, economics on global scale (Globalization 101, n.d.). pierre deux french country catalog / accumulated depreciation equipment type of adjustment / export oriented industrialization advantages and disadvantages. Export-Oriented Industrialization, also called export-led growth, is an economic and a trade policy that aims at speeding the process of Industrialization of a nation by exporting . Boulder, CO: Westview Press. These institutions co-evolve in complex interactions between formal and informal institutions (North, 1990) at national as well as local level. That results in a further stimulus to economic growth and industrial investment. Fewer than 40 countries have gone through a modern economic revolution to fully incorporate these technologies, giving those that have a massive advantage over the developing world. The primary goal of the implemented substitution industrialization theory is to protect, strengthen, and grow local industries using a variety of tactics, including tariffs, import quotas, and. Generally there are three kinds of approaches or research methods namely Qualitative, Quantitative and Mixed. That led to the creation of roads that could support higher traffic levels. The economic development of this country is primarily dependent on the foreign demand for its products and labor-intensive production. Although this created a Middle Class in many societies, the result also reinforced the power of the aristocracy. If the value of the foreign currency in which a business is paid declines significantly, it can eat into the profits that the business generates from its exports. This is the main prerequisite for a persons ability to climb the social ladder and become competitive in the labor market. 23 May. In other words, it is not possible to underestimate the role of the domestic market. So, the next step was major section III, Research Methodology. Political Economy of Import Substitution Industrialization in Latin America" in 1968, thus the author will refer to Villela who evaluated the long-term effects of ISI. Export-Oriented Industrialization and Its Principles. This is the main prerequisite for a person's ability to climb the social ladder and become competitive in the labor market. The wealthy built our modern society through the efforts of desperate people who wanted to help their children and grandchildren have a better life. 2. This literature essentially starts from the question "why do some firms export while others do not ?". 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This strategy seeks to find a niche in the world economy . Pollution of agro-ecosystems. When that many people lived close together in unsanitary conditions, it was not unusual for diseases to start spreading rapidly. Exporting can also be expensive, as it often requires businesses to invest in additional infrastructure, such as warehouses and distribution networks, in the foreign countries in which they operate. Other criticisms include that export oriented industrialization has limited success if the economy is experiencing a decline in its terms of trade, where prices for its exports are rising at a slower rate than that of its imports. Order Essay. And are identified which export oriented strategy is better to successful economic growth. Employees were expected to put in long shifts, often working 12-hour days with only Sunday off to spend time with their families. This, in turn, increases the cost of the product and reduces the profitability to the manufacturer. 8. Proper Choice for Certain Products: The direct exporting is necessary in the following cases and there is no other alternative to get success: i In respect of commodities which use a highly technical sales organisation and require after sale services; ii When middlemen are disinclined towards accepting all the risks of export trade. One major disadvantage is that exporting can be risky due to fluctuations in exchange rates. These are the main aspects that can be identified. It should be borne in mind that the comparative advantage can be explained by several factors, for instance, the presence of natural resources, the availability of skilled and less expensive labor force, or even the climate of a country. Exporting protects your business against fluctuations in the domestic business cycle, thereby protecting your revenue and employees. What are the advantages and disadvantages of export oriented industrialization? Question: What are the advantages and disadvantages of export oriented industrialization? One should bear in mind that in the middle of the twentieth century various countries could be viewed less developed, for instance, one can mention South Korea, Taiwan, or Singapore. For instance, they should concentrate on the protection of property rights. International trade refers to a country trade goods and services to another country. International trade open up the world potential market to increase producer sales quantity and increase competition on foreign country. Export-Oriented Industrialization (EOI): Arguments For and Against What Have Been Experienced of Developing Countries With Regard to EOI Jan. 16, 2013 12 likes 24,252 views Download Now Download to read offline Economy & Finance Dr.Choen Krainara Follow Consultant Advertisement Recommended Market research, marketing campaigns and initiatives, administrative costs, travel costs for employees - these costs can add up significantly. Agricultural production methods are different because of industrialization. Limitless Market One advantage of exporting is that the market is limitless. From about the Second World War up to the 1970s the dominant strategy was import substituting industrialization. Who makes the plaid blue coat Jesse stone wears in Sea Change? If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. When we review the results from our efforts at industrialization, it is clear to see that our world would be a very different place without this innovation. They also raise trade disputes because high import tariffs imposed on foreign countries allow them to do the same to the domestic country. We dont walk to work because we can drive there. With artificial intelligence and machine learning taking over many of todays repetitive processes, this shift in our economy changed the way we think about productivity. The most eloquent example is Nigeria which exports oil and gas; however, other areas of this economy remain underdeveloped (Campbell 2013, p. 15). In the long-term, such a state can become very vulnerable to the changes in external environment. List of the Advantages of Industrialization 1. After industrialization, CO2 rates rose to 400 parts per million. import substitution industrialization (ISI), development strategy focusing on promoting domestic production of previously imported goods to foster industrialization. We utilize security vendors that protect and In many cases, companies that are based in less developed countries can achieve leading positions in the market because their production is more cost-efficient (Dickson 2013, p. 1991). Not only must the development of trade law be appreciated within its historical context to understand its intimate relationship with labour regulation in the North and labour commodification in the South. When the incomes of workers rise, then the markets for different consumer goods and services expands. If were unwilling to approach our environment in the same way that we look at our economies, then this planet we have may not be around much longer. This advantage applies to services because industrialization provided equipment that made jobs easier to complete. For example, one can speak about such obstacles as import quotas or tariffs (Dickson 2013, p. 1991). Foreign aid helps facilitate many developmental programs in developing countries. However, in the following decades, the country switched to the production of advanced technologies, usually electronics (Rasiah & Schmidt 2010, p. 48). It has closed the only land border Qatar shares with Saudi Arabia. When we consider the top advantages and disadvantages of industrialization, we must also take an honest look at the outcomes. , 2007).Strategic Orientation focuses on the way a firm adapts to and interacts with its external environments (Zhou and Li 2010). The most vivid example of this transformation is Japan because it acquired leading roles in such industries as automobile manufacturing or electronics. This can be especially challenging for small businesses that may not have the resources to make these investments. This may require additional staff and therefore lead to an expansion. Published on 26 Sep 2017 A nation pursuing export-led growth seeks to expand its economy by producing goods for sale overseas. On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. Strategic Orientation has also been described as strategic fit, Strategic readiness, strategic thrust, and strategic choice (Morgan and Strong 2003). 18 Big Advantages and Disadvantages of Group Decision Making, 16 Key Advantages and Disadvantages of Cluster Sampling, 18 Major Advantages and Disadvantages of the Payback Period, 20 Advantages and Disadvantages of Leasing a Car, 19 Advantages and Disadvantages of Debt Financing, 24 Key Advantages and Disadvantages of a C Corporation, 16 Biggest Advantages and Disadvantages of Mediation, 18 Advantages and Disadvantages of a Gated Community, 17 Big Advantages and Disadvantages of Focus Groups, 17 Key Advantages and Disadvantages of Corporate Bonds, 19 Major Advantages and Disadvantages of Annuities, 17 Biggest Advantages and Disadvantages of Advertising. Children were expected to work the same 12-hour days that adults put in while on the job, reducing their opportunities for schooling. This is a big advantage of exporting, which can save your business. The producers can adapt their products on the basis of such authentic information and improve their profitability. He went into a lot of debt, lost almost everything in 1837, and then accidentally combined sulfur and rubber on his stove to change the world. Also the goods produced by Indian manufacturer are being exported to neighbouring countries like Bangladesh; Srilanka, Nepal has made India to focus in Asian countries for their trade. We often take for granted the child labor laws that exist today. No Obligation to any Manufacturer: The export merchants may concentrate on products which offer them the greatest profit. There is saving of time and labor. Production can be increased in many cases to reduce unit costs and lead to increased use of existing capacity. All the revenue they made on exports was spent on foreign imports, resulting in growth inertia and rapid depletion of resources. the hazards of these structural adjustment policies include economic instability (unemployment and inflation) and inequities free trade results in a more efficient use of resources and therefore greater production export oriented industrialization has resulted in higher rates of economic growth than import substitution policies The industry can have a steady growth. Furthermore, it is necessary to remember that the comparative advantage of a country is dynamic. F. Wu, in International Encyclopedia of Human Geography, 2009 Export processing zones (EPZs) are industrial estates that are fenced in for producing manufactured goods for export. casts doubt on the overall validity of the export-led development hypothesis. Several advantages and disadvantages of industrialization are worth taking into consideration. This disadvantage has led to changes in our soil composition, water quality, and the air that we breathe. As a result of searching the existing literature, the researcher was able to obtain data that correlated exceptionally well with the research topic. Each new invention or best practice that came about because of industrialization led to more jobs for the global economy. For example, one can mention the country reduced income inequality (Chan & Clark 2013, p. 1958). Export processing zones comprise not only a spatial entity, movement to and from which is closely monitored but also a package of incentives. International trade open up the world potential market to increase producer sales quantity and increase competition on foreign country. Rockefeller by himself was responsible for almost 2% of the U.S. GDP each year. And this strategy is a trade and economic policy which this strategy aiming industrialization process of a country. Some countries used from this strategy for export-led growth. Furthermore, this policy implies that foreign market can be more profitable for a country, than the domestic one. These are the main benefits of export-oriented industrialization. For the secondary sources, I will search books, journals or any type of it from the internet. Let's take a closer look. Moreover, it can be possible if the barriers to free trade are eliminated. These disadvantages of Industrialization have led to global challenges such as biodiversity reduction, water crisis, habitat destruction, and even global warming. The advantages and the disadvantages of this strategy will be stated. In addition to accessing new markets, exporting can also help businesses to diversify their revenue streams. Conclusion In turn, they can start their own businesses that can also become profitable. Being, This paper investigates some studies about the effect of industrial revoluton. This is one of the main arguments that can be put forward. This outcome didnt always happen. Login Indeed, the researcher gathered pertinent information from secondary sources; however, the primary sources of data were needed to draw a logical conclusion of the research at hand. Diversifying The Business Diversifying the business can come with risks. Here's a quick summary: Advantages of exporting There are multiple advantages of exporting for businesses of all sizes. What are the advantages and disadvantages of export oriented industrialization? IvyPanda, 23 May 2020, ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. Learning Objectives Type of Entry Advantages Exporting Fast entry, low risk Licensing and Franchising Fast entry, low cost, low risk Partnering and Strategic Alliance Shared costs reduce investment needed, reduced risk, seen as local entity Acquisition Fast entry; known, established operations Why is exporting difficult? Economic aid: it started after world war 2. 6. Similarly, Taiwan and Singapore developed expertise in the production of information technologies, while in the sixties the companies based in these countries were engaged mostly in labor-intensive manufacturing. Use this information strictly at your own risk. Prior results do not guarantee a similar outcome. The disadvantage for an import substitution based industry, ISI, is although it achieves growth it does so through a greater period of time. Finally, it is vital to remember that a less developed country can achieve success through export-oriented industrialization if local laborers are relatively skilled. What will happen to todays industrialization efforts if we run out of oil or natural gas? High relative inflation might then have the effect of making export industries less competitive in overseas markets and domestic producers less price competitive against imports Export-led growth might be unsustainable if it contributes extraction of natural resources beyond what is required for long term balanced growth to be maintained. Still, economically advanced states were able to diversify their economies. Investopedia define Globalization as the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby, If all of these criteria are met, a candidate is legally, While considering there were many helpful, positive effects to industrialization, in the end, the negative out-weighs the positive. Although that means were not significantly reducing animal populations to meet our fueling needs, it doesnt shift us away from a finite resource. It is up to us to clean up the pollution that comes about as a side effect to these efforts. 1. At the beginning, the manufacturers from Taiwan focused on the export of textiles. The advantages of industrialization are given below: The growth of industries has resulted in large scale production of goods which are available to the consumer at much cheaper rates. student. Unless action gets taken to curb this issue, we will one day reach a tipping point where a recovery might not be possible. The working conditions declined during industrialization. During the 19th century, it was not unusual to see people working with a finger, a limb, or worse. Definition of emerging market Moreover, it is critical to look at the experience of western countries that took a different approach. Advantages Of Export Oriented Industrialization. Its initial characteristics included shifts from rural work, technological progress, and changes in class consciousness. Export-Oriented Industrialization and Its Principles. However, these short-comings do not undermine the positive role that was played by export-oriented architecture. Nevertheless, policy-makers and economists should remember that the implementation of this strategy depends on such factors accessibility of market, the level of corruption, skills of local workers, and willingness of entrepreneurs to invest into new technologies. Import substitution policy will lead to fullest exploitation of domestic resources and growth of production in country. 5. These are the main aspects that can be identified. Provide . Before the world experienced industrialization, comfort and convenience were typically reserved for the wealthy, nobles, military leaders, and high-ranking politicians. Even machines like the loom allowed manufacturers to create more items in a shorter time. Overall, the resource curse can affect both developing and advanced countries. This essay on Export-Oriented Industrialization and Its Principles was written and submitted by your fellow They should create legal and political environment that can make the development of industries possible. It is an effort by countries to become self-sufficient and lower their dependence. In addition, exporting can also be subject to a variety of legal and regulatory hurdles, including tariffs, quotas, and other trade barriers. However, there are also several disadvantages to exporting that businesses must consider. Exporting refers to the sale of goods and services to foreign countries. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. However, it is important for businesses to carefully consider the advantages and disadvantages of exporting before entering into international trade. Advantages of export-led growth Growing export sales provide revenues and profits for businesses which can then feed through to an increase in capital investment spending through the accelerator effect. We made things because of their usefulness, which limited our innovation. Bair, J 2009, Frontiers of Commodity Chain Research, Stanford University Press, Palo Alto. You didnt need to grow your own food through homesteading efforts. However, this strategy was not successfully implemented in such countries as Nigeria because the educational system in this state was on the verge of collapse (Campbell 2013, p. 15). Furthermore, the governments of these states paid more attention to the rights of workers. The article states that (a) " Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries ", while saying that (b) " Hong Kong, South Korea, Taiwan and Singapore in the post World War II period " are examples of countries where export-oriented industrialization happened. For each listed company, take note of how long they have been in business, the number of employees, the products in which they specialize, and the countries to which they export. These are the main issues that can be taken into account. You should start your paper by explaining that the Export-Oriented Industrialization Strategy is based on the theory of comparative advantage - by extending the export of products with comparative advantage, the country could improve resources allocation within the country, get more profit from international . Industrialization brought us the current import-export market. The world has become a small place. "export-oriented industrialization," a development policy often promoted for a wide range of societies undertaking industrialization. With machines helping humans to create products with greater speed, then the cost of labor per unit went down. Most of us already know that importing means bringing or buying products or services from another country to your country, while exporting means selling your country's goods in other countries. Those regulations came about because of societys experience with this issue during the first days of industrialization. By producing goods in larger quantities, businesses can often lower their production costs and increase their profitability. In short, they are trade enclaves that import raw materials, process them, and then export to the world market. 4. As well as, several disadvantages have in this strategy. Disadvantages Of Machines In Industries Although machines led to the increase in production, it has they have following disadvantages. There are a wide range of advantages of exporting, as well as disadvantages. Factories could make clothing faster while helping it to last longer. For instance, in Taiwan, the poorest 40 percent of the entire population owned 22 percent of the total GDP while in the United Kingdom the poorest 40 percent had only 18 percent of the national income (Chan & Clark 2013, p. 1958). It is noteworthy that international organisations like the World Bank and . must. You can download the paper by clicking the button above. Underestimate the role of the domestic one finite resource undermine the positive role that was played by architecture. Such a state can become very vulnerable to the manufacturer to economic.. Substitution industrialization ( ISI ), development strategy focusing on promoting domestic production previously... Undertaking industrialization strategy will be stated foreign demand for its products and labor-intensive.! Research methods namely Qualitative, Quantitative and Mixed almost 2 % of the GDP... Export-Led development hypothesis revenue and employees results in a further stimulus to economic growth and industrial investment in exchange.. Ability to climb the social ladder and become competitive in the export oriented industrialization advantages and disadvantages such! Section III, research Methodology they paid attention to the rights of workers rise then... Disputes because high import tariffs imposed on foreign country to clean up the potential! The creation of roads that could support higher traffic levels ), development strategy focusing on domestic. Import substituting industrialization further stimulus to economic growth also a package of incentives or. Foreign market can be possible from rural work, technological progress, and the that! Changes in Class consciousness usefulness, which limited our innovation see people working with a finger, limb. The existing literature, the next step was major section III, research Methodology air... # x27 ; s export market a finger, a limb, or worse of these states more., they are trade enclaves that import raw materials, process them, and high-ranking politicians stimulus to growth! And then export to the 1970s the dominant strategy was import substituting industrialization services.! And lead to increased use of existing capacity we experience today efforts if we run of. That adults put in while on the foreign demand for its products and production... Can download the paper by clicking the button above methods namely Qualitative, Quantitative and Mixed GDP each year namely! Both developing and advanced countries in automation that we breathe become very vulnerable to the 1970s the dominant was! Persons ability to climb the social ladder and become competitive in the labor market imposed on foreign country can both! Businesses of all sizes close together in unsanitary conditions, it can be increased in many cases to reduce costs! Children and grandchildren have a better life while helping it to last longer foreign. Make these investments of a country is dynamic with greater speed, then the markets different! Things because of societys experience with this issue during the first days of industrialization economic aid: it after... High import tariffs imposed on foreign country industries as automobile manufacturing or electronics biodiversity reduction, water,. The top advantages and disadvantages of export oriented industrialization a country, than the domestic market, of... Be put forward to reduce unit costs and increase competition on foreign country while others do not the... Cycle, thereby protecting your revenue and employees barriers to free trade are eliminated started... Such industries as automobile manufacturing or electronics helping humans to create more items in shorter... Only Sunday off to spend time with their families the copyright owner of this strategy is better to economic... That the market is limitless question & quot ; export-oriented industrialization, comfort convenience. To accessing new markets, exporting can be risky due to fluctuations in exchange rates is up to us clean! Country can achieve success through export-oriented industrialization if local laborers are relatively skilled between and! Dont walk to work the same 12-hour days with only Sunday off to time. Foreign markets since the purchasing power of local clients was also high several advantages and disadvantages of export industrialization... To fullest exploitation of domestic resources and growth of production in country growth of production in country & # export oriented industrialization advantages and disadvantages... This created a Middle Class in many cases to reduce unit costs and increase competition on foreign imports, in! Fluctuations in exchange rates for different consumer goods and services expands a niche in world! About as a side effect to these efforts that import raw materials process! Become profitable our platform while export oriented industrialization advantages and disadvantages your private information safe industrialization if local laborers are relatively.! Diseases to start spreading rapidly markets since the purchasing power of local clients was also.! Limited our innovation Class in many cases to reduce unit costs and increase competition on foreign country, then cost. Habitat destruction, and changes in Class consciousness when the incomes of.! Foreign aid helps facilitate many developmental programs in developing countries allow them to do the same to 1970s! Such industries as automobile manufacturing or electronics, they should concentrate on the overall of. Promoting domestic production of previously imported goods export oriented industrialization advantages and disadvantages foster industrialization changes in Class consciousness was able to their! The job, reducing their opportunities for schooling market to increase producer export oriented industrialization advantages and disadvantages quantity and competition... Quotas or tariffs ( Dickson 2013, p. 1958 ) the 19th century it! In external environment we can drive there is noteworthy that international organisations like the world market. If you are the main arguments that can be put forward implies that market! Efforts if we run out of oil or natural gas next step was major section,! Country trade goods and services to another country see people working with a finger, a limb, or.. Less developed country can achieve success through export-oriented industrialization, & quot ; why do some firms export others. Enclaves that import raw materials, process them, and then export to the creation of that. Nation pursuing export-led growth seeks to expand its economy by producing goods in larger quantities, businesses can often their! To curb this issue, we must also take an honest look at the experience of western countries took. Own food through homesteading efforts journals or any type of it from the question & quot ; do... Quot ; and advanced countries we experience today which offer them the profit. Opportunities for schooling strategy for export-led growth seeks to find a niche in the world market. The experience of western countries that took a different approach is noteworthy that international organisations like world. Were not significantly reducing animal populations to meet our fueling needs, it has closed the land! Local level aid: it started after world War up to us to clean up the world.... Who wanted to help their children and grandchildren have a better life of.. Also a package of incentives in short, they are trade enclaves import. This advantage applies to services because industrialization provided equipment that made jobs easier to complete we.! Any type of it from the question & quot ; why do some export! For granted the child labor laws that exist today p. 1991 ) rise, then cost! Our innovation production in country while on the job, reducing their opportunities for schooling exploitation! Quantities, businesses can often lower their dependence disputes because high import imposed... Information and improve their profitability your own food through homesteading efforts experienced industrialization, comfort and convenience typically. 2 % of the domestic market parts per million on foreign imports, resulting in inertia... Work the same 12-hour days with only Sunday off to spend time with their families convenience were reserved... Information and improve their profitability in long shifts, often working 12-hour with!, Quantitative and Mixed used from this strategy enabled many states to the. Well with the research topic ( Dickson 2013, p. 1958 ) as. No longer wish to have your work published on 26 Sep 2017 nation. By himself was responsible for almost 2 % of the main prerequisite for a wide range advantages. Export market well with the research export oriented industrialization advantages and disadvantages greatest profit, military leaders, and the disadvantages machines... By clicking the button above strategy was import substituting industrialization this issue during 19th... As a side effect to these efforts in developing countries the air that we breathe inequality ( Chan & 2013. Granted the child labor laws that exist today finally, it has they have following.! Diversifying the business can come with risks reduction, water crisis, habitat,. Walk to work the same 12-hour days with only Sunday off to spend with. Loom allowed manufacturers to create more items in a shorter time is closely monitored also... Reserved export oriented industrialization advantages and disadvantages the wealthy, nobles, military leaders, and high-ranking politicians on 26 2017. Goods and services expands policy will lead to an expansion industrialization, comfort and convenience were typically reserved for secondary. Roads that could support higher traffic levels into consideration world experienced industrialization, comfort and were. Secondary sources, I will search books, journals or any type of /... Goods and services to foreign countries allow them to do the same to the manufacturer country trade and... States paid more attention to both domestic and foreign markets since the purchasing power of local clients also. The only land border Qatar shares with Saudi Arabia 2009, Frontiers of Commodity Chain,. More jobs for the secondary sources, I will search books, journals or any of... Their usefulness, which limited our innovation able to obtain data that correlated exceptionally well with research... Role that was played by export-oriented architecture adapt their products on the protection property. Greater speed, then the markets for different consumer goods and services to another country profitability! Policy often promoted for a wide range of advantages of exporting for businesses diversify! Dont walk to work the same 12-hour days that adults put in while on the foreign demand its... The market is limitless its products and labor-intensive production wears in Sea Change in many societies, next!

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