The Major Impact Of Globalization On Indian Economy Post-1991 - are absolutely
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Causes[ edit ] Multiple hypotheses have been proposed to explain international inequality, but none of them explains all observed facts: 1. Geography : The location of countries often affects their economy. For example, landlocked countries historically have had a disadvantage of not accessing low-cost sea trade routes.
Colonialism : Many countries experienced or are experiencing times, when other nation s Globaliaation them of economic and social progress. Structure of Economy: the economies of wealthy countries are usually based on high profit margin and monopolistic industries such as software Software industry and patented pharmaceuticals Pharmaceutical industrywhereas mid-income countries rely more on industrial manufacturing, and poor countries have agricultural economies. Population Growth: Poor countries have had a large increase in population over the years. This causes a lack of resources. More people mean more resources being used. Map of countries by fertility rateaccording to the Population Reference Bureau 5. Government Policies: most dictatorial regimes limit business development opportunities to their citizens, see North Korea as an example.
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Political Ihdian Countries that have no governmental structure have problems with deciding how to use resources. For example, Angola has an abundance of resources. However, due to not having a stable political system, they are suffering from a poor economy and low life-expectancy.
Natural Disasters: Earthquakes, droughts, hurricanes, and many other disasters play a role in the inequality within countries.
Poverty in America: The United States
Some theories put forward arguments of Post--1991 differences between nations, such as based on childhood malnutrition see IQ and the Wealth of Nations. The continuing use in the international trade of the US dollar after the end of its gold convertibility see Bretton Woods system allows the US government to create wealth simply by emitting new money. It has been argued that the presence or absence of strong economic institutions is a primary determinant of development.
Economists have begun to consider the set of economic institutions adopted by countries as a choice that is in turn determined endogenously by competing social forces.
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In the colonial setting[ edit ] Gross domestic product in US dollars per capita, adjusted for inflation and purchasing power parity log scale from towith population disk area for the US yellowUK orangeJapan redChina redThe Major Impact Of Globalization On Indian Economy Post-1991 India blue. Robinson argue that colonizers who encountered dense populations with developed economies such as in Central America and India were incentived to impose extractive economic institutions, while colonizers who encountered sparse populations with few natural resources such as in North America were more likely to institute broad-based property rights. This resulted in a "reversal of fortune" around as regions which were under-developed at the time of colonization were able to industrialize more effectively. By instrumenting the strength of property rights in colonized nations with European settler mortality a quasi-random determinant of whether Europeans were able to establish coloniesthe authors conclude in a widely cited paper Ambition Macbeths the majority of present-day inequality among former European colonies can be attributed to the persisting role of economic institutions.
Path dependence[ edit ] In the context of development, path dependence encapsulates the idea that certain decisive moments in history may have an outsized and persistent impact on the long-run economic and political character of nations. These moments, known as critical junctures, may produce outcomes that induce positive feedback and thereby set nations on patterns of development that are difficult to reverse. In Central America[ edit ] Political scientist James Mahoney has examined the political consequences of a period of liberal reform that swept Central America in the 19th and early 20th centuries.]
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