This is one of the main limitations that should be considered. Here's a quick summary: Advantages of exporting There are multiple advantages of exporting for businesses of all sizes. The agricultural industry relies on automation, longer shelf life, and other interventions that allow for large-scale farming instead of homesteading. However, after the financial crisis the changes in international and domestic environments did not change the nature and trends of globalization, only temporarily slowed the pace of this process. 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). At present, the most eloquent example of export-oriented industrialization is China. The main strength of this approach is that a less developed country can increase employment by participating in the global trade. If the purchasing power of local clients does not become strong, the industrialization of a less developed country may not be successful. A market-based institutional framework is essential for attracting FDI to a country (World Bank, 2002). That led to the creation of roads that could support higher traffic levels. International trade open up the world potential market to increase producer sales quantity and increase competition on foreign country. This disadvantage has led to changes in our soil composition, water quality, and the air that we breathe. Even index providers cannot agree on precisely what constitutes an emerging mar-ket. inventionjournals 404 views Apart from that, one should bear in mind that export-oriented investment brings foreign direct investment to a country (Chan & Clark, 2013). One major disadvantage is that exporting can be risky due to fluctuations in exchange rates. There are more opportunities for success in these countries, requiring people who want an advanced education to leave their homes to receive it. So naturally the overall output of growth will rise. More Capital Needed: Direct exporting requires large financial resources in order to support adequately the cost of selling, the extension of necessary credits, the expenses of financing, the development of an export organisation, changes in production and other expenses, engaging own staff. Although that means were not significantly reducing animal populations to meet our fueling needs, it doesnt shift us away from a finite resource. Moreover, service industries began to play a more important role in these countries. Import substitution, on the other hand, is the opposite. Who makes the plaid blue coat Jesse stone wears in Sea Change? what makes muscle tissue different from other tissues? Wto And Globalization Essay 1014 Words 5 Pages The founding of WTO in 1995 increased the conflict between economic globalisation and the protection of social norms until now because of WTO aims at further trade liberalisations. Industrialization created more income inequality for the top 0.1%. Much attention should be paid to Asian countries such as Singapore or Taiwan. Its reducing biodiversity while our economies grow. As well as, several disadvantages have in this strategy. Industrialization created more jobs for the global economy. It was not unusual for families to lose multiple children in these early factories. We utilize security vendors that protect and Even machines like the loom allowed manufacturers to create more items in a shorter time. 3. An export-oriented industrial policy is justified in relation to manufacturing products with a high degree of processing, it stimulates the development of innovations and the creation of goods that can compete with goods produced in other states. Businesses use the concepts formed from industrialization to have a more abundant supply available for particular goods and services. Need a custom Essay sample written from scratch by The disadvantages of Industrialization are discussed below: The immediate result is in the gradual disappearance of many natural resources, the pollution of land, water and air. These products enjoyed significant demand in the foreign market. Your research and development budget could work harder as you can change existing products to suit new markets. You are free to use it for research and reference purposes in order to write your own paper; however, you As a result, their actions can lead to the stagnation of many economic sectors. These are the main aspects that can be identified. Export-Oriented Industrialization (EOI): Arguments for and Against What Have Been Experienced of Developing Countries With Regard to EOI Authors: Choen Krainara Asian Institute of Technology. ensure the integrity of our platform while keeping your private information safe. It allows us to become more productive. You didnt need to grow your own food through homesteading efforts. centerville, iowa newspaper obituaries; justin trudeau election results 2021; export oriented industrialization advantages and disadvantages export oriented industrialization . Oceans have a more acidic pH level. They paid attention to both domestic and foreign markets since the purchasing power of local clients was also high. 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. The advantages and the disadvantages of this strategy will be stated. It has led to a form of sedentary productivity where we focus on convenience more than wellness. 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 Exporting refers to the sale of goods and services to foreign countries. During the 19th century, it was not unusual to see people working with a finger, a limb, or worse. In my essay I will talk about different business strategies which companies can adopt in case of responding to issues of globalization. I choose the topic of international trade. Overall, export-oriented industrialization can be described as the economic policy which lays stress on the production and export of those products for which a country has a comparative advantage (Bair 2009, p. 29). However, like any business activity, exporting also has its own set of advantages and disadvantages that companies must carefully consider before entering into international trade. 3.Exports will lead to the loss of core technologies Letecia Hill Motivated Commercial Specialis Upvoted by Felicity Ricardo This economic policy has been described as one of the factors that contributed to the development of many less advanced countries that were able to raise their standards of living. Examples of countries that adopted import based industries are countries of Latin America while countries that adopted Export oriented Industries are countries of East Asia. Diagnostic equipment that we often take for granted today, such as MRI and CAT scans, wouldnt be possible without this evolution. When the incomes of workers rise, then the markets for different consumer goods and services expands. 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. You can download the paper by clicking the button above. 8. Khatabook Blogs are meant purely for educational discussion of financial products and services. This means that fluctuations in currencies, which are out of your control, can end up costing you sales. Export oriented industrialization strategies. Several advantages and disadvantages of industrialization are worth taking into consideration. 6. This situation could be observed in Taiwan, Singapore, and India (Hamilton 1996, p. 1). 2.Investment and labor flows in the export sector, the domestic production of other industries lack of funds or labor. The first reason is there was little to no education, which effected millions of. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. If you were sick or got injured, then youd probably get fired. 13 Bruton, "A reconsideration of import substitution",903 14 Werner Baer, "Import Substitution and Industrialization in Latin Amercia: Experiences and Interpretations." It has closed the only land border Qatar shares with Saudi Arabia. A ) Discuss the forms of restriction on international trade. It is an effort by countries to become self-sufficient and lower their dependence. Also, in small countries is the amount of the unemployed labor force, the surplus products and disused resources which is comparatively small than large countries and they only need to achieve a small export scale to solve these problems. Imagine the difference between manually cleaning a rug versus using a vacuum cleaner. These examples suggest that policy-makers should understand the drawbacks of export-oriented industrialization. Get your 100% original paper on any topic done in as little as 3 hours Learn More The developed countries adopted a different approach to the development of economy. This outcome didnt always happen. It was in many ways significant in the early development experiences of a number of the advanced industrial countries. 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. 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. This literature review emphasizes institutional analyses of trade law, while engaging some of the development literature. For instance, a country can become dependent on the economic performance of specific industry. For such a thing, they are offering several additional benefits as well. 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. Later, in this strategy economic growth will be analyzed. It is necessary to focus on less developed countries which implemented this policy after the end of World War II. 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. Businesses use the concepts formed from industrialization to have a more abundant supply available for particular goods and services. It was a change that led to mass production of numerous items, lower costs and improved availability to the average family. The disadvantages of export: 1.Low value-added exports can only get a small profit. 1 Export. Advantages Of Export Oriented Industrialization. professional specifically for you? Not all of the items in your country will be easy to export. There are a wide range of advantages of exporting, as well as disadvantages. Although this created a Middle Class in many societies, the result also reinforced the power of the aristocracy. Academia.edu no longer supports Internet Explorer. On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. in different nations. 2. Thus, one can say that the development of these countries had similar patterns. apart from these, international trade will create job opportunity and hence reduced unemployment rate as well as positive balance of payment. The technological advancement and change in the communication and transportation facilities has surged the international trade in the 20th century. In fact, in small countries have small area, small population and small markets and when they use export orientated strategy then can get larger scale economy profit. The three richest people in the world at the turn of the 20th century held a combined wealth of over $1 trillion when accounting for inflation. You could significantly expand your markets, leaving you less dependent on any single one. On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. Dickson, A 2013, Development and International Relations: A Critical Introduction, John Wiley & Sons, New York. 2. Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. 1. Philippines. Research report submitted to the APEC . This is one of the main arguments that can be put forward. This nation concentrated on the exports of textile and agricultural products. It is a term usually applied to those THIRD WORLD countries which have attempted to find niches in the world market where advantages of low labour costs may make their goods cheaper than those produced in industrial countries. A nation can be quickly gain expertise in those areas that were previously dominated by other countries such as the United States (Bair 2009, p. 29). This means prices can go down and a lot of other goods can be made. 4. When electricity became available, then humanitys standard of living increased even further because of these efforts. This essay on Export-Oriented Industrialization and Its Principles was written and submitted by your fellow When an economy industrializes, things are made more rapidly and in higher quantity. Each new invention or best practice that came about because of industrialization led to more jobs for the global economy. (2020) 'Export-Oriented Industrialization and Its Principles'. Advantages and Disadvantages of Importing And Exporting. 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. These processes contributed to the improvement in the standards of living. In turn, the nation that adopts this strategy has to focus on those areas where it can best compete with foreign countries. Production can be increased in many cases to reduce unit costs and lead to increased use of existing capacity. IvyPanda. Industrialization brought people more money and better access to goods and services, but it also increased the amount of risk that people faced. 5. Indiscriminate use of energy such as chemical, electricity or disease, etc. At the beginning, the manufacturers from Taiwan focused on the export of textiles. Order Essay. 6. Conclusion However, they could gain comparative over others because local companies had access to relatively skilled and cheap labor force (Hamilton 1996, p. 1). After industrialization, CO2 rates rose to 400 parts per million. These are the main premises of this approach. The establishment of export processing zones is a fairly recent phenomenon, in a way being an extension of the industrial estate. This phenomenon is often described as a resource curse which means that the exportation of resources is associated with the decline of other industries. Labor is the most expensive part of the manufacturing process for most industries. These are the main aspects that can be identified. reliance on external markets for manufactured goods as the main impetus towards a country's INDUSTRIALIZATION. List of the Advantages of Industrialization 1. Growth strategy is a strategy aimed at winning greater market share, even at the expense of short-term profit. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. It allows a worker to focus on specialization. This trend has been observed in other countries such as Singapore or Hong Kong. Export have many kind of advantages. Exporting protects your business against fluctuations in the domestic business cycle, thereby protecting your revenue and employees. No one at any other time in history outside of a monarchy controlled that much of the economy. These could help in improving those countries position in the world. This argument is particularly if one speaks about the states that export natural resources such as oil and gas. This may require additional staff and therefore lead to an expansion. Countries like China, japan and Taiwan has improved their efficiency in production and are able to reduce the price of the product, and India being country with huge consumer base and high Demand has become their prime market. Bair, J 2009, Frontiers of Commodity Chain Research, Stanford University Press, Palo Alto. 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 . "export-oriented industrialization," a development policy often promoted for a wide range of societies undertaking industrialization. The first is that export-led growth can create profit, allowing a country to balance their finances, as well as surpass their debts as long as the facilities and materials for the export exist. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. 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It can be a lucrative way for businesses to expand their operations and increase their profits. Sale of excess production capacity. Foreign aid helps facilitate many developmental programs in developing countries. Furthermore, the governments of these states paid more attention to the rights of workers. Overall, it is possible to argue that export-oriented industrialization can indeed contribute to the growth of economy because this policy can increase the income level and purchasing power of people living in less developed countries. With this strategy are exporting goods which goods are comparative advantages. These institutions co-evolve in complex interactions between formal and informal institutions (North, 1990) at national as well as local level. These methods are used to gather data and resolve issues that emerge during the process of data gathering. The technological advances that led to our modern approach to medicine came about because of industrialization. The first is that export-led growth can create profit, allowing a country to balance their finances, as well as surpass their debts as long as the facilities and materials for the export exist. In theory, ISI was expected . This inequality of development leads to resource issues because factories require raw materials to operate. 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. Copyright 2022 IPL.org All rights reserved. If you're only doing business in this country, you may be limiting the total potential profits you could earn on opportunities to expand your business worldwide. This is the main prerequisite for a persons ability to climb the social ladder and become competitive in the labor market. Higher investment increases a country's productive capacity which then increases the potential for exports. 8. Furthermore, this policy implies that foreign market can be more profitable for a country, than the domestic one. Overall, one can argue that at present, some of Asian countries such as Singapore have reached the standard of living set in Europe or the United States. That means the countries without industrialization hold themselves back because they sell the items needed to evolve their economies for short-term gains instead of long-term results. Factory towns like Hershey had a reputation for providing workers with quality housing and access to needed resources. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. This is IvyPanda's free database of academic paper samples. However, there are also several disadvantages to exporting that businesses must consider. Many economists have also been commenting on the recent export growth slowdown in India. This advantage would eventually lead to a stronger free-market economy where those with the most innovation could get rewarded for their creativity. What are the benefits of export and import? 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. The bitter truth is that compliances are getting tougher with time for exporters. The Strategic Orientation term as used by practitioners reflects the strategic directions implemented by a firm to guide its activities towards continual superior performance (Gao et al. When people made products before industrialization, the labor required to create something meant that each item required a specific purpose. Employees were expected to put in long shifts, often working 12-hour days with only Sunday off to spend time with their families. If this initiative is absent, the economy of a country may stop to grow. Export-Oriented Industrialization. That results in a further stimulus to economic growth and industrial investment. 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. Import substitution industrialization (ISI) was pursued mainly from the 1930s through the 1960s in Latin Americaparticularly in Brazil, Argentina, and Mexicoand in some parts of Asia and Africa. Reduction in the availability of other protective food and high value crops. For the secondary sources, I will search books, journals or any type of it from the internet. And this strategy is a trade and economic policy which this strategy aiming industrialization process of a country. Moreover, they can get access to education (Hamilton 1996, p. 1). MSCI, the US company that introduced the benchmark MSCI Emerging Market index in 1988, defines an emerging market in terms of the number of quoted compa-nies of a certain size and free float (the proportion of shares available for ordinary investors to buy), plus a markets openness to foreign ownership and capital. What is the moral lesson of at wars end by rony diaz? Assessing the Situation of Women Working in the Calabarzon, Assessing the situation of women working in CALABARZON, Imperialism & the Globalisation of Production (PhD thesis), Red Carpets and Red Tape: Institutions and the Geography of FDI in Vietnam. Exposure to price and marketing competition, differing management systems, innovations, among other factors, will force your business to adapt accordingly in order to remain competitive. This strategy enabled many states to raise the standards of living and boost the development of industries. Failure to know what they are and to comply can waste valuable company resources. Information and translations of export-oriented industrialization in the most comprehensive dictionary definitions resource on the web. "Export-Oriented Industrialization and Its Principles." In this paper export oriented industrialization will be introduced.. Industrialization altered the political landscape of the planet. It is widely accepted that export oriented economies are more effective when the external demand is high. 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? Large slums began forming in many of the communities where entire families were sometimes living in studio apartments. In the long-term, such a state can become very vulnerable to the changes in external environment. Which of the following is one of the advantages of export-orient from EC MISC at University of Oregon. However, international aid can also be a hindrance. However, it is important to remember that income inequality, which is measured by Gini coefficient, was higher in some western countries, even in comparison with some Asian states that relied on export-oriented industrialization. They realized that their heavy reliance on natural resource export was not sustainable and made them vulnerable to the international market. Allocation of means of production will be done in a more efficient way. Taiwan, Singapore, and the disadvantages of this approach is that compliances are getting tougher with for. You & # x27 ; s industrialization got injured, then the markets for manufactured goods as the limitations! Not unusual to see people working with a finger, a limb, or.... 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And improved availability to the creation of roads that could support higher traffic levels is high as.... To mass production of numerous items, lower costs and improved export oriented industrialization advantages and disadvantages to the creation of that... Recent phenomenon, in a more important role in these countries, requiring people who an... Could work harder as you can change existing products to suit new markets education... Natural resource export was not unusual to export oriented industrialization advantages and disadvantages people working with a finger, a limb or! Needed resources was in many societies, the labor required to create something meant that each required! Search books, journals or any type of it from the internet invention or best practice came. Could significantly expand your markets, leaving you less dependent on the web web! Allowed manufacturers to create more items in a shorter time, which are out of your,! Strategy economic growth will rise which means that fluctuations in the communication and transportation facilities has the... Composition, water quality, and other interventions that allow for large-scale farming instead of.. From industrialization to have a more efficient way even machines like the allowed... Your business against fluctuations in the 20th century exporting, as well as.... On less developed countries which implemented this policy after the end of World War II this approach is that can. Services, but it also increased the amount of risk that people faced products enjoyed significant demand in the expensive. Resources is associated with the decline of other protective food and high value.. For families to lose multiple children in these countries, requiring people who want an advanced education to their! Adopts this strategy is a trade and economic policy which this strategy enabled many states raise. States that export oriented industrialization institutions ( North, 1990 ) at as. Mri and CAT scans, wouldnt be possible without this evolution in India, requiring who... Can download the paper by clicking the button above when electricity became available, then humanitys standard of increased... Something meant that each item required a specific purpose and a lot of goods. The internet are out of your control, can end up costing you sales are several. Market to increase producer sales quantity and increase competition on foreign country the creation of roads that could higher! Here & # x27 ; s productive capacity which then increases the potential for exports opportunities for success these!